The 2020 Apple Suppliers List

Ever since it was first published in 2012, the Apple suppliers list has served as a trove of information for investors.

Becoming an Apple Inc. (NASDAQ: AAPL) supplier means sharing in the Cupertino, Calif.–based giant's success. Since the debut of the iPhone in 2007, Apple stock has soared more than 3,400%.

Many Apple suppliers have indeed done very well.

Since January 2014, Skyworks Solutions Inc. (NASDAQ: SWKS) is up more than 400%, Maxim Integrated Products Inc. (NASDAQ: MXIM) is up 150%, and Broadcom Inc. (NASDAQ: AVGO) is up more than 500%.

Apple can influence the stock prices of its suppliers because of the immense scale of its business.

In its fiscal 2019, Apple generated $260 billion in revenue and $55 billion in net income. For some perspective, Apple's profits last year exceeded the full-year sales of pharma giant Pfizer Inc. (NYSE: PFE), which came in at $51.8 billion.

The Ups and Downs of Being an Apple Supplier

One example of how being an Apple supplier can affect your stock is the years-long Qualcomm Inc. (NASDAQ: QCOM) drama.

From early 2017, the two companies had fought over the royalties Qualcomm had traditionally charged. Apple claimed the terms were unfair. It filed a lawsuit and began ordering more chips from rival Intel Corp. (NASDAQ: INTC). For QCOM stock, the uncertainty became a powerful headwind.

The legal battle suddenly ended in April 2019, when the two companies reached a settlement very favorable to Qualcomm. Apple agreed to buy chips from Qualcomm for six years – locking in that business for QCOM – and pay an undisclosed one-time fee.

That agreement drove QCOM stock up 20% the day the news broke. Just a little over three weeks later, Qualcomm stock was up more than 50% from where it was before the settlement was announced.

A Money Morning PSA: If you own these stocks, drop them immediately. Learn more…

And speaking of Intel, it may become a poster child for when the opposite happens – when Apple makes a move that can shake up an industry.

At its 2020 Worldwide Developers Conference (WWDC), Apple announced a planned transition away from using Intel-made CPUs in its Mac computers. Instead, Apple will use ARM-based CPUs of its own design based on the processors it already uses in its iPhone and iPad devices.

For Intel, that represents a loss in annual revenue of between $1.5 billion and $3 billion. While that's only about 2% to 3% of Intel's sales, the Apple move could have a far more dramatic long-term impact.

Should the performance of Apple's ARM-based processors exceed that of Intel's PC offerings, it would encourage the development of ARM-based CPUs for PCs. And that would hit Intel hard, since about a third of its revenue comes from the sale of CPUs to PC makers.

Who's Who on the Apple Suppliers List

Watching who's new to the list – as well as who got dropped – tells us much about the future business prospects of many of these suppliers. Some companies actually get more than half of their business from Apple.

However, the majority of Apple suppliers are based in foreign countries. That means U.S. investors cannot buy stock in them easily, or in many cases at all. Other companies trade on the OTC (over the counter) markets, but often trade at low volumes, making liquidity an issue.

Taiwan-based Foxconn is a good example. The Foxconn-Apple relationship is vital – Foxconn's huge factories in China build most of the iPhones Apple sells. But investors face several hurdles, starting with the name. Foxconn is a merely a trade name.

The company's official name is Hon Hai Precision Industry Co. (OTCMKTS: HNHPF). The stock does trade in the United States on the OTC market, but average daily volume is less than 200,000 shares.

The first AAPL suppliers list consisted of 150 companies. Over the past few years Apple has limited the list to its top 200 suppliers.

Through 2019, Apple had updated the list each year. It has not done so in 2020, so the Apple suppliers list below is the latest available data we have, augmented with data from FactSet. Most likely do not fall within the "top 200" criteria Apple uses. But because many of these companies are very small, they may well get a significant part of their business from Apple. Should Apple release an update, we will update this list.

