Will a China downturn put Apple growth in jeopardy?

Apple Watch will be strong market share for wearables: Pro
Apple Watch will be strong market share for wearables: Pro

With China's Shanghai index tumbling 30 percent in a month, investors have been focusing in on what kind of impact that might have on the broader economy and companies operating there.

Apple, for example, has benefited from tremendous growth in China with revenues in the country rising 71 percent year-over-year in its latest quarter. On the company's earnings call in April, CEO Tim Cook said he had never seen as many new people coming into the middle class as in the region.

"China is the high-octane fuel for Apple," Daniel Ives, managing director at FBR Capital Markets, told CNBC's "Power Lunch." "Given some of the macro issues there, there's worry that can impact the growth for Apple."

Read More Cramer: Why Apple is China's biggest victim

Given China makes up about 16.2 percent of Apple's total revenue according to FactSet, any worry—no matter how large—can spark some jitters. And while Apple shares fell about 2 percent on the week, Ives said he wasn't worried in the long run.

"At this point we view China as the top geographic region in two years, and iPhones are selling like hotcakes there," he said. "I think that's going to be the big upside this quarter and this is a little more bark worse than bite."

Ives labeled any China spillover as a "near-term speed bump" and instead emphasized focusing on whether or not the Apple Watch can become a bigger factor in the future.

Read More This is why Apple stock was down over 2% Thursday

"The Watch is max 8 percent of revenue by 2017," he said. "It's not really moving the needle but it's more down the road along with Apple Pay and some of these other areas like streaming."

How quickly those areas of innovation can boost Apple's growth might be a bigger part of the equation than how quickly China can bring it down.

As Matthews Asia investment strategist Andy Rothman points out, "We've seen very little wealth effect on the way up so we're likely to see very little wealth effect on the way down."