＜Research＞Jefferies: CN June Smartphone Shipments Below Sell Through; Android Supply Chain Better Than iPhone in 3Q24

　　Jefferies noted in a report that China's smartphone shipments rose 14% YoY in June, but fell 17% MoM. For the first time this year, the figure was lower than the broker's sell through forecasts, suggesting high inventory levels. Shipments of iPhone plummeted 43% MoM, also likely due to high stock levels. The broker expected the Android supply chain to outperform the iPhone supply chain in 3Q24, based on sales over the past six months.

　　The broker mentioned that iPhone 16 production will start in August. However, Apple (AAPL.US) 's 2H24 production target was 89 million units, compared with the target of 88 million units for the iPhone 15 in 2H23, implying that iPhone 16's parts readiness won't grow much on a YoY basis. If iPhone 14 and 15 production continues to decline over the next two months, the Apple supply chain could see lower-than-expected growth in 3Q24. In contrast, the Android supply chain is signalling a better 3Q24, with lower inventories, slower shipment growth in 2Q24, and healthy sales growth.

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