Asian stocks of Apple (NASDAQ:AAPL) suppliers surged on Monday on optimism surrounding demand for the new iPhone 17 model, after Apple reportedly asked key suppliers to ramp up production following strong pre-orders.
China’s assembler Luxshare Precision (SZ:002475) and electronics maker Foxconn (TW:2317) have been instructed to increase output of the standard iPhone 17 by at least 30%, with Luxshare asked to raise daily output by about 40%, The Information reported on Saturday.
The cheaper base model, priced around $799, has drawn more demand than expected, likely driving strong component orders across the supply chain.
Shenzhen-listed Luxshare shares surged 10% to hit their highest level since January 2021, while Taiwan’s Foxconn rose as much as 2%.
Hong Kong-listed shares of Chinese glass-maker Lens Technology (HK:6613) climbed as much as 16% on Monday.
Audio components specialist AAC Technologies (HK:2018) shares also jumped over 10%.
South Korea’s LG Display (KS:034220), a display panel manufacturer that supplies OLEDs, advanced 3.2%.
A recent research note from JP Morgan stated that demand for the iPhone 17 line appears to be stronger than the first-week demand seen for the 16 series last year, citing delivery lead times in key markets.
Analysts noted high demand for the base 17 model, as well as the newly introduced, super-thin Air model.