Our version of the Apple Suppliers list adds several enhancements to make it more useful to investors:

• We've eliminated multiple listings (many companies have more than one physical location that supplies Apple).
• We've also added ticker symbols for companies that trade on U.S. exchanges. Please remember that OTC market stocks are typically thinly traded.
• We've denoted companies that depend on Apple for 10% or more of their business with a dagger symbol (†) as well as the percentage if that data is available (data from FactSet).
• We've added companies to the 2020 list using FactSet data.

Any company new to the 2019 version of the list (that wasn't on the 2018 list) is marked with an asterisk (*). Companies added as a result of appearing on FactSet's list of Apple suppliers – and so are new for 2020 – are marked with a double asterisk (**).

A bonus list of publicly traded companies that are not traditional suppliers, but derive part of their business from a relationship with Apple, follows the supplier list.

The Apple Suppliers List for 2020

0-A

3M Co. (NYSE: MMM)

AAC Technologies Holdings Inc. (OTCMKTS ADR: AACAY)

**ABM Industries Inc. (NYSE: ABM)

**Advanced Energy Industries Inc. (NASDAQ: AEIS)

Advanced International Multitech Co. Ltd.

Advanced Semiconductor Engineering Inc. (NYSE: ASX)

**AGC Inc. (OTC: ASGLY)

Alps Electric Co. Ltd. (OTCMKTS: APELY)

Amkor Technology Inc. (NASDAQ: AMKR)

Amphenol Corp. (NYSE: APH)

ams AG (OTCMKTS: AUKUF)

Analog Devices Inc. (NASDAQ: ADI)

**Arlo Technologies Inc. (NYSE: ARLO)

Artesyn Embedded Technologies

Asahi Glass Co. Ltd. (OTCMKTS: ASGLY)

Asia Vital Components Ltd.

AT & S Austria Technologie & Systemtechnik AG

B-C

Biel Crystal Manufactory Ltd.

BOE Technology Group Co. Ltd.

**BioTelemetry Inc. (NASDAQ: BEAT)

*Boyd Corp.

†(20%) Broadcom Ltd. (NASDAQ: AVGO)

**Buddy Technologies Ltd. (OTC: POTTF)

*Bumchun Precision Co. Ltd.

BYD Electronic Co. Ltd. (OTCMKTS ADR: BYDDY)

Career Technology (Mfg.) Co. Ltd.

Catcher Technology Co. Ltd.

Cathay Tat Ming Precision Metal Products Co. Ltd.

*CCL Design (Suzhou) Co. Ltd.

**The Chemours Co. (NYSE: CC)

Cheng Loong Corp.

Cheng Uei Precision Industry Co. Ltd.

Chengdu Homin Technology Co. Ltd.

China Circuit Technology Corp.

*CN Innovations Holdings Ltd.

Coilcraft Inc.

Compal Electronics Inc.

Compeq Manufacturing Co. Ltd.

Corning Inc. (NYSE: GLW)

Cosmosupplylab Ltd.

Cowell E Holdings Inc.

**CRA International Inc. (NASDAQ: CRAI)

*Crealand Technology Ltd.

CymMetrik Enterprise Co. Ltd.

*Cypress Semiconductor Corp. (NASDAQ: CY)

D-E

Darfon Electronics Corp.

*Delta Electronics Inc.

*Derkwoo Electronics Co. Ltd.

Dexerials Corp.

Diodes Inc. (NASDAQ: DIOD)

**Dolby Laboratories (NYSE: DLB)

DSM Engineering Plastics Co. Ltd.

Dynapack International Technology Corp.

*ECCO Leather B.V.

**Ecolab Inc. (NYSE: ECL)

**ESCO Technologies Inc. (NYSE: ESE)

F-G

** First Solar Inc. (NASDAQ: FSLR)

*Flex Ltd. (NASDAQ: FLEX)

Flexium Interconnect Inc.

†Foster Electric Co. Ltd.

