Luxshare - A: Stronger-than-expected iPhone demand and potential optical module ramp to drive growth: buy on correction

研报英文原文证据摘录

Luxshare - A: Stronger-than-expected iPhone demand and potential optical module ramp to drive growth: buy on correction

Asia Pacific Equity Research

26 June 2026

Overweight

Luxshare - A 002475.SZ, 002475 CH

Price (26 Jun 26): Rmb68.00

Stronger-than-expected iPhone demand and

▲ Price Target (Jun-27): Rmb97.00

potential optical module ramp to drive growth: buy Prior (Dec-26): Rmb82.00

on correction

Luxshare’s share price fell c.9% today, vs a 2% sector index correction. We China

attribute this to rising market concerns on iPhone volume drop, after Apple Technology

announced it would raise prices of Macbooks and iPads (no price hike for AC Billy Feng

iPhone, link) to offset memory cost hikes. In our view, investors overreacted (86-21) 6106 6359

given iPhones are not on the price hike list, while our supply-chain checks billy.feng@jpmorgan.com

suggest resilient iPhone volume and favourable iPhone mix in 2026. We SAC Registration Number: S1730520030005

expect this to bring incremental JV income for Luxshare, along with margin Cherry Liu

enhancement. With potential ramp up of optic transceiver modules from 2H26, (86-21) 6106-6200

which is accretive to company margins and valuation, we believe this is a buy- ye.liu@jpmorgan.com

on-dip opportunity. Reiterate OW with extended Jun-27 PT of Rmb97. SAC Registration Number: S1730521090001

Ri Xu

• Market overly concerned on iPhone demand. To offset rising memory (86-21) 6106 6318

chip costs, Apple announced it would increase the selling price of Macbooks ri.xu@jpmchase.com

and iPads, which ignited market concern over a potential iPhone demand SAC Registration Number: S1730522100001

decline. However, we believe the stock price correction of Luxshare is J.P. Morgan Securities (China) Company Limited