Nope, not in the least bit. Let's take apples iPhone X into consideration. It costs about 370$ to build an iPhone X, but it's retail price is 1000$ which is almost 3 times the cost price. The fact that Apple has built up a very strong brand name is what makes them feel like they can dish out phones at such exuberant prices.
Phone companies like OnePlus, Xiaomi, Vivo, Huawei and Oppo are already giving Apple a run for their money by producing phones which not only match but beat the iPhone X in terms of performance and usually go for around half the price.
Apples prices will soon start dropping, Huawei has even overtaken them in terms of total sales market share around the world at least for this quarter of the year.