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."

 

If you liked this article you might like

Stocks on Track for Records Even as Trump Goes After North Korea

Why Owning Apple May Be a Frustrating Experience

How to Live Just Like Billionaire Warren Buffett

Apple's iOS 11 Arrives on Tuesday: Here Are 9 of the Best Features

Stocks Waver as Wall Street Waits for Direction From Fed Meeting