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2021-08-03

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Semiconductor stocks are rallying -- and they still look like bargains<blockquote>半导体股正在上涨——而且看起来仍然很便宜</blockquote>

Stellar earnings are propelling chip makers' shares, which trade cheaply compared with the broader s

Semiconductor stocks are rallying -- and they still look like bargains<blockquote>半导体股正在上涨——而且看起来仍然很便宜</blockquote>

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Now the group is expected to maintain its head of steam through 2022 with faster growth than the broader stock market. But chip makers as a group trade below the broad indexes on a price-to-earnings basis.</p><p><blockquote>半导体股今年没有直线上涨，但已经从5月份的上次下跌中恢复过来。现在，该集团预计将在2022年之前保持领先地位，增长速度快于整体股市。但芯片制造商作为一个整体的市盈率低于广泛指数。</blockquote></p><p> Below is a list of the 10 semiconductor companies expected to increase sales the most through 2023.</p><p><blockquote>以下列出了预计到2023年销售额增幅最大的10家半导体公司。</blockquote></p><p> Investors are paying close attention to this important technology subsector amid continuing shortages that are affecting many industries and presumably helping pricing for the chipmakers. For example, on Aug. 2, shares of <a href=\"https://laohu8.com/S/ON\">ON Semiconductor Corp.</a> (ON) rose as much as 16% after the company beat analysts' expectations for earnings and sales and provided an upbeat outlook . The improved guidance points to a coming round of estimate increases by analysts -- the type of action that supports higher share prices over time.</p><p><blockquote>投资者正在密切关注这一重要的技术子行业，因为持续的短缺正在影响许多行业，并可能有助于芯片制造商的定价。例如，8月2日，<a href=\"https://laohu8.com/S/ON\">安森美半导体公司。</a>(ON)股价上涨16%，此前该公司的盈利和销售额超出了分析师的预期，并提供了乐观的前景。改进后的指引表明分析师将上调下一轮预期——这种行动将随着时间的推移支持股价上涨。</blockquote></p><p> ON CEO Hassane El-Khoury said there's accelerating demand in \"strategic automotive and industrial end-markets.\"</p><p><blockquote>ON首席执行官Hassane El-Khoury表示，“战略汽车和工业终端市场”的需求正在加速增长。</blockquote></p><p> <b>Semiconductor performance and valuation</b></p><p><blockquote><b>半导体业绩与估值</b></blockquote></p><p> To set the stage, check out this chart showing total returns for the <a href=\"https://laohu8.com/S/EEME\">iShares</a> Semiconductor ETF <a href=\"https://laohu8.com/S/SOXX\">$(SOXX)$</a> against the SPDR S&amp;P 500 ETF <a href=\"https://laohu8.com/S/SPY.AU\">$(SPY.AU)$</a> and the Invesco QQQ Trust <a href=\"https://laohu8.com/S/QQQ\">$(QQQ)$</a> (which tracks the Nasdaq-100 Index ) from the end of 2019 through July 30:</p><p><blockquote>要做好准备，请查看此图表，其中显示了<a href=\"https://laohu8.com/S/EEME\">iShares</a>半导体ETF<a href=\"https://laohu8.com/S/SOXX\">$(SOXX)$</a>针对SPDR标普500 ETF<a href=\"https://laohu8.com/S/SPY.AU\">$(SPY.AU)$</a>和景顺QQQ信托<a href=\"https://laohu8.com/S/QQQ\">$(QQQ)$</a>（追踪纳斯达克100指数）从2019年底到7月30日：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ae61c97ac6b9356febfe47ab403f172b\" tg-width=\"700\" tg-height=\"572\" referrerpolicy=\"no-referrer\"><span>SEMICONDUCTOR STOCKS HAVE OUTPERFORMED THE BROADER MARKET THROUGH THE PANDEMIC.</span></p><p><blockquote><p class=\"t-img-caption\"><span>在疫情期间，半导体股的表现优于大盘。</span></p></blockquote></p><p> SOXX holds 30 stocks of the largest U.S.