Fujikura Ltd.

*Fuyang Technology Corp.

Genius Electronic Optical Co. Ltd.

GoerTek Inc.

*Golden Arrow Printing Co. Ltd.

*Guangdong Ellington Electronics Technology Co. Ltd.

H-I

Hama Naka Shoukin Industry Co. Ltd.

Henkel AG & Co. (OTCMKTS: HENOY)

HI-P International Ltd.

Hirose Electric Co. Ltd.

*Hitachi Ltd. (OTCMKTS: HTHIY)

Hon Hai Precision Industry Co. Ltd. (Foxconn) (OTCMKTS ADR: HNHPF)

**Hurco Cos. Inc. (NASDAQ: HURC)

**Hypebeast Ltd. (OTC: HYPFF)

*Ibiden Co. Ltd. (OTCMKTS: IBIDF)

*II-VI Inc. (NASDAQ: IIVI)

INB Electronics Ltd.

Infineon Technologies AG (OTCMKTS: IFNNY)

Intel Corp. (NASDAQ: INTC)

Interflex Co. Ltd.

Intramedia Inc.

Inventec Corp.

J-K-L

*J.Pond Industry Co. Ltd.

†(22%) Jabil Circuit Inc. (NYSE: JBL)

†(19%) Japan Aviation Electronics Industry Ltd.

†(61%) Japan Display Inc. (OTC: JPDYY)

Jiangsu Changjiang Electronics Technology Co. Ltd.

*Jilin Liyuan Precision Manufacturing Co. Ltd.

Jinlong Machinery & Electronic Co. Ltd.

*Jones Tech Plc.

*JXTG Holdings Inc. (OTCMKTS: JXHLY)

Kantatsu Co. Ltd.

†(10%) Kemet Corp. (NYSE: KEM)

Kinsus Interconnect Technology Corp.

†(61%) Knowles Corp. (NYSE: KN)

Kunshan Kersen Science & Technology

Kyocera Group (NYSE ADR: KYO)

Laird Technologies (OTCMKTS: LARRF)

Largan Precision Co. Ltd.

Lens One Technology

LG Chem Ltd.

LG Display Co. Ltd. (NYSE ADR: LPL)

LG Innotek Co. Ltd.

Lite-On Technology Corp.

Longwell Precision Co. Ltd.

Luen Fung Group

*Lumileds Holding B.V.

*Luxshare Precision Industry Co. Ltd.

*LY Investment (HK) Ltd.

M-N

Marian Inc.

Maxim Integrated Products Inc. (NASDAQ: MXIM)

**MDC Partners Inc. (MDCA)

**†(24%) The Meet Group Inc. (NASDAQ: MEET)

Merry Electronics Co. Ltd.

Microchip Technology Inc. (NASDAQ: MCHP)

Micron Technology Inc. (NASDAQ: MU)

†Minebea Mitsumi Inc. (OTCMKTS: MNBEF)

*Molex Inc.

Murata Manufacturing Co. Ltd. (OTCMKTS: MRAAY)

MYS Group Co. Ltd.

Nanya Technology Corp.

Nichia Corp.

Nidec Corp. (OTC ADR: NJDCY)

†(43%) Nissha Co. Ltd.

Nitto Denko Corp. (OTCMKTS: NDEKY)

†(13%) NOK Corp.

NXP Semiconductors N.V. (NASDAQ: NXPI)

O-P-Q-R

O-film Tech

**Omnicom Group Inc. (NYSE: OMC)

ON Semiconductor Corp. (NASDAQ: ON)

Pai Shing International Ltd.

Panasonic Corp. (OTCMKTS ADR: PCRFY)

**Pearson Plc. (NYSE: PSO)

Pegatron Corp.

Phone In Mag-Electronics Co. Ltd.

Pioneer Material Precision Tech

**Pluralsight Inc. (NASDAQ: PS)

POSCO (NYSE ADR: PKX)

Primax Electronics Ltd.

