iPhone New Model Pre-sale Tracking: iPhone 17 Pro Max Most Popular, Air Least Popular, Strong Demand in Chinese Market
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Citi Bank’s latest first-day iPhone 17 pre-sale tracking report reveals several key signals about Apple’s future performance for investors.
According to Trading Desk News, Citi stated in a research report released on the 12th that high-end models remain Apple’s most popular products. The iPhone 17 Pro Max has the longest delivery time, followed by the Pro model.
Meanwhile, market demand shows significant regional differentiation. Compared to the same period last year, delivery times for the iPhone 17 series are longer in China and India, indicating growing demand. In contrast, waiting times in the US and UK markets have shortened.
Of particular note is the Chinese market. Although the new iPhone Air has not yet launched in China, the waiting times for other models are longer than last year, ranking first among the four main markets tracked (US, China, India, and UK). This highlights the strategic importance of the Chinese market to Apple’s performance, especially as its pricing strategy seems to align well with local policy incentives.
High-end Trend Continues, Pro Max Model in High Demand
Citi tracked iPhone 17 delivery times in four main markets: the US, China, India, and the UK. Data shows that the high-end trend of Apple’s product line is continuing.
The most expensive iPhone 17 Pro Max model has the longest delivery wait time, followed by the Pro model. This indicates that high-end consumers’ pursuit of top features and performance remains strong.
In stark contrast, the new iPhone Air model has become the least popular. The report notes this is expected, mainly due to its relatively high price, smaller battery capacity, and fewer camera configurations—factors that make it less attractive amid fierce product line competition.
Market Demand Differentiation: China and India Booming, Europe and US Cooling Down
Globally, early demand for iPhone 17 shows clear regional differentiation.
Compared to last year’s iPhone launch, this year’s delivery times in China and India are longer, directly reflecting strong local market growth. Delivery times in the US and UK are shorter than the same period last year.
Robust demand in the Chinese market is one of the most prominent highlights of this pre-sale data. The data shows that Chinese consumers are waiting significantly longer for the iPhone 17 series, especially the base models, than last year.
The starting price of the iPhone 17 in China is 5,999 RMB, which is just within the government subsidy range of up to 6,000 RMB. This precise pricing strategy may be a key driver stimulating demand in China, helping Apple maintain an edge in a complex competitive environment.
Valuation and Risks: Maintain Buy Rating, But Be Wary of Macroeconomic and Geopolitical Risks
Based on a comprehensive assessment of Apple’s business, Citi analysts give Apple a target price of $245. The target price is based on a 28x P/E ratio against the company’s FY2027 EPS, about an 8% premium to Apple’s historical level. Citi believes that margin expansion, an increasing share of services revenue, the gradual adoption of Apple Intelligence, and a strong balance sheet all support this premium.
As of press time, Apple is up 1.76% to $234. According to Citi’s target price, there is 4.7% upside remaining.
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The above highlight comes from Trading Desk.
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