China’s smartphone quantity continued to develop year-over-year following the 618 promotions, pushed by beneficiant reductions, Jefferies mentioned in a Sunday observe.

Citing trade checks, Jefferies analysts mentioned smartphone quantity fell by low double digits sequentially however nonetheless posted excessive single-digit year-over-year progress. This progress was pushed by excessive single-digit good points in Android and Huawei (HW) gadgets and low double-digit good points in iPhone gross sales. Notably, iPhone gross sales continued to outpace Android and HW through the 618 interval.

“Our trade checks counsel that, YTD, China’s smartphone market grew 3%+ YoY, pushed by HSD progress in Android+HW, however LDD decline in iPhone,” analysts wrote.

“iPhone has regained some floor up to now month pushed by extra beneficiant reductions,” they added.

Jefferies estimates that Huawei has been the largest market share gainer year-over-year up to now in 2024, whereas OPPO has misplaced essentially the most share. iPhone’s market share has solely declined barely, by lower than one proportion level, year-over-year.

Jefferies’ evaluation additionally confirmed that iPhone reductions final week remained largely just like these through the 618 promotions on JD (NASDAQ:) and PDD platforms. Nonetheless, there was a rise in reductions particularly for the iPhone 15 and 15+ on JD, Suning, and PDD.

For Android and Huawei gadgets, reductions usually retreated after 618. Nonetheless, PDD continued to supply vital reductions on the 5 Android and HW flagship fashions that Jefferies screens. Outdoors of PDD, most platforms have lowered their reductions following the 618 gross sales occasion.

“Due to this fact, iPhone’s reductions are principally extra beneficiant than these on Android+HW flagship fashions,” analysts continued.

“Which will clarify iPhone’s continued outperformance towards Android+HW. We see that as a robust signal that every one smartphone makers are very eager to defend market share on the excessive finish, and high-end fashions normally have greater GM, which implies room for discounting.

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*Inventory costs used have been the morning costs of July 2, 2024. The video was revealed on July 3, 2024.

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