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台积电PB(MRQ)估值
台积电PB(MRQ)估值
行业数据
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所属报告:
中芯国际(0981.HK)-港股公司研究报告:第三大晶圆代工企业受益本土企业崛起和本地化制造趋势-260306(29页).pdf
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港股国资央企PB(MRQ)对比
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行业数据
2026-07-21
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港股国资央企分行业PB(MRQ)及其历史分位数
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行业数据
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台积电先进工艺路线图(N3→N2→A14→A10)
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行业数据
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图38、中国海外宏洋和内房股板块平均PB(MRQ)(2026.1.1-7.2)
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行业数据
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港股国资央企分行业PB(MRQ)及其历史分位数
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行业数据
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港股国资央企PB(MRQ)对比
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行业数据
2026-06-23
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港股国资央企主要指数PB(MRQ)
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行业数据
2026-06-23
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中国人寿PB(MRQ)处于近3/5/10年0.0%/3.5%/1.7%分位
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行业数据
2026-06-23
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台积电混合键合(SoIC)性能优势
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行业数据
2026-06-09
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我们认为,2013 年至今台积电的 PB(MRQ)估值可以分为两个阶段,2013-2018年在 3.5 倍上下波动。随着联电、格芯 2018 年宣布退出先进制程,布局 10nm 以下先进制程的厂商只剩台积电、三星、英特尔,台积电作为纯晶圆代工厂商,后续先进制程节点进度领先,估值也进入扩张阶段。至今有两次明显的估值扩张,第一次是 2020 年下半年到 2021 年底,核心驱动力是半导体行业缺芯涨价;第二次是 2024 年至今,核心驱动力是 AI 驱动。截至 2026 年 3 月 3 日,台积电 PB(MRQ)为 9.26 倍。
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中芯国际(0981.HK)-港股公司研究报告:第三大晶圆代工企业受益本土企业崛起和本地化制造趋势-260306(29页).pdf
财务预测与估值
可比公司PB估值情况
情景分析(乐观、中性、悲观)
未来3年盈利预测表
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