Investment firm JPMorgan reports that iPhone 15 Pro Max orders currently take an average of 50 days to fill globally, although the company believes initial production delays also played a role. After Wedbush reported that overall iPhone 15 first-week sales increased by 10% compared to iPhone 14, JPMorgan Chase said that the delivery cycle of all products is increasing, especially iPhone 15 Pro Max.
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Apple Online Store (China)
"However, the delivery time for the 15 Pro Max is quite high, exceeding 50 days, compared with 17-30 days for other models," the investment firm said in a note seen by AppleInsider.
Before the launch of the iPhone 15 series, JPMorgan Chase lowered its target stock price to $230 because expectations were too low.
J.P. Morgan continued: "Interestingly, the lead times for 15 Pro Max, 15 Plus and 15 are longer relative to previous-generation models (such as the iPhone 14 series). The lead time for the 15 Pro Max is the highest historically among all SKUs since we have tracked lead time data (such as the iPhone 12 series)."
JPMorgan's analysis is based entirely on global shipment data from Apple's website, and Apple does not disclose any data on iPhone sales numbers. Therefore, we cannot be sure that the reason why iPhone 15 Pro Max is so unsalable is due to pure demand. JPMorgan noted that production issues may have initially delayed sales in the first two weeks.
JPMorgan Chase said: "From the perspective of converting these data into year-on-year demand, supply issues at the beginning of the launch (such as CMOS sensor-related issues) may be one of the reasons for the extended lead time. [Although] the extension of ProMax lead time does indicate that its product portfolio is richer than expected at the time of early ordering. Still, with the issue resolved and supply increased a few weeks ago, the lead time extending to week 3 is atypical and may be a clearer indicator that demand for the iPhone 15 series is better than the iPhone 14 series."
JPMorgan Chase pointed out that the delivery time of the iPhone 14 series will be extended in 2022, but will return to normal before the end of the year. However, because the iPhone 14 was delayed due to production problems in China due to epidemic prevention, Apple rarely issued a statement on this, so the statistics are not comparable.