[Featured Stock] "Lower-than-Expected Demand for iPhone 14 in China"... LG Innotek Plummets Over 8%

[Asia Economy Reporter Hwang Yoon-joo] LG Innotek, which supplies camera modules for iPhones to Apple, is plummeting sharply from the start of trading due to evaluations that the demand for the 'iPhone 14' in China is lower than expected.

As of 9:36 AM on the 27th, LG Innotek is trading at 295,500 KRW, down 8.94% (29,000 KRW) compared to the previous trading day.

LG Innotek's main product is camera modules. As of last year, 75% of its sales depended on Apple. Thanks to this, it recorded sales of 15 trillion KRW last year, achieving its best-ever performance.

[Image source=Yonhap News]

Apple started selling the new iPhone 14 in China on the 16th. It was expected that LG Innotek would benefit from the iPhone 14 launch, but the stock is falling due to evaluations that demand in China is sluggish.

According to foreign media, Edison Lee, an analyst at Jefferies, stated in a report released on the 25th (local time), "The sales volume of the iPhone 14 was 987,000 units in the first three days, which is 10.5% less than the iPhone 13."

Analyst Lee said, "iPhone 14 sales may not be as strong as the pre-orders suggested because pre-orders do not require payment obligations." He added, "Overall demand is still weak, and iPhone 14 sales do not seem as strong as expected."