Apple(US:AAPL) Goldman Sachs·2025-04-14 06:58Investment Rating - The report maintains a positive outlook on the Apple supply chain in the current environment, particularly for premium iPhone models which are expected to be more resilient to tariff changes [2]. Core Insights - The US market is projected to account for 28% of Apple's smartphone sales and 40% of its PC sales in 2024, while the China market is expected to account for 19% and 13% respectively [2]. - Production sites outside of China, particularly in Vietnam, are anticipated to meet US market demand for iPhones and Macbooks, with major assemblers like Hon Hai and Luxshare having the capacity to ramp up production if necessary [2]. - The report highlights that Apple, as a premium brand, is less price sensitive, especially for its premium models, which could provide a buffer against potential tariff impacts [3]. Summary by Sections Apple Supply Chain and Tariff Updates - US Customs and Border Protection has released guidance indicating that smartphones, computers, servers, and semiconductors are exempt from the Reciprocal Tariff, benefiting the Apple supply chain [1]. - The report includes detailed analysis of Apple’s supply chain, including production site distribution and revenue exposure in the US [1][9]. Market Share Insights - In the US market, Apple is projected to hold a 52% market share in smartphones and a 27% market share in PCs by 2024 [13][15]. - In contrast, Apple's market share in China is expected to be 15% for smartphones and 13% for PCs in 2024 [18][20]. Revenue Exposure and Production Sites - The report provides a comprehensive overview of various companies within the Apple supply chain, detailing their revenue exposure to Apple and production locations [9][10][12]. - Companies like Hon Hai and Luxshare are noted for their significant production capabilities, with Hon Hai's iPhone assembly capacity primarily in China, India, and Brazil, while Luxshare also operates in Vietnam [2].