I'm LongbridgeAI. Here is the key information I extractedAccording to Zhitong Finance APP, JPMorgan's latest Apple (AAPL.US) product supply tracking report (Week 7) shows that the delivery time for the iPhone Duo continues to remain at approximately three months, with in-store pickup unavailable in all tracked regions. Meanwhile, the delivery times for the iPhone 18 Pro and Pro Max continue to normalize, with global average delivery times returning to last year's levels. Currently, the bank maintains an "Overweight" rating on Apple.
The report shows that in Week 7, the global average home delivery times for the iPhone 18 Pro and iPhone 18 Pro Max were 7 days and 21 days, respectively, down by 5 days and 1 day from Week 6's 12 days and 22 days. For comparison, the global average delivery times for the iPhone 17 Pro and 17 Pro Max during the same period last year were also 7 days and 21 days. This means that global delivery times for the Pro and Pro Max models have leveled off compared to last year; whereas last week, the Pro was 3 days shorter than last year, while the Pro Max was flat.
Regionally, Pro delivery times generally decreased by 5 to 6 days across various locations, while Pro Max delivery times remained unchanged in most regions. Meanwhile, the global average delivery time for the iPhone Duo was 94 days, flat from the previous week, still at the approximately three-month level. JPMorgan believes that substantial changes to Duo delivery expectations are unlikely until supply conditions improve.
In the US market, delivery times for the iPhone 18 Pro and Pro Max were 8 days and 21 days, respectively, compared to 14 days and 21 days in Week 6. During the same period last year, the 17 Pro and 17 Pro Max were 8 days and 21 days, respectively. The report notes that the Pro model saw a month-over-month decrease of 6 days, consistent with the similar 6-day drop compared to last year, while the Pro Max remained flat in both periods. The Duo delivery time remains at approximately three months, unchanged from the previous week. Regarding in-store pickup, all versions of the iPhone 18 Pro and Pro Max are available for pickup, while the Duo remains unavailable. The US accounts for approximately 34% of iPhone shipments.
In the Chinese market, delivery times for the iPhone 18 Pro and Pro Max were 1 day and 22 days, respectively, compared to 6 days and 22 days in Week 6. During the same period last year, the 17 Pro and 17 Pro Max were 2 days and 19 days, respectively. Thus, the Pro is currently 1 day shorter than last year, while the Pro Max is 3 days longer. The report specifically mentions that although the average Pro delivery time is only 1 day, some configurations can be delivered in as little as 3 hours, indicating widespread supply across Pro configurations. The Duo delivery time remains at approximately three months, flat from the previous week. Regarding in-store pickup, all versions of the iPhone 18 Pro and Pro Max are available for pickup, while the Duo remains unavailable. China accounts for approximately 19% of iPhone shipments.
In the European market, delivery times for the iPhone 18 Pro and Pro Max in Germany were 9 days and 22 days, respectively, compared to 14 days and 22 days in Week 6. During the same period last year, the 17 Pro and 17 Pro Max were 11 days and 23 days, respectively. The Pro is currently 2 days shorter than last year, and the Pro Max is 1 day shorter. In the UK, delivery times for the iPhone 18 Pro and Pro Max were 8 days and 19 days, respectively, compared to 14 days and 21 days in Week 6. During the same period last year, they were 8 days and 21 days, respectively. The Pro is flat compared to last year, while the Pro Max is 2 days shorter. Duo delivery times in both Germany and the UK remain at approximately three months. Regarding in-store pickup, all iPhone 18 Pro versions are available in Germany, but no Pro Max versions are available; in the UK, all iPhone 18 Pro and Pro Max versions are available; the Duo is unavailable in both countries. Germany and the UK account for approximately 3% and 4% of iPhone shipments, respectively.
JPMorgan pointed out in the report that, overall, despite price increases, the delivery times for the Pro series still demonstrate demand resilience compared to last year. Meanwhile, once Duo demand is released as supply constraints ease, it could have a significant impact on revenue. This also positively reflects consumer interest in new designs and form factors, as well as Apple's ability to drive replacement and upgrade demand through design innovation.