-listed semiconductor manufacturers and companies that make specialized equipment used by chip makers. The ETF is concentrated, with Nvidia Corp. <a href=\"https://laohu8.com/S/NVDA\">$(NVDA)$</a> making up 9.2% of the portfolio. The top five holdings, which also include Broadcom Inc. <a href=\"https://laohu8.com/S/AVGO\">$(AVGO)$</a>, Intel Corp. <a href=\"https://laohu8.com/S/INTC\">$(INTC)$</a>, Qualcomm Inc. <a href=\"https://laohu8.com/S/QCOM\">$(QCOM)$</a> and Texas Instruments Inc. <a href=\"https://laohu8.com/S/TXN\">$(TXN)$</a>, make up 35% of the portfolio.</p><p><blockquote>SOXX持有30只在美国上市的最大半导体制造商和生产芯片制造商使用的专用设备的公司的股票。该ETF集中于Nvidia Corp.<a href=\"https://laohu8.com/S/NVDA\">$(NVDA)$</a>占投资组合的9.2%。前五大持股还包括博通公司。<a href=\"https://laohu8.com/S/AVGO\">$(AVGO)$</a>英特尔公司。<a href=\"https://laohu8.com/S/INTC\">$(INTC)$</a>，高通公司。<a href=\"https://laohu8.com/S/QCOM\">$(QCOM)$</a>和德州仪器公司。<a href=\"https://laohu8.com/S/TXN\">$(TXN)$</a>，占投资组合的35%。</blockquote></p><p> That type of performance would lead investors to expect SOXX to trade higher on a price-to-earnings basis than the broader market, but this isn't the case. Here's how forward P/E ratios have moved on a rolling 12-month basis since the end of 2019:</p><p><blockquote>这种类型的表现会导致投资者预计SOXX的市盈率会高于大盘，但事实并非如此。以下是自2019年底以来12个月滚动远期市盈率的变化情况：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/878228ca5cda5c3534042d8ad14b9a2d\" tg-width=\"700\" tg-height=\"546\" referrerpolicy=\"no-referrer\"><span>DESPITE OUTPERFORMING THE BROADER MARKET SINCE THE END OF 2019 BY A WIDE MARGIN, SOXX TRADES AT A LOWER FORWARD P/E THAN SPY AND A MUCH LOWER FORWARD P/E THAN QQQ.</span></p><p><blockquote><p class=\"t-img-caption\"><span>尽管自2019年底以来大幅跑赢大盘，但SOXX的远期市盈率低于SPDR标普500指数ETF，远期市盈率也远低于QQQ。</span></p></blockquote></p><p> Now let's look at projected growth rates for sales, earnings per share and free cash flow per share for SOXX, SPX and QQQ through 2023, based on consensus estimates among analysts polled by FactSet.</p><p><blockquote>现在让我们根据FactSet调查的分析师的一致估计，看看SOXX、SPX和QQQ到2023年的销售额、每股收益和每股自由现金流的预计增长率。</blockquote></p><p> First, sales:</p><p><blockquote>第一，销售：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d50cdb5147717f9674a64ae104b700cd\" tg-width=\"933\" tg-height=\"286\" referrerpolicy=\"no-referrer\"><span>Source: FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FactSet</span></p></blockquote></p><p> The semiconductor group is expected to lead for sales growth during a banner 2021 and rank slightly behind QQQ in 2022. The projected sales-growth rate for QQQ is much lower for 2023, but that is pretty far out, considering how much sales (and sales estimates) have increased this year.</p><p><blockquote>该半导体集团预计将在2021年引领销售增长，并在2022年排名略落后于QQQ。QQQ 2023年的预计销售增长率要低得多，但考虑到今年的销售额（和销售预期）增长了多少，这还很遥远。</blockquote></p><p> Here are growth projections for EPS:</p><p><blockquote>以下是每股收益的增长预测：</blockquote></p><p> <table>  <tbody>   <tr></tr>  </tbody> </table> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/573b3ec6a624f73e164454939eb2e1f7\" tg-width=\"930\" tg-height=\"295\" referrerpolicy=\"no-referrer\"><span>Source: FactSet</span></p><p><blockquote><table><tbody><tr></tr></tbody></table><p class=\"t-img-caption\"><span>来源：FactSet</span></p></blockquote></p><p> For EPS, the semiconductor group is expected to remain in the lead through next year, before cooling off in 2023.</p><p><blockquote>就每股收益而言，半导体集团预计将在明年保持领先地位，然后在2023年降温。