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英伟达（NVDA）股价在创纪录的1500亿美元回购计划后逼近历史高点

2026-09-29 21:30:11

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核心要点

在周二盘前交易中，英伟达（Nvidia）股价徘徊在231美元附近，逼近236.54美元的历史最高收盘价。芯片制造商于周一宣布了一项创纪录的1500亿美元股票回购计划。该公司2028财年远期市盈率仅为14.5倍，标志着其估值处于十年来的最低水平。首席执行官黄仁勋将英伟达定位为“成长价值股”，并倡导加大回购力度。投资者的注意力转向周三美光科技（Micron）的财报发布，这可能会影响整个AI半导体板块的市场动能。

估值处于多年低位

尽管近期股价上涨，但与历史交易数据相比，英伟达的远期估值显得较为温和。其2028财年的市盈率为14.5倍，远低于五年平均水平的62.9倍。华尔街预测英伟达2028财年的净利润约为3850亿美元，这一数字将实现同比增长60%，是三年前水平的五倍以上。

在本月初的一场高盛会议上，黄仁勋直接回应了估值问题。他指出市场可能“误解”了公司，并将英伟达定位为兼具两种特征的“成长价值股”，理应获得增值。此外，这位CEO还公开表示个人购买了英伟达股票，上个月他对CNBC的吉姆·克莱默称这是一次“巨大的机会”。

比较估值分析

Compared with technology giants, Nvidia's fiscal 2028 P/E ratio of 14.5 times outperforms Apple (35.5 times), Alphabet (23 times), Microsoft (22 times) and Amazon (23 times). Importantly, none of these companies expects revenue expansion to approach Nvidia's forecast of 70% sales growth. In comparison with its semiconductor counterparts, Nvidia's multiples are also lower than Broadcom (18 times), AMD (38 times) and Intel (55 times). No competitor in this group can offer a GPU product line that is comparable in size and directly competes with Nvidia's product portfolio.

Ben Reitzes, an analyst at Melius Research, maintains a buy rating and believes the expanded repurchase program should gradually reduce the valuation discount. Analysts at UBS calculated in a research note Monday that the expanded repurchase program could contribute approximately 8 cents to Nvidia's earnings per share for the 2027 calendar year, which the company expects to be $17.16 per share.

Wednesday will be Micron Technology's quarterly earnings report day, an event that may change investor sentiment towards the entire AI chip sector. If fully implemented, Nvidia's repurchase authorization could reduce the number of its outstanding shares by approximately 4%.

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