**Progress Software Corp. (NASDAQ: PRGS)

†(33%) Qorvo Inc. (NASDAQ: QRVO)

Quadrant Solutions

†(10%) Qualcomm Inc. (NASDAQ: QCOM)

**Qualys Inc. (NASDAQ: QLYS)

Quanta Computer Inc.

**Qiwi Plc. (NASDAQ: QIWI)

Radiant Opto Electronics Corp.

Renesas Electronics Corp. (OTC: RNECY)

**Resources Connection (NASDAQ: RGP)

**Rio Tinto Group (NYSE: RIO)

*Risuntek Inc.

Robert Bosch GmbH

Rohm Co. Ltd. (OTCMKTS: ROHCY)

RR Donnelley & Sons Co. (NASDAQ: RRD)

S

SABIC Innovative Plastics

Salcomp Co. Ltd.

Samsung Electronics Co. Ltd. (OTCMKTS: SSNLF)

Seiko Advance Ltd.

Sekisui Chemical Co. Ltd.

Seoul Semiconductor Co. Ltd.

Shandong Innovation Group

†(23%) Sharp Corp. (OTCMKTS: SHCAY)

Shenzhen Desay Battery Technology Co.

Shenzhen Fortunta Technology Co. Ltd.

Shenzhen Sunway Communication Co. Ltd.

Shenzhen YUTO Packaging

Shin Zu Shing Co. Ltd.

Simplo Technology Co. Ltd.

SK Hynix Inc.

†(51%)Skyworks Solutions Inc. (NASDAQ: SWKS)

SMK Corp.

**Socket Mobile Inc. (NASDAQ: SCKT)

Solvay SA

Sony Corp. (NYSE: SNE)

†(18%) STMicroelectronics NV (NYSE ADR: STM)

Stora Enso (OTC: SEOAY)

Sumida Corp.

Sumitomo Chemical Co. Ltd.

Sumitomo Electric Industries Ltd.

Sunrex Technology Corp.

Sunwoda Electronic Co. Ltd.

Suzhou Anjie Technology Co. Ltd.

Suzhou Dongshan Precision Manufacturing Co. Ltd.

Suzhou Zhongjiemai Panel Industry Technology Co. Ltd.

Swiftronic Pte. Ltd.

**Synaptics Inc. (NASDAQ: SYNA)

**Synchronoss Technologies Inc. (NASDAQ: SNCR)

T

Taishan City Kam Kiu Aluminium Extrusion Co. Ltd.

Taiwan Hodaka Technology Co. Ltd.

Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE: TSM)

Taiyo Yuden Co. Ltd. (OTCMKTS: TYOYY)

TDK Corp. (OTCMKTS: TTDKY)

Texas Instruments Inc. (NASDAQ: TXN)

TK Group (Holdings) Ltd.

Tongda Group Holdings Ltd.

Toshiba Corp. (OTCMKTS: TOSYY)

Toyo Rikagaku Kenkyusho Co. Ltd.

TPK Holding Co. Ltd.

Trinseo LLC (NYSE: TSE)

Triotek Technology Inc.

Tripod Technology Corp.

Tsujiden Co. Ltd.

†(15%) TTM Technologies Inc. (NASDAQ: TTMI)

**Tufin Software Technologies Ltd. (NYSE: TUFN)

U-V-W-X-Y-Z

UACJ Corp.

Unimicron Technology Corp.

Unisteel Technology Ltd.

Unitech Printed Circuit Board Corp.

Western Digital Corp. (NASDAQ: WDC)

Wickeder Group

*Winox Enterprise Co. Ltd.

Wistron Corp.

Xiamen Jan Jia Optoelectronics Company Limited

Yageo Corp.

*Young Poong Corp.

**Zedge Inc. (NYSEAMERICAN: ZDGE)

Zeniya Aluminum Engineering Ltd.

*Zhen Ding Technology Holding Ltd.

