Price increases have not crushed demand! Xiaomazhou tracking: Apple (AAPL.US) iPhone 18 Pro delivery cycle is on par with last year, Duo is still out of stock for three months

The Zhitong Finance App learned that the latest Apple (AAPL.US) product supply tracking report (week 7) released by J.P. Morgan Chase shows that the iPhone Duo delivery cycle continues to be around three months, and it is impossible to pick it up in stores in all tracking regions; at the same time, the iPhone 18 Pro and Pro Max delivery cycles have continued to return to normal levels, and the global average delivery cycle has returned to the same period last year. Currently, the bank maintains Apple's “gain” rating.

According to the report, the average global delivery time for the iPhone 18 Pro and iPhone 18 Pro Max to home in week 7 was 7 days and 21 days, respectively, down 5 days and 1 day, respectively, from 12 days and 22 days in week 6. As a comparison, the global average delivery cycle for the iPhone 17 Pro and 17 Pro Max during the same period last year was also 7 days and 21 days. In other words, the global Pro and Pro Max delivery cycles are at the same time as last year; while the Pro last week was 3 days lower than the same period last year, and Pro Max remained the same.

Looking at the subregions, the Pro delivery cycle generally declined by 5 to 6 days in various regions, and Pro Max remained the same in most regions. Meanwhile, the iPhone Duo's average global delivery cycle is 94 days, the same as the previous week, and is still around three months. J.P. Morgan believes Duo's delivery expectations are unlikely to change substantially until supply conditions improve.

In the US market, the iPhone 18 Pro and Pro Max delivery cycles were 8 days and 21 days, respectively, and week 6 was 14 and 21 days, respectively; the 17 Pro and 17 Pro Max were 8 days and 21 days, respectively, in the same period last year. According to the report, Pro fell 6 days month-on-month, in line with a similar 6-day decline in the same period last year, while Pro Max remained the same for both periods. Duo's delivery time is still around three months, no change from the previous week. In terms of in-store pickup, all versions of the iPhone 18 Pro and Pro Max can be picked up at the store, and the Duo is still not available for pickup. The US accounts for about 34% of iPhone shipments.

In the Chinese market, the iPhone 18 Pro and Pro Max delivery cycles were 1 day and 22 days, respectively, and week 6 and 22 days respectively; the 17 Pro and 17 Pro Max were 2 days and 19 days respectively in the same period last year. As a result, Pro is currently 1 day lower than the same period last year, and Pro Max is 3 days higher than the same period last year. The report specifically mentioned that although the average delivery cycle of Pro is only 1 day, some configurations can be delivered as fast as 3 hours, showing that Pro configurations are widely available. Duo's delivery time is still around three months, the same as the previous week. In terms of in-store pickup, all versions of the iPhone 18 Pro and Pro Max can be picked up, and the Duo is still not available for pickup. China accounts for about 19% of iPhone shipments.

In the European market, the delivery cycle for the German iPhone 18 Pro and Pro Max was 9 days and 22 days, respectively, and week 6 was 14 and 22 days, respectively; the 17 Pro and 17 Pro Max were 11 days and 23 days respectively in the same period last year. Pro is currently 2 days lower than the same period last year, and Pro Max is 1 day lower. The delivery cycle for iPhone 18 Pro and Pro Max in the UK was 8 days and 19 days, respectively, and week 6 was 14 and 21 days, respectively; the same period last year was 8 days and 21 days, respectively. Pro is the same as the same period last year, and Pro Max is 2 days lower. Duo's delivery time is around three months in both Germany and the UK. In terms of in-store pickup, all iPhone 18 Pro versions in Germany can be picked up, but not all Pro Max versions; all iPhone 18 Pro and Pro Max versions in the UK can be picked up; Duo cannot be picked up in either country. Germany and the UK account for around 3% and 4% of iPhone shipments, respectively.

J.P. Morgan Chase pointed out in the report that overall, despite price increases, the Pro series delivery cycle still shows resilience in demand compared to the same period last year; and once demand for the Duo is released as supply slows down, it may have an important impact on revenue. It also positively reflects consumer interest in new designs and new forms, as well as Apple's ability to drive switching and upgrade demand through design innovation.