<p>在過去五年中，<strong>英偉達</strong>(NVDA 2.33%) 的股價上漲了近 1500%，使其成為全球最有價值的公司之一。你認為作為投資者已經太晚了？再想想吧。根據下面的圖表，股票對於長期投資者仍然非常有吸引力。</p>
<h2>根據這些數字，英偉達的股票是實惠的</h2>
<p>從市銷率來看，英偉達的股票看起來極其昂貴。儘管市值約為 3 萬億美元，但股票的交易價格是銷售額的 21 倍。歷史上，幾乎沒有如此龐大的公司以如此高的溢價交易。但由於英偉達是一家盈利的企業，我們也可以從市盈率的角度來看待股票。從這個角度來看，股票看起來並沒有那麼昂貴。而在股東回報方面，利潤比銷售額更為重要。</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 當前財政年度的收入增長估計數據來自 YCharts</p>
<p>目前，<strong>標準普爾 500 指數</strong> 整體的市盈率為 28 倍。英偉達的股票比整體市場溢價 35%——對於一家在歷史上最大增長市場之一（人工智能）中心的高盈利企業來説，這並不算壞。但由於其銷售額仍以每年 50% 或更多的速度增長，英偉達的股票僅以未來收益的 25 倍交易——也就是説，基於分析師對公司未來 12 個月收益的預期。與此同時，標準普爾 500 指數的未來市盈率約為 20，這意味着英偉達在未來的基礎上僅比市場溢價 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>圖片來源：Getty Images。</p>
<p>正如你所看到的，英偉達的快速增長應該會顯著降低股票在未來 12 個月的估值溢價。考慮到人工智能需求的增長，這一溢價在未來許多年中應該會縮小。最終，英偉達的股票可能會以今天的價格在市場上以_折扣_交易。這需要耐心來實現，但有一點是明確的：從收益的角度來看，英偉達幾乎沒有被高估。</p>

英偉達

<p>英偉達的股票在過去五年中上漲了近 1500%，使其成為全球頂尖公司之一。儘管其市銷率高達 21，但市盈率表明其並不算過於昂貴，按前瞻性計算，其價格比標準普爾 500 指數高出 25%。隨着銷售額年增長超過 50%，英偉達的估值溢價預計將下降，未來可能出現折價。總體而言，從盈利的角度來看，英偉達似乎是一個穩健的投資機會</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>在過去五年中，<strong>英偉達</strong>(NVDA 2.33%) 的股價上漲了近 1500%，使其成為全球最有價值的公司之一。你認為作為投資者已經太晚了？再想想吧。根據下面的圖表，股票對於長期投資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>根據這些數字，英偉達的股票是實惠的</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>從市銷率來看，英偉達的股票看起來極其昂貴。儘管市值約為 3 萬億美元，但股票的交易價格是銷售額的 21 倍。歷史上，幾乎沒有如此龐大的公司以如此高的溢價交易。但由於英偉達是一家盈利的企業，我們也可以從市盈率的角度來看待股票。從這個角度來看，股票看起來並沒有那麼昂貴。而在股東回報方面，利潤比銷售額更為重要。</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 當前財政年度的收入增長估計數據來自 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>標準普爾 500 指數</strong> 整體的市盈率為 28 倍。英偉達的股票比整體市場溢價 35%——對於一家在歷史上最大增長市場之一（人工智能）中心的高盈利企業來説，這並不算壞。但由於其銷售額仍以每年 50% 或更多的速度增長，英偉達的股票僅以未來收益的 25 倍交易——也就是説，基於分析師對公司未來 12 個月收益的預期。與此同時，標準普爾 500 指數的未來市盈率約為 20，這意味着英偉達在未來的基礎上僅比市場溢價 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>圖片來源：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，英偉達的快速增長應該會顯著降低股票在未來 12 個月的估值溢價。考慮到人工智能需求的增長，這一溢價在未來許多年中應該會縮小。最終，英偉達的股票可能會以今天的價格在市場上以_折扣_交易。這需要耐心來實現，但有一點是明確的：從收益的角度來看，英偉達幾乎沒有被高估。</p>
</div>

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

- Nvidia 股票在過去五年上漲近 1,500%，成為全球最有價值公司之一。  
- 儘管市值約 3 萬億美元，Nvidia 股票的市盈率僅為 25 倍，低於整體市場的 20 倍。  
- 隨着人工智能需求增長，Nvidia 股票的估值溢價預計將持續縮小。  

覺得英偉達價格過高？這三張圖表可能會讓你改變看法