Goldman Sachs comments on Apple's foldable iPhone: pricing is "affordable," and shipments could reach up to 35 million units this year.

Apple's first foldable iPhone has been officially unveiled. Goldman Sachs believes that its pricing strategy and product design have exceeded expectations, and it is expected to open up the mass market and provide significant benefits to the supply chain in Greater China.

According to a research report released on September 10 by Goldman Sachs' Greater China Technology team, Apple's new foldable phone will be named "iPhone Duo," with a starting price of $1,999, lower than the Samsung Galaxy Z Fold 8 Ultra's starting price of $2,099.99 in the US. Goldman Sachs analysts Allen Chang and Verena Jeng, among others, described this pricing as "affordable," believing that Apple has achieved a competitive price despite the constraints of high memory costs and powerful specifications, and is expected to attract a wider consumer base.

Goldman Sachs maintains its forecast for foldable iPhone shipments: 14 million units in the baseline scenario and 35 million units in the optimistic scenario in 2026. The report also gives "buy" ratings to several Apple supply chain companies in Greater China, including Foxconn and Nanya Printed Circuit Co., Ltd., which are included in its conviction buy list.

iPhone Duo: Slim and lightweight design combined with affordable pricing, targeting the mass market.

According to a Goldman Sachs report, the iPhone Duo has a 5.4-inch screen when folded and a 7.6-inch screen when unfolded, making it easy to hold with one hand and put in a pocket. It is positioned as the "thinnest iPhone ever." Goldman Sachs believes this design makes the device more portable and easier to adopt than existing foldable screen products, helping it reach a wider user base.

In terms of technical specifications, the iPhone Duo features a hinge system composed of over 100 precision components, an under-display front camera, and a new generation of vapor chamber cooling module. It also supports Apple Pencil, which may further attract stylus users.

Regarding pricing, Goldman Sachs points out that the current foldable screen market exhibits a clear trend of consumption upgrading. Huawei ranked first in the global foldable screen market with approximately 50% market share in the second quarter of 2026, with a combined average selling price of approximately $1,600, higher than the global average price of $1,452 for foldable screens. Apple entered the high-end foldable market with a price of $1,999, which Goldman Sachs believes is competitively priced.

iPhone 18 Pro series: Upgraded heat dissipation and camera, price increased by approximately $100

Goldman Sachs also reviewed the iPhone 18 Pro and Pro Max series in its report. Both models feature the more powerful A20 Pro chip and deep integration of Apple Intelligence, thus placing higher demands on thermal management. Goldman Sachs believes that the adoption of the new generation of vapor chambers sends a positive signal to thermal management suppliers such as AVC and AAC.

In terms of photography, the rear camera introduces variable aperture technology, which can dynamically adjust the aperture size according to the focal length, helping users to shoot in low-light environments or achieve a more natural bokeh effect. Goldman Sachs specifically mentioned Largan Precision as a related beneficiary company.

The iPhone 18 Pro series is priced about $100 higher than the iPhone 17 Pro series (an increase of about a high single-digit percentage), while the delivery time is the same as the previous generation.

AirPods and Apple Watch: Feature upgrades, pricing stabilizes

The Goldman Sachs report also covers other new Apple products. AirPods 5 adds active noise cancellation and optimizes the natural interaction experience (including transparency mode and conversational awareness); the wireless charging case version is priced $30 lower than AirPods 4.

The Apple Watch Series 12 and Ultra 4 are priced the same as their predecessors, with major upgrades focused on the health sensing system (including more accurate heart rate monitoring), Siri summary functionality, and intelligent audio processing.

In terms of supply chain revenue exposure, Shin Zu Shing, a core hinge supplier, has a revenue exposure to Apple of 75% to 85%, with hinge products contributing 40% to 45% of its iPhone-related exposure, making it most directly driven by the new foldable iPhone. Largan Precision's revenue exposure to Apple is 45% to 50%, while Foxconn's is 30% to 35%.

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