</blockquote></p><p> <table>  <tbody>   <tr></tr>  </tbody> </table> Here are growth estimates for free cash flow per share:</p><p><blockquote><table><tbody><tr></tr></tbody></table>以下是每股自由现金流的增长预测：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/be752a03671878ac86146812330cddcb\" tg-width=\"935\" tg-height=\"286\" referrerpolicy=\"no-referrer\"><span>Source: FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FactSet</span></p></blockquote></p><p> These are excellent numbers across the board for 2021 and 2022, with the semiconductor group expected to slow during 2023.</p><p><blockquote>这些都是2021年和2022年的出色数字，预计半导体行业将在2023年放缓。</blockquote></p><p> <table>  <tbody>   <tr></tr>  </tbody> </table> <b>Fast-sales growers in the SOXX group</b></p><p><blockquote><table><tbody><tr></tr></tbody></table><b>SOXX集团中的快速销售种植者</b></blockquote></p><p></p><p> Now let's look at projected compound annual growth rates (CAGR) for SOXX. Here are the 10 semiconductor companies expected by analysts to show the best three-year sales CAGR through calendar 2023, for which the underlying estimates are available (the sales numbers are in millions of dollars):</p><p><blockquote>现在让我们看看SOXX的预计复合年增长率(CAGR)。以下是分析师预计到2023年将显示最佳三年销售复合年增长率的10家半导体公司，其基本估计是可用的（销售额以百万美元为单位）：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/34572dbd83d5ae59727d19b83339bc04\" tg-width=\"1063\" tg-height=\"650\" referrerpolicy=\"no-referrer\"><span>Source: FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FactSet</span></p></blockquote></p><p> The sales numbers for 2020 are \"estimated\" because some companies' fiscal periods don't match the calendar.</p><p><blockquote>2020年的销售数字是“估计的”，因为一些公司的财政期间与日历不匹配。</blockquote></p><p> <table>  <tbody>   <tr></tr>  </tbody> </table> Note that estimates for calendar 2023 aren't yet available for five of the SOXX companies, including Micron Technology Inc. <a href=\"https://laohu8.com/S/MU\">$(MU)$</a> and Skyworks Solutions Inc. <a href=\"https://laohu8.com/S/SWKS\">$(SWKS)$</a>, which are expected to show the best two-year sales growth rates among the five.</p><p><blockquote><table><tbody><tr></tr></tbody></table>请注意，包括美光科技公司(Micron Technology Inc.)在内的五家SOXX公司的2023年预测尚未公布。<a href=\"https://laohu8.com/S/MU\">$（亩）$</a>和Skyworks解决方案公司。<a href=\"https://laohu8.com/S/SWKS\">$(SWKS)$</a>，预计将显示出五家公司中最好的两年销售增长率。</blockquote></p><p> For Micron, analysts expect sales to increase to $38.46 billion in 2022 from an adjusted $23.53 billion in 2020, for a two-year CAGR of 27.9%. For Skyworks, analysts expect sales to grow to $5.87 billion in 2022 from an adjusted $3.8 billion in 2020, for a CAGR of 24.3%.</p><p><blockquote>对于美光，分析师预计2022年销售额将从2020年调整后的235.3亿美元增至384.6亿美元，两年复合年增长率为27.9%。对于Skyworks，分析师预计销售额将从2020年调整后的38亿美元增长至2022年的58.7亿美元，复合年增长率为24.3%。</blockquote></p><p> Leaving the projected sales-growth winners through 2023 in the same order and adding Micron and Skyworks, here are forward P/E ratios and a summary of analysts' opinions about the stocks:</p><p><blockquote>将预计到2023年的销售增长赢家保持不变，并添加美光科技和Skyworks，以下是预期市盈率以及分析师对这些股票的看法摘要：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/55cf847696f3bee509f33a2b3d9a0db4\" tg-width=\"1058\" tg-height=\"671\" referrerpolicy=\"no-referrer\"><span>Source: FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FactSet</span></p></blockquote></p><p> The consensus price target for Nvidia is slightly lower than the closing price on July 30. So the analysts consider the stock to be fully valued. Then again, Wall Street is fixated on 12-month price targets -- that's actually a short period for committed long-term investors.</p><p><blockquote>英伟达的一致目标价略低于7月30日的收盘价。因此分析师认为该股已完全估值。话又说回来，华尔街专注于12个月的价格目标——对于坚定的长期投资者来说，这实际上是一个很短的时间。