She made several points in a note to clients Tuesday that struck me as new:

• Contrary to the consensus view — which assumes that smartphones in China will only get cheaper — she cites research showing that the average selling price stablized last year and has actually started to increase as Chinese users trade up to higher-quality smartphones. 
• That Apple could launch a 2,000 yuan ($330) iPhone mini and be competitive with flagship products from Lenovo, Huawei, ZTE and Coolpad.
• That even at a lower profit margin (say, 40%) and a 1/3 cannibalization rate (i.e. customers buy one third fewer full-priced iPhones), the cheaper iPhone would increase Apple’s revenue and gross profits (see her spreadsheet above).
• That an iPhone mini and a LTE license from the Chinese government this year or next could finally persuade China Mobile (CHL), with 700 million subscribers, to cut a deal with Apple.
• If all this comes to pass, Huberty estimates that Apple’s addressable smartphone market in China, which had dwindled to 10%, could triple to nearly 30%.

This assumes, of course, that Apple can find a way to build a $330 iPhone with cheaper parts, a slower processor, a lower resolution screen and perhaps a plastic body, that isn’t, in the phrase Tim Cook used at a Goldman Sachs conference last week, “a crappy product.”