White also pointed out that China's 4G cellphone infrastructure is relatively young and "only 12% penetrated," leaving a lot of room for development. This is something Apple CEO Timothy D. Cook has pointed out as well. On the company's fiscal third quarter earnings call, Cook said Apple achieved 112% year-over-year revenue growth, with "iPhone unit growth of 87%."

Expansion into India is another theme of the report, which views the Indian market as a second China, just waiting in the wings.

"During 3Q, iPhone units grew by 93% year-over-year in India and slightly above the 87% growth in Greater China," White wrote. "We believe Apple has already started investing for the ramp of the mobile Internet in India and we view the country at a similar stage as China was for Apple in 2010."


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