Samsung Electronics’ latest flagship smartphone Galaxy S7 is enjoying strong sales since its launch on March 11.

The company is not revealing sales figures, but industry watchers say the phone could become the best-selling Galaxy phone ever. 

In Korea, more than 100,000 units were sold in the first weekend alone, according to telecom carriers.

Preorders in other key markets outpaced those for its predecessor Galaxy S6.

SamMobile, an online website specializing in Samsung news, estimated preorders in China exceeded 15 million units during the weeklong event that ended Friday.

In the U.S. and Europe, preorders more than doubled compared to the Galaxy S6, the website said.

“We are upbeat about the current sales pace,” Samsung’s mobile chief and president Koh Dong-jin told reporters Wednesday after a weekly CEO meeting held at the Seoul headquarters. He declined to comment on the sales target.

Based on the positive customer reaction, analysts also upgraded their own sales outlook for the new Samsung phone.

Nomura Securities predicted the Galaxy S7 sales could hit the 9 million mark by the end of this month that exceeded the earlier estimates of some 8 million units.

Considering the reduced costs for components, it said, Samsung’s profit margin is also expected to be restored.

Shinhan Investment said new user-friendly features such as water resistance and a separate memory card slot are affecting sales positively. The previously popular features were brought back to meet customer demands.

“Due to the upbeat outlook on the phone’s success, share prices will remain strong,” said So Hyun-cheol, an analyst of Shinhan Investment. “New devices that use foldable OLED or big data could elevate share prices further.”

Despite no drastic change in design from its predecessor, the Galaxy S7 has come with new upgraded features, such as a DSLR-grade camera.

Based on its own dual pixel technology, each of the 12 million pixels has two photodiodes that collect light. The photodiodes work better, like human eyes, allowing a speedier auto focus and clear photos even in low light situations.

In a move to appeal to consumers, Samsung has lowered device prices, making the latest phones the cheapest-ever Galaxy models. The prices start at 836,000 won ($720) for the basic 32-gigabyte model here.

The company will also launch a new phone upgrade program, called Galaxy Club, in Korea and other markets in phases. The program is to allow subscribers who pay a monthly fee to switch to a new phone every 12 months.

By Lee Ji-yoon (jylee@heraldcorp.com)