摩根士丹利 大屏iPhone 6 Plus最受中國消費者青睞

With a bill of materials that’s lower than expected, price tiers that strongly encourage up-selling and a larger screen that actually costs Apple less to manufacturer than last year’s model, the new line of iPhones should sweeten the iPhone average selling price and generate an extra couple billion dollars in revenue.

新版iPhone的材料費低於預期，其價位有利於推動向上銷售，而且相比去年的版本，更大尺寸屏幕的確能讓蘋果公司（Apple）降低生產成本。因此，新版iPhone會提高iPhone的平均售價，並會因此額外產生數十億美元的收入。

That’s the thrust of a note to clients issued Tuesday by Morgan Stanley’s Katy Huberty. It was accompanied by a two useful charts.

這是摩根士丹利（Morgan Stanley）分析師凱蒂o赫伯蒂週二給客戶發佈的一份研究報告的核心內容。這份報告附有兩份頗有價值的圖表。

The first is a pie chart generated from that proprietary survey of Chinese buyers. It shows a preference for the 5.5-inch model that’s nearly double that of U.S. buyers (26%).

首先是一個餅形圖，該圖數據來自對中國購買者的專項調查。圖中顯示，中國購買者更加偏愛5.5寸的iPhone 6 Plus，從人數上看，是美國購買者的近兩倍（26%）。

The second, copied below, is Morgan Stanley’s breakdown of the current iPhone lineup, from unlocked price, through bill of materials, to profit margins. It shows gross margins reaching 48.8% on the 128GB iPhone 6 Plus. The mark-up for NAND memory is particularly rich.

是摩根士丹利對當前iPhone版本的詳細分解，涵蓋從無鎖版價格到材料清單再到利潤空間等內容。圖中顯示，128GB iPhone 6 Plus的毛利率高達48.8%。NAND閃存的漲價幅度尤其大。

“Compared to the 16GB iPhone 6,,” writes Huberty, “we estimate 61% incremental margin for the 64 GB version and 55% for the 128 GB version.”

“與16GBiPhone 6相比，”赫伯蒂寫道，“我們估計64GBiPhone 6的增量毛利率爲61%，而128GBiPhone 6的增量毛利率爲55%。”