</blockquote></p><p> <table>  <tbody>   <tr></tr>  </tbody> </table> It's also worth noting that Micron -- <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the analysts' favorites on the list -- trades for a very low P/E.</p><p><blockquote><table><tbody><tr></tr></tbody></table>另外值得注意的是，美光——<a href=\"https://laohu8.com/S/AONE.U\">一</a>名单上分析师最喜欢的交易之一——市盈率非常低。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Semiconductor stocks are rallying -- and they still look like bargains<blockquote>半导体股正在上涨——而且看起来仍然很便宜</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSemiconductor stocks are rallying -- and they still look like bargains<blockquote>半导体股正在上涨——而且看起来仍然很便宜</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-03 14:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Stellar earnings are propelling chip makers' shares, which trade cheaply compared with the broader stock market</p><p><blockquote>出色的盈利正在推动芯片制造商的股价上涨，与大盘相比，芯片制造商的股价较低</blockquote></p><p> Semiconductor stocks haven't risen in a straight line this year, but they have recovered from their last dip in May. Now the group is expected to maintain its head of steam through 2022 with faster growth than the broader stock market. But chip makers as a group trade below the broad indexes on a price-to-earnings basis.</p><p><blockquote>半导体股今年没有直线上涨，但已经从5月份的上次下跌中恢复过来。现在，该集团预计将在2022年之前保持领先地位，增长速度快于整体股市。但芯片制造商作为一个整体的市盈率低于广泛指数。</blockquote></p><p> Below is a list of the 10 semiconductor companies expected to increase sales the most through 2023.</p><p><blockquote>以下列出了预计到2023年销售额增幅最大的10家半导体公司。</blockquote></p><p> Investors are paying close attention to this important technology subsector amid continuing shortages that are affecting many industries and presumably helping pricing for the chipmakers. For example, on Aug. 2, shares of <a href=\"https://laohu8.com/S/ON\">ON Semiconductor Corp.</a> (ON) rose as much as 16% after the company beat analysts' expectations for earnings and sales and provided an upbeat outlook . The improved guidance points to a coming round of estimate increases by analysts -- the type of action that supports higher share prices over time.</p><p><blockquote>投资者正在密切关注这一重要的技术子行业，因为持续的短缺正在影响许多行业，并可能有助于芯片制造商的定价。例如，8月2日，<a href=\"https://laohu8.com/S/ON\">安森美半导体公司。</a>(ON)股价上涨16%，此前该公司的盈利和销售额超出了分析师的预期，并提供了乐观的前景。改进后的指引表明分析师将上调下一轮预期——这种行动将随着时间的推移支持股价上涨。</blockquote></p><p> ON CEO Hassane El-Khoury said there's accelerating demand in \"strategic automotive and industrial end-markets.\"</p><p><blockquote>ON首席执行官Hassane El-Khoury表示，“战略汽车和工业终端市场”的需求正在加速增长。</blockquote></p><p> <b>Semiconductor performance and valuation</b></p><p><blockquote><b>半导体业绩与估值</b></blockquote></p><p> To set the stage, check out this chart showing total returns for the <a href=\"https://laohu8.com/S/EEME\">iShares</a> Semiconductor ETF <a href=\"https://laohu8.com/S/SOXX\">$(SOXX)$</a> against the SPDR S&amp;P 500 ETF <a href=\"https://laohu8.com/S/SPY.AU\">$(SPY.AU)$</a> and the Invesco QQQ Trust <a href=\"https://laohu8.com/S/QQQ\">$(QQQ)$</a> (which tracks the Nasdaq-100 Index ) from the end of 2019 through July 30:</p><p><blockquote>要做好准备，请查看此图表，其中显示了<a href=\"https://laohu8.com/S/EEME\">iShares</a>半导体ETF<a href=\"https://laohu8.com/S/SOXX\">$(SOXX)$</a>针对SPDR标普500 ETF<a href=\"https://laohu8.com/S/SPY.AU\">$(SPY.AU)$</a>和景顺QQQ信托<a href=\"https://laohu8.com/S/QQQ\">$(QQQ)$</a>（追踪纳斯达克100指数）从2019年底到7月30日：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ae61c97ac6b9356febfe47ab403f172b\" tg-width=\"700\" tg-height=\"572\" referrerpolicy=\"no-referrer\"><span>SEMICONDUCTOR STOCKS HAVE OUTPERFORMED THE BROADER MARKET THROUGH THE PANDEMIC.