iPhone 15 Pro Max will still be the best-selling model in early 2024, says Kuo

iPhone 15 Pro Max cameras

The iPhone 15 Pro Max will still be the highest-selling iPhone model in the first half of 2024, according to analyst Ming-Chi Kuo, with its special telephoto lens being highly profitable to supply chain partner Largan.

The premium models of iPhone tend to be the big sellers for Apple, and for the iPhone 15 Pro models, it's no exception. In analysis of Apple's camera lens supplier Largan, TF Securities analyst Ming-Chi Kuo believes that the Pro Max model is benefiting from sales the most.

The iPhone 15 Pro Max will "still account for 40-45% of iPhone 15 shipments in 1H24," writes Kuo in a Medium post discussing Largan on Monday. As it turns out, that particular model is very financially beneficial to the supplier, and "critical" to its off-season financial results.

The tetraprism lens arrangement in the Pro Max model is expected to increase Largan's revenue by NT$3.4 billion to NT$3.8 billion ($108.8 million to $121.7 million) in the first half of the year, says Kuo. "This lens alone could contribute to Largan's 20-25% YoY revenue growth in 1H24," he continues.

That lens will be used in more iPhones in the 2024 releases, Kuo said in an early December note. Both Pro models of iPhone 16 will apparently use it.

Largan's yield of the lens will also continue to improve throughout the period, which will help Largan's profits further.

This situation with the iPhone 15 Pro Max also means Largan has a "rare positive view of off-season demand for high-end lenses," Kuo adds, when viewing the business overall.

Largan is anticipated to beat seasonality for the first half of 2024, with a 30% to 40% year-on-year revenue growth and a gross margin above 50%.

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5 Comments

charlesn

said about 3 months ago

Oh, the irony. First, for all the "Apple's prices are too high," posts, its most expensive phone--and the only phone to have its base price raised in the U.S.--is Apple's best seller, and not by a small margin. Second, that 5X tetraprism lens which is helping to drive sales is easily outperformed by the 3X lens it replaced in most picture-taking situations where the telephoto lens is used. (Many comparison photos in online reviews, including the review published by AI, document this.) It is only when shooting at focal lengths of 120mm and above that the new lens is superior.

avon b7

said about 3 months ago

charlesn said:

Oh, the irony. First, for all the "Apple's prices are too high," posts, its most expensive phone--and the only phone to have its base price raised in the U.S.--is Apple's best seller, and not by a small margin. Second, that 5X tetraprism lens which is helping to drive sales is easily outperformed by the 3X lens it replaced in most picture-taking situations where the telephoto lens is used. (Many comparison photos in online reviews, including the review published by AI, document this.) It is only when shooting at focal lengths of 120mm and above that the new lens is superior.

'Best seller' is entirely dependent on how the other models fare.

If sales crashed across the iPhone lines (Max included) it would still leave a 'best seller'. It's all context dependent.

tech_traveller

said about 3 months ago

Of course, like with all previous iPhones most people jump at the opportunity of buying the newest one, regardless of whether they need one or not. The addition of USB-C has only made them want it more.

danox

said about 3 months ago

charlesn said:

Oh, the irony. First, for all the "Apple's prices are too high," posts, its most expensive phone--and the only phone to have its base price raised in the U.S.--is Apple's best seller, and not by a small margin. Second, that 5X tetraprism lens which is helping to drive sales is easily outperformed by the 3X lens it replaced in most picture-taking situations where the telephoto lens is used. (Many comparison photos in online reviews, including the review published by AI, document this.) It is only when shooting at focal lengths of 120mm and above that the new lens is superior.

The iPhone 15 Pro is going to be an even bigger seller when people see the spacial video results with the Apple Vision.....

Apple is always told by the MBA/Financial Analyst types that going cheap large marketshare is the answer for everything.

M68000

said about 3 months ago

danox said:

charlesn said:

Oh, the irony. First, for all the "Apple's prices are too high," posts, its most expensive phone--and the only phone to have its base price raised in the U.S.--is Apple's best seller, and not by a small margin. Second, that 5X tetraprism lens which is helping to drive sales is easily outperformed by the 3X lens it replaced in most picture-taking situations where the telephoto lens is used. (Many comparison photos in online reviews, including the review published by AI, document this.) It is only when shooting at focal lengths of 120mm and above that the new lens is superior.

The iPhone 15 Pro is going to be an even bigger seller when people see the spacial video results with the Apple Vision.....

Apple is always told by the MBA/Financial Analyst types that going cheap large marketshare is the answer for everything.

Not sure about that… there is a limit to how many can and/or will spend $4500 plus on the phone and googles combo. If you think this new device is great, that’s fine and good for you. I’m not seeing sitting or standing around in googles as being something i want to do.

As for the phone sizes, as long as Apple continues to offer somewhat smaller phones, things will be good. If Jobs was still around, would be great to hear what he would say when handed the MAX size phone. I believe he thought phones should be easily used with one hand. I’ve been in it since the first iphone and we all know the size and weight just keeps going up. I’ve always used the non pro phones but considering my first Pro model. It would be the 6.1 15 Pro. Lighter and cheaper then the Max and does nearly everything Max does. Oh, it’s also better for one hand use.