<p>在过去五年中，<strong>英伟达</strong>(NVDA 2.33%) 的股价上涨了近 1500%，使其成为全球最有价值的公司之一。你认为作为投资者已经太晚了？再想想吧。根据下面的图表，股票对于长期投资者仍然非常有吸引力。</p>
<h2>根据这些数字，英伟达的股票是实惠的</h2>
<p>从市销率来看，英伟达的股票看起来极其昂贵。尽管市值约为 3 万亿美元，但股票的交易价格是销售额的 21 倍。历史上，几乎没有如此庞大的公司以如此高的溢价交易。但由于英伟达是一家盈利的企业，我们也可以从市盈率的角度来看待股票。从这个角度来看，股票看起来并没有那么昂贵。而在股东回报方面，利润比销售额更为重要。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d59de6288d18360305de6f5f370439ea.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d59de6288d18360305de6f5f370439ea.png"/></p>
<p>NVDA 当前财政年度的收入增长估计数据来自 YCharts</p>
<p>目前，<strong>标准普尔 500 指数</strong> 整体的市盈率为 28 倍。英伟达的股票比整体市场溢价 35%——对于一家在历史上最大增长市场之一（人工智能）中心的高盈利企业来说，这并不算坏。但由于其销售额仍以每年 50% 或更多的速度增长，英伟达的股票仅以未来收益的 25 倍交易——也就是说，基于分析师对公司未来 12 个月收益的预期。与此同时，标准普尔 500 指数的未来市盈率约为 20，这意味着英伟达在未来的基础上仅比市场溢价 25%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTY4NzQvZGlnaXRhbC1mYWNlLXdpdGgtcmVkLWxpbmVzLTIxNDk1MzA5OTMuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTY4NzQvZGlnaXRhbC1mYWNlLXdpdGgtcmVkLWxpbmVzLTIxNDk1MzA5OTMuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<p>正如你所看到的，英伟达的快速增长应该会显著降低股票在未来 12 个月的估值溢价。考虑到人工智能需求的增长，这一溢价在未来许多年中应该会缩小。最终，英伟达的股票可能会以今天的价格在市场上以_折扣_交易。这需要耐心来实现，但有一点是明确的：从收益的角度来看，英伟达几乎没有被高估。</p>

英伟达

<p>英伟达的股票在过去五年中上涨了近 1500%，使其成为全球顶尖公司之一。尽管其市销率高达 21，但市盈率表明其并不算过于昂贵，按前瞻性计算，其价格比标准普尔 500 指数高出 25%。随着销售额年增长超过 50%，英伟达的估值溢价预计将下降，未来可能出现折价。总体而言，从盈利的角度来看，英伟达似乎是一个稳健的投资机会</p>

<p>Over the past five years, <strong>Nvidia</strong>(NVDA 2.33%) stock has risen in value by nearly 1,500%, making it one of the most valuable companies in the world. Think it's too late to benefit as an investor? Think again. According to the charts below, shares remain very attractive for long-term investors.</p>
<div class="lb-trans"><p>在过去五年中，<strong>英伟达</strong>(NVDA 2.33%) 的股价上涨了近 1500%，使其成为全球最有价值的公司之一。你认为作为投资者已经太晚了？再想想吧。根据下面的图表，股票对于长期投资者仍然非常有吸引力。</p>
</div><h2>Nvidia stock is affordable according to these numbers</h2>
<div class="lb-trans"><h2>根据这些数字，英伟达的股票是实惠的</h2>
</div><p>On a price-to-sales basis, Nvidia shares look outrageously expensive. Shares trade at 21 times sales despite a market cap of around $3 trillion. Few companies in history this large have traded at such a high premium. But because Nvidia is a profitable business, we can also look at shares on a price-to-earnings basis. From this perspective, shares don't look nearly as expensive. And when it comes to shareholder returns, profits matter a lot more than sales.</p>
<div class="lb-trans"><p>从市销率来看，英伟达的股票看起来极其昂贵。尽管市值约为 3 万亿美元，但股票的交易价格是销售额的 21 倍。历史上，几乎没有如此庞大的公司以如此高的溢价交易。但由于英伟达是一家盈利的企业，我们也可以从市盈率的角度来看待股票。从这个角度来看，股票看起来并没有那么昂贵。而在股东回报方面，利润比销售额更为重要。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d59de6288d18360305de6f5f370439ea.png" alt="" original-src="https://media.ycharts.com/charts/d59de6288d18360305de6f5f370439ea.png"/></p>
<p>NVDA Revenue Growth Estimate for Current Fiscal Year data by YCharts</p>
<div class="lb-trans"><p>NVDA 当前财政年度的收入增长估计数据来自 YCharts</p>
</div><p>Right now, the <strong>S&amp;P 500</strong> as a whole trades at 28 times earnings. Nvidia stock trades at a 35% premium to the market overall -- not bad for a highly profitable business at the center of one of the biggest growth markets in history: artificial intelligence (AI). But because its sales are still growing at 50% or more per year, Nvidia stock trades at just 25 times forward earnings -- that is, based on what analysts expect the company to earn over the next 12 months. The S&amp;P 500's forward price-to-earnings ratio, meanwhile, is around 20, meaning Nvidia trades at just a 25% premium to the market on a forward basis.</p>
<div class="lb-trans"><p>目前，<strong>标准普尔 500 指数</strong> 整体的市盈率为 28 倍。英伟达的股票比整体市场溢价 35%——对于一家在历史上最大增长市场之一（人工智能）中心的高盈利企业来说，这并不算坏。但由于其销售额仍以每年 50% 或更多的速度增长，英伟达的股票仅以未来收益的 25 倍交易——也就是说，基于分析师对公司未来 12 个月收益的预期。与此同时，标准普尔 500 指数的未来市盈率约为 20，这意味着英伟达在未来的基础上仅比市场溢价 25%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTY4NzQvZGlnaXRhbC1mYWNlLXdpdGgtcmVkLWxpbmVzLTIxNDk1MzA5OTMuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F816874%2Fdigital-face-with-red-lines-2149530993.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><p>As you can see, Nvidia's fast growth should significantly reduce the stock's valuation premium over the next 12 months. And given the growth in AI demand, this premium should shrink for many years to come. Eventually, Nvidia shares could trade at a <em>discount</em> to the market based on today's prices. That will require patience to play out, but one thing is clear: From an earnings perspective, Nvidia is hardly overvalued.</p>
<div class="lb-trans"><p>正如你所看到的，英伟达的快速增长应该会显著降低股票在未来 12 个月的估值溢价。考虑到人工智能需求的增长，这一溢价在未来许多年中应该会缩小。最终，英伟达的股票可能会以今天的价格在市场上以_折扣_交易。这需要耐心来实现，但有一点是明确的：从收益的角度来看，英伟达几乎没有被高估。</p>
</div>

Think Nvidia Is Expensive? These 3 Charts Might Change Your Mind.

- Nvidia 股票在过去五年上涨近 1,500%，成为全球最有价值公司之一。  
- 尽管市值约 3 万亿美元，Nvidia 股票的市盈率仅为 25 倍，低于整体市场的 20 倍。  
- 随着人工智能需求增长，Nvidia 股票的估值溢价预计将持续缩小。  

觉得英伟达价格过高？这三张图表可能会让你改变看法