</span></p><p><blockquote><p class=\"t-img-caption\"><span>在疫情期间，半导体股的表现优于大盘。</span></p></blockquote></p><p> SOXX holds 30 stocks of the largest U.S.-listed semiconductor manufacturers and companies that make specialized equipment used by chip makers. The ETF is concentrated, with Nvidia Corp. <a href=\"https://laohu8.com/S/NVDA\">$(NVDA)$</a> making up 9.2% of the portfolio. The top five holdings, which also include Broadcom Inc. <a href=\"https://laohu8.com/S/AVGO\">$(AVGO)$</a>, Intel Corp. <a href=\"https://laohu8.com/S/INTC\">$(INTC)$</a>, Qualcomm Inc. <a href=\"https://laohu8.com/S/QCOM\">$(QCOM)$</a> and Texas Instruments Inc. <a href=\"https://laohu8.com/S/TXN\">$(TXN)$</a>, make up 35% of the portfolio.</p><p><blockquote>SOXX持有30只在美国上市的最大半导体制造商和生产芯片制造商使用的专用设备的公司的股票。该ETF集中于Nvidia Corp.<a href=\"https://laohu8.com/S/NVDA\">$(NVDA)$</a>占投资组合的9.2%。前五大持股还包括博通公司。<a href=\"https://laohu8.com/S/AVGO\">$(AVGO)$</a>英特尔公司。<a href=\"https://laohu8.com/S/INTC\">$(INTC)$</a>，高通公司。<a href=\"https://laohu8.com/S/QCOM\">$(QCOM)$</a>和德州仪器公司。<a href=\"https://laohu8.com/S/TXN\">$(TXN)$</a>，占投资组合的35%。</blockquote></p><p> That type of performance would lead investors to expect SOXX to trade higher on a price-to-earnings basis than the broader market, but this isn't the case. Here's how forward P/E ratios have moved on a rolling 12-month basis since the end of 2019:</p><p><blockquote>这种类型的表现会导致投资者预计SOXX的市盈率会高于大盘，但事实并非如此。以下是自2019年底以来12个月滚动远期市盈率的变化情况：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/878228ca5cda5c3534042d8ad14b9a2d\" tg-width=\"700\" tg-height=\"546\" referrerpolicy=\"no-referrer\"><span>DESPITE OUTPERFORMING THE BROADER MARKET SINCE THE END OF 2019 BY A WIDE MARGIN, SOXX TRADES AT A LOWER FORWARD P/E THAN SPY AND A MUCH LOWER FORWARD P/E THAN QQQ.</span></p><p><blockquote><p class=\"t-img-caption\"><span>尽管自2019年底以来大幅跑赢大盘，但SOXX的远期市盈率低于SPDR标普500指数ETF，远期市盈率也远低于QQQ。</span></p></blockquote></p><p> Now let's look at projected growth rates for sales, earnings per share and free cash flow per share for SOXX, SPX and QQQ through 2023, based on consensus estimates among analysts polled by FactSet.</p><p><blockquote>现在让我们根据FactSet调查的分析师的一致估计，看看SOXX、SPX和QQQ到2023年的销售额、每股收益和每股自由现金流的预计增长率。</blockquote></p><p> First, sales:</p><p><blockquote>第一，销售：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d50cdb5147717f9674a64ae104b700cd\" tg-width=\"933\" tg-height=\"286\" referrerpolicy=\"no-referrer\"><span>Source: FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FactSet</span></p></blockquote></p><p> The semiconductor group is expected to lead for sales growth during a banner 2021 and rank slightly behind QQQ in 2022. The projected sales-growth rate for QQQ is much lower for 2023, but that is pretty far out, considering how much sales (and sales estimates) have increased this year.</p><p><blockquote>该半导体集团预计将在2021年引领销售增长，并在2022年排名略落后于QQQ。QQQ 2023年的预计销售增长率要低得多，但考虑到今年的销售额（和销售预期）增长了多少，这还很遥远。</blockquote></p><p> Here are growth projections for EPS:</p><p><blockquote>以下是每股收益的增长预测：</blockquote></p><p> <table>  <tbody>   <tr></tr>  </tbody> </table> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/573b3ec6a624f73e164454939eb2e1f7\" tg-width=\"930\" tg-height=\"295\" referrerpolicy=\"no-referrer\"><span>Source: FactSet</span></p><p><blockquote><table><tbody><tr></tr></tbody></table><p class=\"t-img-caption\"><span>来源：FactSet</span></p></blockquote></p><p> For EPS, the semiconductor group is expected to remain in the lead through next year, before cooling off in 2023.