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专栏 - 苹果2_0

苹果第三财季iPhone销量大猜想

Philip Elmer-DeWitt 2011年07月15日

苹果(Apple)公司内部流传着一个老笑话,那就是史蒂夫·乔布斯周围是一片“现实扭曲力场”:你离他太近的话,就会相信他所说的话。苹果的数百万用户中已经有不少成了该公司的“信徒”,而很多苹果投资者也赚得盆满钵满。不过,Elmer-DeWitt认为,在报道苹果公司时有点怀疑精神不是坏事。听他的应该没错。要知道,他自从1982年就开始报道苹果、观察史蒂夫·乔布斯经营该公司。
苹果上个季度到底卖出多少台iPhone?分析人士们的估算各不相同。保守的认为卖了1,500万台,乐观的认为卖了2,025万台。平均估计值为1,690万台。

来源:公司报告,苹果2.0

    对于苹果公司来说,没有任何一款产品对公司业绩的贡献率能超过iPhone。

    在今年三月份结束的第二财度里,苹果共售出1,865万台iPhone,iPhone及其周边产品和服务共为苹果创造了1,230亿美元的营业收入,差不多正好占了苹果公司该季度总销售额的50%——比Mac、iPod和iPad的总和还要多。

    苹果将于下周公布第三季度财报,每个关注苹果公司的人——无论是其最坚定的投资人,还是最直接的竞争对手,都会格外关注上季度苹果究竟卖出了多少台iPhone.

    我们调查的39位分析人士的预测值有的高有的低。其中最高的是罗马尼亚数学家尼古拉•米哈拉奇在科技博客Traderhood上发布的预测,米哈拉奇在巴黎大学执教,他的预测数据往往比较乐观;最低的预测来自投资和资产管理公司尼达姆(Needham)的分析师查理•沃尔夫,他是一名研究苹果的老手,预测往往趋于保守。

    这39位分析人士的预测平均值为1,690万台,这表明iPhone的销量相比去年同一季度上涨了101%,这也预示着在过去四年里,苹果已经总共卖出了超过1.25亿台iPhone。

    这39位分析师包括14位业余分析师和25名专业人士。本季度他们的平均预测要比上几个季度更加接近。14位业余分析师的平均预测值为1,780万台,而专业分析师们的平均预测值为1,640万台。苹果的收入报告下周二就会公布,届时我们就能看出谁预测得更准确。

    以下谨为大家列出到目前为止我们收集到的预测值及期日期。“Q2排名”一栏则显示了上季度每位分析师的预测值有多准确(数值越低表示预测越准确)。

    【更新:自从本文发表后,又有三位分析师公布了本季度iPhone的销量预测,他们是:私募投资公司Wedbush的斯科特•萨瑟兰(1,865万台),瑞银(UBS)的梅纳德•乌姆(1,835万台)和花旗银行的理查德•加德纳(1,800万台)。这样一来,华尔街专业分析师们的平均值就被抬高到1,660万台,总体平均预测值也突过了1,700万台大关。】

    No product contributes more to Apple's (AAPL) bottom line than the iPhone.

    In the 2nd fiscal quarter that ended in March, when the company sold a record 18.65 million units, the iPhone and related products and services generated $12.3 billion in revenue, almost exactly 50% of Apple's total sales for the quarter -- more than the Mac, iPod and iPad combined.

    So when Apple reports its 3rd quarter earnings next week, everybody who follows the company -- from its most steadfast investors to its fiercest competitors -- will be paying particular attention to how many iPhones it sold.

    The estimates of the 39 analysts we polled for our quarterly earnings smackdown were all over the lot, from a high of 20.25 million from Traderhood's Nicolae Mihalache, a Romanian mathematician who teaches at the University of Paris and tends to overestimate, to 15 million from Needham's Charlie Wolf, a veteran Apple hand who tends to come in low.

    The average all the estimates, 16.9 million, represents a 101% increase over the same quarter last year, and would bring the total number of iPhones sold over the past four years to more than 125 million.

    The 39 analysts in our survey included 14 amateurs and 25 professionals. Their average estimates were closer than in past quarters. Among the amateurs it was 17.8 million. Among the pros, 16.4 million. We'll find out whose estimates were closest to the mark when Apple reports its earnings next Tuesday.

    Below: The estimates we've gathered so far and the dates they were submitted. The Q2 rank numbers show how accurate each analyst's estimates were last quarter (the lower the better).

    [UPDATE: Three more analysts have come in with iPhone numbers since this was posted: Wedbush's Scott Sutherland (18.65 million), UBS's Maynard Um (18.35) and CitiGroup's Richard Gardner (18 million). That brings the Wall Street consensus up to 16.6 million and puts the overall average above the 17 million mark.]

Analyst, affiliation

iPhones (millions)

Date of est.

Q2 rank

Nicolae Mihalache, Traderhood

20.25

6/24/11

16

Dennis Hildebrand, Apple's Gold

18.90

6/24/11

12

Chas McKenna, Apple Finance Board

18.40

6/17/11

9

Mark Beauch, Apple Finance Board

18.10

5/9/11

13

Patrick Smellie, Apple Finance Board

18.06

7/2/11

10

Corey Forsberg, Apple Finance Board

18.00

7/2/11

NA

Robert Paul Leitao, Posts At Eventide

18.00

6/25/11

6

Ralph Schackart, William Blair

18.00

6/7/11

44

Luke Kittell, Apple Finance Board

17.80

6/24/11

8

Daniel Tello, Deagol's AAPL Model

17.60

7/1/11

4

Mark Moskowitz, J.P. Morgan

17.58

7/5/11

23

Brian White, Ticonderoga

17.53

7/12/11

39

Navin Nagrani, Apple Finance Board

17.50

6/26/11

NA

Turley Muller, Financial Alchemist

17.15

6/17/11

7

Matthew Hoffman, Cowen & Co.

17.10

4/21/11

22

Adam Thompson, Apple Finance Board

17.03

7/3/11

11

Andy Zaky, Bullish Cross

17.00

6/22/11

2

Chris Whitmore, Deutsche Bank

17.00

7/5/11

37

Tavis McCourt, Morgan Keegan

17.00

6/28/11

20

Shaw Wu, Sterne Agee

17.00

7/6/11

29

Daniel Ernst, Hudson Square

17.00

7/11/11

46

Keith Bachman, BMO Capital

16.70

7/11/11

NA

T. Michael Walkley, Canaccord Genuity

16.50

7/5/11

35

Brian Marshall, Gleacher & Co.

16.50

7/5/11

26

Kathryn Huberty, Morgan Stanley

16.50

6/26/11

34

Jeff Fidacaro, Susquehanna

16.44

6/7/11

21

Ben Reitzes, Barclays Capital

16.40

6/28/11

41

Peter Misek, Jeffries

16.30

7/7/11

27

Scott Craig, Merrill Lynch

16.15

6/7/11

24

Bill Shope, Goldman Sachs

16.05

7/6/11

48

James Cordwell, Atlantic Equities

16.00

7/6/11

NA

Gene Munster, Piper Jaffray

16.00

7/5/11

40

Hendi Susanto, Gabelli & Co.

15.96

7/8/11

33

Robert Cihra, Caris

15.80

7/11/11

17

Toni Sacconaghi, Bernstein Research

15.70

6/28/11

15

Mike Abramsky, RBC Capital

15.50

6/29/11

18

Horace Dediu, Asymco

15.10

6/26/11

5

Nehal Chokshi, Technology Insights

15.10

7/7/11

14

Charlie Wolf, Needham

15.00

6/28/11

36

    译者:朴成奎

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