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Hardware Technology - Apple results strong beat; Tech sector outlook positive

2020/8/1 6:09:42 来源:招商证券 作者: 人评论

作者:Kevin CHEN,Clint SU时光:2020年07月31日重要性:普通报告行业评级:公司评级:相干股票代码:浏览权限: 该文章钻石卡、金卡、银卡客户可浏览全文摘要:Report title:Hardware Technology - Apple results strong beat; Tech sector outlook positive Analyst:K…

作者: Kevin CHEN,Clint SU
时光: 2020年07月31日
重要性: 普通报告
行业评级:
公司评级:
相干股票代码:
浏览权限:   该文章钻石卡、金卡、银卡客户可浏览全文
摘要: Report title:Hardware Technology - Apple results strong beat; Tech sector outlook positive
Analyst:Kevin CHEN,Clint SU
Report type:Industry
Date:20200731
[Summary]

■ Apple JunQ results a blowout despite COVID-19, helped by rapid demand recovery in May/Jun
■ We expect strong smartphone demand into 3Q20; Tech Hardware sector outlook more favorable
■ Top-pick AAC Tech (2018 HK) on product cycle and Optic progress

Apple results strong beat; quick demand recovery

Apple (AAPL US) reported blowout earnings for JunQ well above market expectations. Despite COVID-19, revenue rose 11% yoy to USD59.7bn (14% beat) with growth across regions and segments. iPhone revenue rose 2% yoy (24% beat) with 11% shipment growth (vs.-0.3% in MarQ), helped by iPhone SE launch and demand recovery. Revenue grew strongly for iPad (+31% yoy) and Mac (+22% yoy), helped by increased work-from-home demand. Net profit beat consensus by 25%, came in at USD11.3bn (+12% yoy). Management did not provide SepQ guidance due to ongoing COVID-19 uncertainties. New iPhone launch will be a few weeks later than previous years (typically late-September).

Earnings season positive for Tech; 3Q20 demand strong

Apple’s stellar results support our view of a rapid smartphone demand recovery in 2Q20. The company originally expected performance to worsen yoy in April, but saw quick recovery in May and June. The iPhone delay is well expected and largely priced-in. We expect strong smartphone demand in 3Q20 from Android brands, driven by 1) inventory restocking, 2) new 5G model refresh ahead of the 5G iPhone launch. 3Q20 earnings season has been positive for Tech Hardware sector. We expect the market sentiment to continue near-term, but watch signs of earnings peak-out that could lead to investor profit-taking into market strength.

Implication to our coverage stocks

AAC Tech (2018 HK, BUY) – AAC Tech is our current top-pick given our preference of Apple supply chain over Android. We expect AAC earnings to improve after
bottoming in 1Q20, and its shares re-rating to continue on the 2H product refresh cycle and relative value vs. A-share Tech stocks. The company continues to make progress in Optics, with increasing penetration into the high-end segment with 6P lens that could begin impacting market incumbents. More meaningful WLG adoption next year may provide a competitive edge and growth opportunity for AAC.

Sunny Optical (2382 HK, BUY) – We maintain our positive view for Sunny Optical given strong demand recovery from various Android customers, mitigating the impact of Huawei order disruption. Despite ongoing price pressure, we believe Sunny will maintain solid profitability thanks to its improved automation. Smartphone recovery, potential Apple supply chain entry will be positive share catalysts. We continue to monitor handset specs trend and the growing industry competition.

[投资评级界说]

公司短期评级

以报告日起6个月内,公司股价相对同期市场基准(沪深300指数)的表示为尺度:激烈引荐:公司股价涨幅超基准指数20%以上
谨慎引荐:公司股价涨幅超基准指数5-20%之间
中性:公司股价更改幅度相对基准指数介于±5%之间
回避:公司股价表示弱于基准指数5%以上

公司长期评级
A:公司长期竞争力高于行业均匀程度
B:公司长期竞争力与行业均匀程度分歧
C:公司长期竞争力低于行业均匀程度

[重要声明]
报告中的内容和看法仅供参考,并不组成对所述证券买卖的出价,在任何情形下,本报告中的信息或所表述的看法并不组成对任何人的投资建议。

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