</p><p><blockquote>就每股收益而言，半导体集团预计将在明年保持领先地位，然后在2023年降温。</blockquote></p><p> <table>  <tbody>   <tr></tr>  </tbody> </table> Here are growth estimates for free cash flow per share:</p><p><blockquote><table><tbody><tr></tr></tbody></table>以下是每股自由现金流的增长预测：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/be752a03671878ac86146812330cddcb\" tg-width=\"935\" tg-height=\"286\" referrerpolicy=\"no-referrer\"><span>Source: FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FactSet</span></p></blockquote></p><p> These are excellent numbers across the board for 2021 and 2022, with the semiconductor group expected to slow during 2023.</p><p><blockquote>这些都是2021年和2022年的出色数字，预计半导体行业将在2023年放缓。</blockquote></p><p> <table>  <tbody>   <tr></tr>  </tbody> </table> <b>Fast-sales growers in the SOXX group</b></p><p><blockquote><table><tbody><tr></tr></tbody></table><b>SOXX集团中的快速销售种植者</b></blockquote></p><p></p><p> Now let's look at projected compound annual growth rates (CAGR) for SOXX. Here are the 10 semiconductor companies expected by analysts to show the best three-year sales CAGR through calendar 2023, for which the underlying estimates are available (the sales numbers are in millions of dollars):</p><p><blockquote>现在让我们看看SOXX的预计复合年增长率(CAGR)。以下是分析师预计到2023年将显示最佳三年销售复合年增长率的10家半导体公司，其基本估计是可用的（销售额以百万美元为单位）：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/34572dbd83d5ae59727d19b83339bc04\" tg-width=\"1063\" tg-height=\"650\" referrerpolicy=\"no-referrer\"><span>Source: FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FactSet</span></p></blockquote></p><p> The sales numbers for 2020 are \"estimated\" because some companies' fiscal periods don't match the calendar.</p><p><blockquote>2020年的销售数字是“估计的”，因为一些公司的财政期间与日历不匹配。</blockquote></p><p> <table>  <tbody>   <tr></tr>  </tbody> </table> Note that estimates for calendar 2023 aren't yet available for five of the SOXX companies, including Micron Technology Inc. <a href=\"https://laohu8.com/S/MU\">$(MU)$</a> and Skyworks Solutions Inc. <a href=\"https://laohu8.com/S/SWKS\">$(SWKS)$</a>, which are expected to show the best two-year sales growth rates among the five.</p><p><blockquote><table><tbody><tr></tr></tbody></table>请注意，包括美光科技公司(Micron Technology Inc.)在内的五家SOXX公司的2023年预测尚未公布。<a href=\"https://laohu8.com/S/MU\">$（亩）$</a>和Skyworks解决方案公司。<a href=\"https://laohu8.com/S/SWKS\">$(SWKS)$</a>，预计将显示出五家公司中最好的两年销售增长率。</blockquote></p><p> For Micron, analysts expect sales to increase to $38.46 billion in 2022 from an adjusted $23.53 billion in 2020, for a two-year CAGR of 27.9%. For Skyworks, analysts expect sales to grow to $5.87 billion in 2022 from an adjusted $3.8 billion in 2020, for a CAGR of 24.3%.</p><p><blockquote>对于美光，分析师预计2022年销售额将从2020年调整后的235.3亿美元增至384.6亿美元，两年复合年增长率为27.9%。对于Skyworks，分析师预计销售额将从2020年调整后的38亿美元增长至2022年的58.7亿美元，复合年增长率为24.3%。</blockquote></p><p> Leaving the projected sales-growth winners through 2023 in the same order and adding Micron and Skyworks, here are forward P/E ratios and a summary of analysts' opinions about the stocks:</p><p><blockquote>将预计到2023年的销售增长赢家保持不变，并添加美光科技和Skyworks，以下是预期市盈率以及分析师对这些股票的看法摘要：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/55cf847696f3bee509f33a2b3d9a0db4\" tg-width=\"1058\" tg-height=\"671\" referrerpolicy=\"no-referrer\"><span>Source: FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FactSet</span></p></blockquote></p><p> The consensus price target for Nvidia is slightly lower than the closing price on July 30. So the analysts consider the stock to be fully valued. Then again, Wall Street is fixated on 12-month price targets -- that's actually a short period for committed long-term investors.