MIZUHO SECURITIES USA INC. | US EQUITY RESEARCH
Summary
We take a look at a preliminary teardown of the newly released iPhone SE. The SE, despite being a value 4" phone, appears to carry the full RF capability with only band 23/43 support missing versus the 6S/6s+. While SE is expected to ship fewer units, it should still be a net content tailwind for the RF suppliers. Overall, content appears to be inline with expectations.
Key Points
A look at the iPhone SE, based on a teardown from Chipworks, is shown below. We take a look at the 4" iPhone SE (retailing at $399) versus the last 4" 5s (which retailed at $449) and the 4.7"/5.5" 6s/6s+. The SE appears to carry the full RF support, with only bands 23/43 support missing versus the 6s/6s+. The SE also carries a 12MP camera versus 8MP in the 5s. As we show below, what stands out is that RF content on the 4" SE is significantly higher than the 4" iPhone 5s, pointing to the L-T trend with increasing RF front-end content. This teardown of the iPhone SE carries a QCOM baseband, though there is potential for subsequent iPhone models to be second-sourced with an INTC modem for specific geographies.
Some disclaimers. We would note that this is a preliminary teardown, and there are multiple components such as discrete filters that are harder to identify on teardown given their miniature size. Overall, we believe content is inline with expectations. No estimate changes here.
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