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The subject of today’s report is “The only light of Apple’s financial report.”
A
President Trump has to launch a Sino-US trade war, but the Sino-US trade war is generally believed to be just a means of winning votes, and reelection is the goal.
Although President Trump’s general support remains high, due to unfavorable treatment of the epidemic, the unemployment rate has increased. In some changing states, a decrease in support has been reported. The United States will gradually restart the economy in May. In July, the two sides The nomination of the presidential candidate, it seems that Trump is against Biden, is already the general trend.
If Trump plays a Chinese card, he may link a problem to the Chinese interests of the Biden family, which will certainly help his selection. US stocks rose a lot in April and faced corrections in May. The company’s financial forecast for the second quarter was conservative and even pessimistic, but remember that the already known downtrend will not panic, and unknown variables have threats and opportunities.
Wanbao analysts Gu Cai Mingzhang emphasized that if Trump again points to the Sino-US trade war, imposes tariffs and restricts the export of chips to China, it will shed significant variables in the US and global stock markets in May and even in the second trimester.
But this variable, we have to observe it step by step, but it is to return to the fundamentals of the company. Apple’s largest and largest market value in the US stock market. USA It is that the financial report of the previous quarter is in principle better than expected. See you
Apple’s revenue in the last quarter was $ 58.3 billion, an annual growth of 1%, a net profit of $ 11.2 billion and an annual decrease of 3%. But looking at it, iPhone revenue from various products, which is $ 28.9 billion, has decreased by 7% year-on-year. This is less than Apple’s overall revenue growth of 1%, and the iPhone’s share of Apple’s revenue has dropped significantly from 11% to 50%.
Apple’s other hardware products also performed poorly, with a 3% decrease in the Mac year and a 10% decrease in the iPad year. Of course, there is no specific answer to home work in the first quarter. Slight growth is expected in the second quarter.
However, the only light we saw on Apple’s hardware products was wearable devices, including Apple Watch and AirPods, which grew 22% annually and became Apple’s third largest source of revenue.
For services, it grows 17% annually and is the second largest source of revenue: iPhones cost around $ 1,000, AirPods cost only $ 200, and the newly released iPhone SE this year is around $ 500. Ke mentioned that the iPhone SE response is very good. Obviously it is a high CP value. TWS Global Bluetooth Wireless Headphones have grown significantly by 200% in 2019. The leading brand among them is Apple’s AirPods, which has sold nearly 60 million games and won 71 overall. % Of market share.
AirPods sales in 2019 are estimated to reach $ 12 billion. Looking forward to this quarter, Europe and the United States will restart their economies one after another, home insulation will begin to relax, and people will go outdoors. Demand for AirPods is increasing rapidly and new products will launch in May. When we look at it, the largest AirPods assembly in the world is the Mainland China Licent Precision. The Chunjiang Plumbing Duck Prophet. Licent Precision’s market value is 254.1 billion yuan, equivalent to NT $ 1 trillion, slightly larger than Hon Hai. A
Lucent Precision just announced first quarter 2020 revenue, RMB 16.5 billion, YOY has grown significantly by 83%, net profit of RMB 980 million, and also increased by 59%. Lucent Precision’s share price is now 47 yuan, which is 51 yuan from the historical sky RMB is only less than 10%.
In the Chinese mainland stock market, among the large-scale technology stocks, the line is the strongest. In February, tech stocks in mainland China had a wave of speculation, they recovered a lot and many stocks hit a new high. However, since March, the European and American economies have stagnated and there are no orders to take. Weak rebound, so the Licent Precision trend has predicted that Apple’s AirPods in the second quarter will again lead the growth momentum.
Conceptual stocks of Taiwan-based AirPods, including Xunde (5457-TW), a subsidiary of Luxeon Precision, are primarily engaged in the production of connected wires and cables. In the first quarter, YOY grew significantly by 155%. Kangkong-KY (4943-TW), the production of electro-acoustic products, YOY first-quarter revenue also grew 65%.
But at the same time, we also see that the bleak part of Apple’s products is the iPhone supply chain. In fact, as far as Apple is concerned, based on $ 40 billion, plus $ 50 billion, a total of $ 90 billion of share buybacks, it formed a low-grade support.
Buffett’s Berkshire suffered a big loss of $ 50 billion in the first quarter, but still bought Apple again, making Apple’s stock price drop just 1% this year, compared to the S&T. P 500 fell 12%. Apple is considered to be resisting the decline, but Apple will do so in the first quarter. To reduce channel inventory, channel inventory will be reduced in the first half of the year, and inventory will be replenished in the second half of the year, making the iPhone the highest-earning inventory. These Apple stocks, like Daliguang (3008-TW), may be in a bleak spot in the first half of the year. .
Furthermore, during the Apple law conference, Cook mentioned that the materials they used, including internal memory, were inactive, but that the DRAM and display panels were inactive, which also echoed the Taipei stock market. Monday. Macronix (2337-TW) rose against the trend, but AUO (2409-TW), Innolux (3481-TW) and Caijing (6116-TW) fell.
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Individual values recommended by the company for analysis.
Without undue financial interest, past performance does not guarantee future earnings
Investors must make independent judgments, evaluate wisely, and bear their own investment risks.
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