</p><p><blockquote>英伟达的一致目标价略低于7月30日的收盘价。因此分析师认为该股已完全估值。话又说回来，华尔街专注于12个月的价格目标——对于坚定的长期投资者来说，这实际上是一个很短的时间。</blockquote></p><p> <table>  <tbody>   <tr></tr>  </tbody> </table> It's also worth noting that Micron -- <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the analysts' favorites on the list -- trades for a very low P/E.</p><p><blockquote><table><tbody><tr></tr></tbody></table>另外值得注意的是，美光——<a href=\"https://laohu8.com/S/AONE.U\">一</a>名单上分析师最喜欢的交易之一——市盈率非常低。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/semiconductor-stocks-are-rallying-and-they-still-look-like-bargains-11627924927?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","OEF":"标普100指数ETF-iShares","OEX":"标普100","AMD":"美国超微公司","IVV":"标普500ETF-iShares","UPRO":"三倍做多标普500ETF-ProShares","TERN":"Terns Pharmaceuticals, Inc.","ON":"安森美半导体","SH":"做空标普500-Proshares","QQQ":"纳指100ETF","SPXU":"三倍做空标普500ETF-ProShares","SSO":"2倍做多标普500ETF-ProShares","CRCT":"Cricut, Inc.","SPY":"标普500ETF","QCOM":"高通",".SPX":"S&P 500 Index","SDS":"两倍做空标普500 ETF-ProShares","NVDA":"英伟达"},"source_url":"https://www.marketwatch.com/story/semiconductor-stocks-are-rallying-and-they-still-look-like-bargains-11627924927?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2156119034","content_text":"Stellar earnings are propelling chip makers' shares, which trade cheaply compared with the broader stock market\nSemiconductor stocks haven't risen in a straight line this year, but they have recovered from their last dip in May. Now the group is expected to maintain its head of steam through 2022 with faster growth than the broader stock market. But chip makers as a group trade below the broad indexes on a price-to-earnings basis.\nBelow is a list of the 10 semiconductor companies expected to increase sales the most through 2023.\nInvestors are paying close attention to this important technology subsector amid continuing shortages that are affecting many industries and presumably helping pricing for the chipmakers. For example, on Aug. 2, shares of ON Semiconductor Corp. (ON) rose as much as 16% after the company beat analysts' expectations for earnings and sales and provided an upbeat outlook . The improved guidance points to a coming round of estimate increases by analysts -- the type of action that supports higher share prices over time.\nON CEO Hassane El-Khoury said there's accelerating demand in \"strategic automotive and industrial end-markets.\"\nSemiconductor performance and valuation\nTo set the stage, check out this chart showing total returns for the iShares Semiconductor ETF $(SOXX)$ against the SPDR S&P 500 ETF $(SPY.AU)$ and the Invesco QQQ Trust $(QQQ)$ (which tracks the Nasdaq-100 Index ) from the end of 2019 through July 30:\nSEMICONDUCTOR STOCKS HAVE OUTPERFORMED THE BROADER MARKET THROUGH THE PANDEMIC.\nSOXX holds 30 stocks of the largest U.S.-listed semiconductor manufacturers and companies that make specialized equipment used by chip makers. The ETF is concentrated, with Nvidia Corp. $(NVDA)$ making up 9.2% of the portfolio. The top five holdings, which also include Broadcom Inc. $(AVGO)$, Intel Corp. $(INTC)$, Qualcomm Inc. $(QCOM)$ and Texas Instruments Inc. $(TXN)$, make up 35% of the portfolio.