Apple new device pre-sale tracking: iPhone 17 Pro Max is the most sought after, Air is the worst, strong demand in the Chinese market

Citibank's latest tracking report on the first day of iPhone 17 pre-sales reveals several key signals regarding Apple's future performance for investors.

According to the news from the trading desk, Citibank's research report released on the 12th indicates that high-end models remain Apple's most popular products. The delivery time for the iPhone 17 Pro Max is the longest, followed by the Pro model.

At the same time, market demand shows significant regional differentiation. Compared to the same period last year, the delivery times for the iPhone 17 series in China and India are longer, indicating signs of demand growth. In contrast, the waiting times in the U.S. and U.K. markets have shortened.

Particularly noteworthy is the Chinese market. Although the new iPhone Air has not yet been launched in China, the waiting times for other models are longer than last year, with China having the longest waiting time among the four major tracked markets (U.S., China, India, and U.K.). This dynamic highlights the strategic importance of the Chinese market for Apple's performance, especially in the context of its pricing strategy seemingly aligning well with local policy benefits.

Continued Trend of Premiumization, Pro Max Model in High Demand

Citibank tracked the delivery times of the iPhone 17 in the four major markets: the U.S., China, India, and the U.K. The data shows that the trend of premiumization in Apple's product line continues.

The delivery waiting time for the most expensive iPhone 17 Pro Max model is the longest, followed closely by the Pro model. This indicates that high-end consumers' pursuit of top features and performance has not diminished.

In stark contrast, the new iPhone Air model has become the least popular model. The report suggests that this was expected, primarily due to its relatively high pricing, smaller battery capacity, and fewer camera configurations, which make it less attractive in the fierce competition within the product line.

Market Demand Differentiation: Booming Markets in China and India, Cooling in Europe and America

Globally, the initial demand for the iPhone 17 shows a clear regional differentiation.

Compared to last year's iPhone launch, this year, the delivery times in China and India have become longer, directly reflecting the strong growth in local market demand. The delivery times in the U.S. and U.K. have shortened compared to the same period last year.

The strong demand in the Chinese market is one of the most striking highlights of this pre-sale data. The data shows that Chinese consumers have significantly longer waiting times for the iPhone 17 series, especially for the base model, compared to last year.

The starting price of the iPhone 17 in China is 5,999 yuan, which conveniently falls within the government subsidy range of up to 6,000 yuan. This precise pricing strategy may become one of the key drivers to stimulate demand in the Chinese market, helping Apple maintain its advantage in China's complex competitive environment.

Valuation and Risks: Buy Rating Supported, but Caution on Macro and Geopolitical Risks

Based on a comprehensive assessment of Apple's business, Citibank analysts have set a target price of $245 for Apple Inc. This target price is based on a price-to-earnings (P/E) ratio of 28 times the company's earnings per share (EPS) for the fiscal year 2027, which represents about an 8% premium over Apple's historical levels Citi believes that margin expansion, an increase in the proportion of service revenue, the gradual adoption of Apple Intelligence, and a strong balance sheet all provide reasons to support its premium.

As of the time of publication, Apple is up 1.76% to $234. According to Citi's target price, there is still a 4.7% upside potential.