September 2020 has turned out to be a forgettable month for the stock market so far. Major indices have pulled back this month, and investors fear a rerun of the March crash, which isn't surprising given the economic challenges created by the novel coronavirus crisis.

But this could be a great opportunity for savvy investors to land some attractive bargains by taking advantage of any further stock market weakness. Apple (AAPL 0.06%) and Skyworks Solutions (SWKS -2.67%) are two such stocks that have lost some ground in September.

On the brighter side, Apple and Skyworks are sitting on a huge opportunity in the form of 5G wireless networks, which could make them strong buy candidates in the event of more downside. Let's see why these two stocks are buys if this market downturn continues.

AAPL Chart

AAPL data by YCharts

1. Apple stands to gain from a massive iPhone upgrade cycle

Apple stock is down substantially this month, as evident from the chart above, which might seem surprising, as the iPhone maker's shares were expected to surge following a 4-for-1 stock split that went into effect on Aug. 31. But that hasn't been the case so far, despite the company launching a host of new products, such as an affordable smartwatch, new iPads, and other services.

Person holding a 5G smartphone.

Image source: Getty Images

It seems that the delay of Apple's iPhone announcement may have dented some investor confidence. At the same time, Apple stock has a history of going south after splits. The good part is that Apple's pullback has brought the company's trailing price-to-earnings (P/E) ratio to almost 34. While that isn't very cheap, investors should note that the stock was trading at more than 40 times earnings at the beginning of September.

AAPL PE Ratio Chart

AAPL PE Ratio data by YCharts

Any further pullbacks would make Apple shares more affordable. Investors should consider taking advantage of such opportunities, as the company is anticipated to win big from the 5G smartphone market.

For example, Apple's iPhone installed base in the U.S. reportedly stood at 204 million units at the end of September 2019, according to Consumer Intelligence Research Partners (CIRP). A lot of those phones are expected to be older iPhone models, as third-party estimates put the average lifespan of a smartphone in the U.S. at 2.87 years at the end of 2019.

A nice chunk of consumers holding on to old iPhones are expected to upgrade this year so that they can take advantage of 5G speeds in the U.S. and across the globe. Wedbush analyst Daniel Ives estimates that 350 million iPhones are ready for upgrades across the globe, out of an estimated installed base of 950 million units.

More importantly, Apple's strategy of coming out with cheaper devices could encourage more of its installed base to upgrade. CIRP recently reported that the new iPhone SE accounted for 19% of the company's smartphone sales during the second quarter. The $399 price tag of the iPhone SE seems to be working well so far, and rumors suggest that Apple could bring out a pocket-friendly 5G device.

The grapevine expects Apple to introduce four new 5G models. The phones are expected to come in three display sizes, indicating that the company may be working on both high-end and entry-level 5G devices. A recent leak suggests that Apple could introduce a "mini" iPhone variant this time that would sell for less than the standard version of the upcoming iPhone.

As a result, it wouldn't be surprising to see a huge spike in iPhone sales over the coming year if Apple is able to give users a way to upgrade to 5G without pinching their pockets too hard. That would bode well for Apple's top line, as the company gets just over 44% of its total revenue from selling iPhones.

2. Skyworks Solutions has multiple ways to take advantage of 5G

Skyworks Solutions is trading at 30 times trailing earnings, which is higher than the company's five-year average multiple of 18.4. Again, the chipmaker's top- and bottom-line performance hasn't been great over the past year.

SWKS Revenue (TTM) Chart

SWKS Revenue (TTM) data by YCharts

So it wouldn't be wrong to call Skyworks an overvalued stock right now. But at the same time, investors could be rewarded handsomely in the long run if they remain patient and take advantage of any further dips in the stock price.

Skyworks is already forecasting a turnaround in its fortunes thanks to 5G-related design wins at several key smartphone makers, such as "Samsung, Oppo, Vivo, Xiaomi, Motorola and other Tier-1 players." It estimates $840 million in revenue in the fiscal fourth quarter, which would be a small increase over the prior-year period's revenue of $827 million.

The company's growth is likely to gather speed in the forthcoming quarters as 5G smartphone adoption starts improving. According to Canalys, 280 million 5G smartphones are expected to be shipped in 2020. That number is expected to jump to 544 million units in 2021 -- with more room for growth, as 5G devices are expected to account for 40% of the overall smartphone market next year.

Skyworks' relationships with the smartphone original equipment manufacturers (OEMs) listed above and its close ties with Apple -- which reportedly accounts for around half of the chipmaker's total revenue -- are likely to help boost its chances of benefiting from the 5G smartphone revolution.

At the same time, there's another side of Skyworks' business that's expected to complement its 5G catalyst. Last quarter, 31% of the company's revenue came from the non-mobile business, which Skyworks classifies as "broad markets."

The chipmaker classifies sales to automotive OEMs, aerospace and defense companies, Internet of Things (IoT) providers, wireless sound systems makers, and others under its broad markets segment. The good part is that Skyworks expects revenue from this segment to increase in the double digits sequentially this quarter thanks to recent design wins.

All in all, there is more to Skyworks Solutions than just 5G, and the company is seeing positive trends across the entire business. Its financial performance may not have been impressive in recent months, but that could be about to change and turn Skyworks Solutions into a top 5G stock -- which is why investors should consider jumping on to any opportunities to buy the stock at cheaper levels.