\nThat type of performance would lead investors to expect SOXX to trade higher on a price-to-earnings basis than the broader market, but this isn't the case. Here's how forward P/E ratios have moved on a rolling 12-month basis since the end of 2019:\nDESPITE OUTPERFORMING THE BROADER MARKET SINCE THE END OF 2019 BY A WIDE MARGIN, SOXX TRADES AT A LOWER FORWARD P/E THAN SPY AND A MUCH LOWER FORWARD P/E THAN QQQ.\nNow let's look at projected growth rates for sales, earnings per share and free cash flow per share for SOXX, SPX and QQQ through 2023, based on consensus estimates among analysts polled by FactSet.\nFirst, sales:\nSource: FactSet\nThe semiconductor group is expected to lead for sales growth during a banner 2021 and rank slightly behind QQQ in 2022. The projected sales-growth rate for QQQ is much lower for 2023, but that is pretty far out, considering how much sales (and sales estimates) have increased this year.\nHere are growth projections for EPS:\n\n\n\n\n\nSource: FactSet\nFor EPS, the semiconductor group is expected to remain in the lead through next year, before cooling off in 2023.\n\n\n\n\n\nHere are growth estimates for free cash flow per share:\nSource: FactSet\nThese are excellent numbers across the board for 2021 and 2022, with the semiconductor group expected to slow during 2023.\n\n\n\n\n\nFast-sales growers in the SOXX group\nNow let's look at projected compound annual growth rates (CAGR) for SOXX. Here are the 10 semiconductor companies expected by analysts to show the best three-year sales CAGR through calendar 2023, for which the underlying estimates are available (the sales numbers are in millions of dollars):\nSource: FactSet\nThe sales numbers for 2020 are \"estimated\" because some companies' fiscal periods don't match the calendar.\n\n\n\n\n\nNote that estimates for calendar 2023 aren't yet available for five of the SOXX companies, including Micron Technology Inc. $(MU)$ and Skyworks Solutions Inc. $(SWKS)$, which are expected to show the best two-year sales growth rates among the five.\nFor Micron, analysts expect sales to increase to $38.46 billion in 2022 from an adjusted $23.53 billion in 2020, for a two-year CAGR of 27.9%. For Skyworks, analysts expect sales to grow to $5.87 billion in 2022 from an adjusted $3.8 billion in 2020, for a CAGR of 24.3%.\nLeaving the projected sales-growth winners through 2023 in the same order and adding Micron and Skyworks, here are forward P/E ratios and a summary of analysts' opinions about the stocks:\nSource: FactSet\nThe consensus price target for Nvidia is slightly lower than the closing price on July 30. So the analysts consider the stock to be fully valued. Then again, Wall Street is fixated on 12-month price targets -- that's actually a short period for committed long-term investors.\n\n\n\n\n\nIt's also worth noting that Micron -- one of the analysts' favorites on the list -- trades for a very low P/E.","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,"CRCT":0.9,"SSO":0.9,"IVV":0.9,"OEF":0.9,"QQQ":0.9,"UPRO":0.9,".SPX":0.9,"SPY":0.9,"ESmain":0.9,"OEX":0.9,"TERN":0.9,"SDS":0.9,"ON":0.9,"SH":0.9,"NVDA":0.9,"AMD":0.9,"QCOM":0.9,"SPXU":0.9}},"isVote":1,"tweetType":1,"viewCount":1068,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":5,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}