Apple has become the market leader in China with a 20% share in Q1 2023, thanks to aggressive pricing strategies and dominance in the premium smartphone market. The company stands on the same ground as local Chinese competitors in terms of supply chain, government incentives, localization, and trade war impacts. Apple's growth prospects in China remain strong, with a 5-year forward average of 10% for the premium market segment, leading to a higher price target of $222 and a Buy rating.
Apple: Taking The Chinese Smartphone Market