广发证券分析师蒲得宇指出，苹果iPhone 18 Pro系列自9月12日开启预售以来热度不高，发货等待时长表现平平1。蒲得宇认为，硬件升级幅度有限且定价进一步提高是导致预售热度低迷的主要原因1。
基于预售表现，蒲得宇下调了iPhone 18 Pro和Pro Max的总产量预期至7200万台1。在定价方面，国行iPhone 18 Pro起售价9999元，18 Pro Max起售价10999元1，顶配版本中iPhone 18 Pro 2TB版售价20499元，Pro Max 2TB版售价21499元1。从交付周期来看，美国市场部分配色256GB、512GB版本iPhone 18 Pro Max需等待3至4周1，中国市场冰川蓝色256GB与512GB版本Pro Max的等待周期为2至3周1。
此外，蒲得宇也下调了iPhone Duo 2026年的产量预期，从700万台缩减至600万台1。该机型将于10月16日开启预售，10月23日正式开售，256GB版本起步价15999元，2TB顶配版售价26499元1。蒲得宇维持苹果股票"持有"评级，目标价定为369美元1。
Analyst Pu Deyu from GF Securities has downgraded his production expectations for Apple's iPhone 18 Pro series, citing weak pre-order momentum and limited hardware improvements.1 The analyst attributed the sluggish initial demand to modest hardware upgrades combined with higher pricing.1
Following the pre-order launch on September 12, waiting times for the devices remained unremarkable across major markets.1 In the United States, certain color options of the iPhone 18 Pro Max with 256GB and 512GB storage required wait times of three to four weeks, while in China's market, the glacier blue variant of the Pro Max in the same storage capacities faced two to three week delays.1 Domestically in China, the iPhone 18 Pro starts at 9,999 yuan, with the Pro Max beginning at 10,999 yuan, while the top-tier 2TB configurations are priced at 20,499 yuan and 21,499 yuan respectively.1
As a result, Pu Deyu has reduced the combined production forecast for the iPhone 18 Pro and Pro Max to 72 million units.1 Additionally, he lowered the 2026 production outlook for the iPhone Duo from 70 million units to 60 million units.1 The iPhone Duo is scheduled to begin pre-orders on October 16 with official sales commencing October 23, featuring a base price of 15,999 yuan for the 256GB model and a top configuration at 26,499 yuan.1 Despite the production cuts, Pu Deyu maintained a "hold" rating on Apple stock with a target price of $369.1
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