PDF 原檔：報告_MS_iOS月報Databook_20260714_original.pdf
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194KB | 真資料圖 | Exhibit 1：iPhone Sell-in 各機型 × 季度數量表（1Q23–1Q26 實績＋2Q26e/3Q26e 估），含 Total／YoY／QoQ 列 |
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66KB | 裝飾·banner | 「Asia Summer School 2026」泳池宣傳 banner |
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155KB | 真資料圖 | iPad Sell-in 各機型 × 季度數量表（1Q23–1Q26 實績＋2Q26e/3Q26e 估），含 Total／YoY／QoQ 列 |
原始內容
Phone Seß in
Phone SE3/ SE 50 / 160 / 17€
Phone XR
Phone 11
30
2022
13.0
3022 4022 2022 1023
2029 3023
8.0
20|
240
10
25
50
30|
Phone 12 (5.17)
Phone 12 Pro (8.1)
Phone 12 Pro Mas (6.7)
Asia Summer School 2026
Phone 13 mini (5.40)
Phone 13(5.1')
13 Руо Мак (6. 7)|
to Man 16.7
15 Pro Mar (6.77)
M July 14, 2026 09:00 PM GMT
Phone so no mas toy
Phone 17 Pro (6.30)
Phone 17 Pro Man (8.8)
Phone 18 Pro Man (8.90)
Greater China Technology Hardware | Asia Pacific
Monthly Databook: No change for 3Q iPhone/iPad builds
Key Takeaways
- 3Q26e iPhone build unchanged at 54M units (+4% q/q, -2% y/y).
- 3Q26e iPad build unchanged at 13M units (flat q/q, -7% y/y).
2Q26 iPhone build was in-line at 52M units (-7% q/q, +12% y/y), vs. 15-25% q/q declines usually seen for 2Q. Our checks indicated better-than-seasonal builds this quarter from major assembly partners including Hon Hai, with iPhone shipments in June up m/m. This indicates to us that iPhone sell-through continues to trend well amid memory cost hikes.
We keep our 3Q26 iPhone build estimate unchanged at 54M units (+4% q/q, -2%
y/y). The slower y/y run rate reflects new model SKUs shifting to the premium segment (18 Pro/Pro Max and iPhone Fold), while the iPhone 18 model is scheduled for introduction in 1H27. We continue to expect 7-8M iPhone Fold builds in 2H26 (no change) and will monitor the ramp-up progress to see if there is any upside or downside to builds.
2Q26 iPad build is in-line with MSe at 13M units (+8% q/q, -10% y/y). The y/y decline reflects a higher base in 2Q25 given product launches. We keep our 3Q26 iPad build forecast unchanged at 13M units (flat q/q, -7% y/y), as we expect stocking to remain normal, although memory and material price hikes could have an impact.
Exhibit 1 : iPhone Sell-in Data, by Quarter
Source: Company data, Morgan Stanley Research. e = Morgan Stanley Asia Research estimates based on company announcements and supply chain checks.
4023
30
023
11.5
1024
2024
20|
3024
1024
2021
2025
3025
4025
2025
18.0|
1024 2026 3025e
20
100
Update
| Morgan Stanley Taiwan Limited+ Howard Kao Equity Analyst Howard.Kao@morganstanley.com | +886 2 2730-2989 |
|---|---|
| Derrick Yang Equity Analyst Derrick.Yang@morganstanley.com Morgan Stanley Asia Limited+ | +886 2 2730-2862 |
| Andy Meng, CFA Equity Analyst Andy.Meng@morganstanley.com | +852 2239-7689 |
| Irene Yen Research Associate Irene.Yen@morganstanley.com | +886 2 2730-2869 |
| Vivi Huang Research Associate Vivi.Huang@morganstanley.com Morgan Stanley Asia Limited+ | +886 2 2730-2860 |
| Betty Chen Research Associate Betty.H.Chen@morganstanley.com | +852 2239-7213 |
Greater China Technology Hardware
Asia Pacific Industry View
In-Line
Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision.