JPMorgan: Delivery lead times for iPhone 15 moderated, sales shifted towards low-end models

KEY TAKEAWAYS:

1. During the week of September 23 to September 29, the average delivery lead time for iPhone 15 Series decreased by 4 days. The average delivery lead time for high-end models decreased significantly to 37 days, a decrease of about 8 days. The delivery lead time for low-end models remained unchanged, with an average delivery lead time of 17 days.

2. The elevated delivery lead time for high-end iPhone 15 models may be the result of a combination of early order momentum and slower supply chain.

3. With the decrease in delivery lead time for high-end models and the increase in sales proportion of low-end models, iPhone sales may shift towards low-end models.

Globally, the delivery lead time for all models decreased by 4 days starting from the second week, with the highest decrease observed in the high-end models.

In the US and China, the delivery lead time for low-end iPhone models remained unchanged while high-end models decreased by 7 days. In Germany, the delivery lead time for all models decreased, while in the UK trends were similar to those seen in the US and China.