Shipments of cellphones within China increased 31% year on year to 32.7 million units last month, data released Tuesday by the China Academy of Information and Communications Technology (CAICT) show.
The CAICT said that the international smartphone shipments in China - which are primarily comprised of Apple devices - reached nearly 11 million units during the month of October.
That amount is significantly higher compared to the historical average of 6.1 million shipments, and it represents a significant improvement over the country's poorer iPhone shipments in recent months, CAICT, a state-backed think-tank, said.
Apple Insider has obtained a copy of a letter to investors sent by Samik Chatterjee of JP Morgan, in which he discussed the newest data released by the CAICT. The findings are encouraging for the upcoming iPhone 13 and iPhone 13 Pro models of Apple.
Chatterjee noted that overseas smartphone shipments to China reached their highest monthly level since November 2014 in October 2021. This month's comeback in foreign sales marks an impressive 882% gain month-over-month, as well as an 83% increase year-over-year for the company.
In addition, smartphone shipping growth as a whole is up 57% from one month to the next, which is much greater than the usual seasonal decline of -1 percent.
In China, shipments of 5G-enabled devices grew by 75% over the previous month, accounting for almost 80% of overall shipments in the country. Shipments of 5G devices increased by 58% when compared to the same period the previous year.
In his most recent update, Chatterjee reiterated his "Overweight" rating for Apple and a 12-month price target of $180, based on a price-to-earnings ratio of about 30x on JPMorgan's 2022 Apple earnings estimate of $6.
A note published late on Tuesday by research company Jefferies showed the rise was caused by the arrival of the latest iPhone series, as well as Android players preparing for a sales surge during the then-upcoming nationwide Singles' Day shopping season.
Apple introduced the iPhone 13 in China in September.
As a result of a global shortage of computer chips, handset manufacturers are currently encountering production difficulties.
A variety of variables, including incorrect demand forecasting, unexpected manufacturing shutdowns, and tensions between the United States and China, have forced a number of vehicle manufacturers to report chip sourcing concerns.
Since then, the scarcity has expanded across a wide range of chip types and technology, including cellphones, and has become widespread.
Consumers' reluctance to upgrade had also contributed to the slowdown in sales.
