Apple's advantage is that they design a large share of their own parts, and their partners build them at a very high volume since they are used in more than one product line.

They don't have to pay a margin to so many component vendors in addition to economy of scale gains.

At a lower Neo volumes, they were using already manufactured iPhone Pro chips that were binned due to a bad GPU core, but they reportedly have already blown through that supply.

They also came up with a new process that uses extruded recycled aluminum for the case, which needs much less CNC time to clean up.