If you read up on IHS from their web page, what you find there doesn't make any sense. It's 100% marketing PR-speak. They are "the leading global source of critical information, insight and analytics, providing the most complete and trusted data and expertise to businesses and governments around the world". Or translated in English they are "blah, blah, something, blah, blah, blah."
Whenever there is a new Apple product, they seek out free publicity by providing a breakdown of what the new device costs.
This breakdown provides very little value to anyone other than IHS. Apple-haters say that this is an example of how much Apple rips their customers off. Apple-lovers say that it doesn't take account of all the costs. Everyone else just sees it and moves on.
Twenty years ago, I could've seen IHS doing a breakdown on the new Windows 95 and saying that it only contains a 5¢ compact disc so Microsoft must be raking the money in.
The latest analysis from IHS about the cost of the Apple Watch components has been reported far and wide. It provides cheap content for newspapers and web publications through churnalism but provides no value at all to the reader.