* Zhenghe Group

Apple breaks out a separate group of suppliers that it says "do not have internal manufacturing sites related to Apple spend," but "provide manufacturing services to our suppliers." They are:

*Advanced Micro Devices Inc. (NASDAQ: AMD)

†(79%) Cirrus Logic Inc. (NASDAQ: CRUS)

†(86%) Dialog Semiconductor GmbH (OTC: DLGNF)

*†(21%) Lumentum Holdings Inc. (NASDAQ: LITE)

OmniVision Technologies Inc.

Parade Technologies Ltd.

Silicon Works Co. Ltd.

SiTime Corp.

Synaptics Inc. (NASDAQ: SYNA)

Companies with a Dependency on Apple

The following companies are not traditional Apple suppliers, but derive some of their business from another kind of relationship with Apple. Many are gaming and entertainment companies, for example. Here we have included only stocks that trade on U.S. exchanges. These companies were gleaned from FactSet data.

Aimia Inc. (OTC: GAPFF)

†(17%) Activision Blizzard Inc. (NASDAQ: ATVI)

†(15%) BANDAI NAMCO Holdings Inc. (OTC: NCBDF)

Best Buy Co. Inc. (NYSE: BBY)

Bolloré SE (OTC: BOIVF)

Cengage Learning Holdings Inc. (OTC: CNGO)

Cinedigm Corp. (NASDAQ: CIDM)

Chicken Soup for the Soul Entertainment Inc. (NASDAQ: CSSE)

CoreSite Realty Corp. (NYSE: COR)

Digital Domain Holdings Ltd. (OTC: DGMDF)

Dolphin Entertainment Inc. (NASDAQ: DLPN)

Euronet Worldwide Inc. (NASDAQ: EEFT)

The E.W. Scripps Co. (NASDAQ: SSP)

Genius Brands International (NASDAQ: GNUS)

†(61%) Glu Mobile (NASDAQ: GLUU)

Gray Television (NYSE: GTN)

Hasbro Inc. (NASDAQ: HAS)

Immersion Corp. (Nasdaq: IMMR)

†(35%) Interdigital (NASDAQ: IDCC)

ITV Plc. (OTC: ITVPY)

JD.com Inc. (NASDAQ: JD)

Las Vegas Sands Corp. (NYSE: LVS)

Liquidmetal Technologies Inc. (OTC: LQMT)

Lions Gate Entertainment (NYSE: LGF-A)

MercadoLibre Inc. (NASDAQ: MELI)

Microsoft Corp. (NASDAQ: MSFT)

Network-1 Technologies, Inc. (NYSEAMERICAN: NTIP)

News Corporation (NASDAQ: NWSA)

Nielsen Holdings Plc. (NYSE: NLSN)

R.R. Donnelley & Sons Co. (NYSE: RRD)

SoftBank Group Corp. (OTC: SFTBY)

Village Roadshow Ltd. (OTC: VLRDF)

The Walt Disney Co. (NYSE: DIS)

Yelp Inc. (NYSE: YELP)

ZAGG Inc. (NASDAQ: ZAGG)

†(50%) Zynga Inc. (NASDAQ: ZNGA)

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About the Author

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David Zeiler, Associate Editor for Money Morning at Money Map Press, has been a journalist for more than 35 years, including 18 spent at The Baltimore Sun. He has worked as a writer, editor, and page designer at different times in his career. He's interviewed a number of well-known personalities - ranging from punk rock icon Joey Ramone to Apple Inc. co-founder Steve Wozniak.

Over the course of his journalistic career, Dave has covered many diverse subjects. Since arriving at Money Morning in 2011, he has focused primarily on technology. He's an expert on both Apple and cryptocurrencies. He started writing about Apple for The Sun in the mid-1990s, and had an Apple blog on The Sun's web site from 2007-2009. Dave's been writing about Bitcoin since 2011 - long before most people had even heard of it. He even mined it for a short time.

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