https://koreainvestinsights.com/zh/tags/forward-per/Recent content in Forward PER on Korea Invest InsightsHugo -- gohugo.iozhWed, 03 Jun 2026 15:09:10 +0900https://koreainvestinsights.com/zh/post/samsung-hynix-micron-forward-per-parity-memory-catch-up-2026-06-03/Wed, 03 Jun 2026 15:10:00 +0900https://koreainvestinsights.com/zh/post/samsung-hynix-micron-forward-per-parity-memory-catch-up-2026-06-03/ <blockquote> <p>背景：本文是三星、SK海力士、美光与HBM系列研究的后续。相关页面包括 <a class="link" href="https://koreainvestinsights.com/page/korea-semiconductor-hbm-kospi-hub/" >AI HBM hub</a> 和 <a class="link" href="https://koreainvestinsights.com/page/korea-daily-market-hub/" >Korea Daily Market Hub</a>。</p> </blockquote> <h2 id="tldr">TL;DR </h2><ul> <li>5月中旬以来的相对折价，并不是三星或SK海力士基本面恶化，而是<strong>美光重估速度更快</strong>。</li> <li>截至2026年6月1日，三星/美光Forward PER为 <strong>0.82x</strong>，SK海力士/美光为 <strong>0.80x</strong>。</li> <li>三星比自身对美光的平均比率低约20%，SK海力士低约13%。</li> <li>SK海力士从相对价格角度已经可以做第一笔买入，但外资卖压仍要求分批进入。</li> <li>三星若HBM4E/HBM4可信度改善，追赶空间更大。</li> </ul> <p><img alt="Sam-Ha-Ma forward PER parity" class="gallery-image" data-flex-basis="245px" data-flex-grow="102" height="2484" loading="lazy" sizes="(max-width: 767px) calc(100vw - 30px), (max-width: 1023px) 700px, (max-width: 1279px) 950px, 1232px" src="https://koreainvestinsights.com/post/samsung-hynix-micron-forward-per-parity-memory-catch-up-2026-06-03/per_parity_forward_per_baseline_20260603.png" srcset="https://koreainvestinsights.com/post/samsung-hynix-micron-forward-per-parity-memory-catch-up-2026-06-03/per_parity_forward_per_baseline_20260603_hu_413cb641ae4da451.png 800w, https://koreainvestinsights.com/post/samsung-hynix-micron-forward-per-parity-memory-catch-up-2026-06-03/per_parity_forward_per_baseline_20260603_hu_edf74240557b3aab.png 1600w, https://koreainvestinsights.com/post/samsung-hynix-micron-forward-per-parity-memory-catch-up-2026-06-03/per_parity_forward_per_baseline_20260603_hu_9038d3e974f69810.png 2400w, https://koreainvestinsights.com/post/samsung-hynix-micron-forward-per-parity-memory-catch-up-2026-06-03/per_parity_forward_per_baseline_20260603.png 2545w" width="2545"></p> <table> <thead> <tr> <th>公司</th> <th style="text-align: right">最新Forward PER</th> <th style="text-align: right">区间平均PER</th> <th style="text-align: right">最新相对美光</th> <th style="text-align: right">平均相对美光</th> </tr> </thead> <tbody> <tr> <td>Samsung Electronics</td> <td style="text-align: right"><strong>8.10x</strong></td> <td style="text-align: right">6.43x</td> <td style="text-align: right"><strong>0.82x</strong></td> <td style="text-align: right"><strong>1.03x</strong></td> </tr> <tr> <td>SK hynix</td> <td style="text-align: right"><strong>7.90x</strong></td> <td style="text-align: right">5.87x</td> <td style="text-align: right"><strong>0.80x</strong></td> <td style="text-align: right"><strong>0.93x</strong></td> </tr> <tr> <td>Micron</td> <td style="text-align: right"><strong>9.84x</strong></td> <td style="text-align: right">6.49x</td> <td style="text-align: right">1.00x</td> <td style="text-align: right">1.00x</td> </tr> </tbody> </table> <p>数据：Research OS local DB，韩国公司使用FY2026 EPS，美光使用NEXTY EPS，期间为2026年4月14日至6月1日的49个交易日。CSV: <a class="link" href="per_parity_daily_panel_20260603.csv" >daily panel</a>, <a class="link" href="per_parity_baseline_summary_20260603.csv" >summary</a>.</p> <p><img alt="Focused parity chart" class="gallery-image" data-flex-basis="255px" data-flex-grow="106" height="2720" loading="lazy" sizes="(max-width: 767px) calc(100vw - 30px), (max-width: 1023px) 700px, (max-width: 1279px) 950px, 1232px" src="https://koreainvestinsights.com/post/samsung-hynix-micron-forward-per-parity-memory-catch-up-2026-06-03/sam_hama_per_parity_focused_en_20260603.png" srcset="https://koreainvestinsights.com/post/samsung-hynix-micron-forward-per-parity-memory-catch-up-2026-06-03/sam_hama_per_parity_focused_en_20260603_hu_bf027bf42b4f26ef.png 800w, https://koreainvestinsights.com/post/samsung-hynix-micron-forward-per-parity-memory-catch-up-2026-06-03/sam_hama_per_parity_focused_en_20260603_hu_26abcd8dffa93d4b.png 1600w, https://koreainvestinsights.com/post/samsung-hynix-micron-forward-per-parity-memory-catch-up-2026-06-03/sam_hama_per_parity_focused_en_20260603_hu_50adf9aea3d308fa.png 2400w, https://koreainvestinsights.com/post/samsung-hynix-micron-forward-per-parity-memory-catch-up-2026-06-03/sam_hama_per_parity_focused_en_20260603.png 2900w" width="2900"></p> <h2 id="投资解读">投资解读 </h2><p>SK海力士仍是最清晰的HBM龙头。如果SK海力士/美光比率回到5月中旬的0.89x，倍数修复空间约10%；若回到4月以来平均0.93x，修复空间约15%。</p> <p>三星在HBM上尚未完全证明自己，但相对折价更大。若三星回到对美光平均比率1.03x，而美光PER维持在9.84x附近，三星隐含相对PER约为10.1x，高于当前8.1x。</p> <p>主要风险是美光估值下修、三星HBM认证推迟、韩国股票外资继续卖出，以及EPS下调。</p> <p>Sources: <a class="link" href="https://investors.micron.com/news-releases/news-release-details/micron-technology-inc-reports-results-second-quarter-fiscal-2026" target="_blank" rel="noopener" >Micron FY2Q26 results</a>, <a class="link" href="https://investors.micron.com/static-files/e089f8c0-065d-47b8-9d02-bfa863cdb357" target="_blank" rel="noopener" >Micron prepared remarks</a>.</p>