半导体估值已低于美股（PB、PS）

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The semiconductor sector in A-shares is likely to have reached a valuation bottom, with current PB and PS ratios indicating potential for upward adjustment [4][12] - A-shares semiconductor index valuations are lower than those of the US semiconductor index, suggesting room for improvement [4][62] - The report maintains a "Buy" recommendation for the semiconductor industry, indicating that valuations have likely returned to their bottom after a high point in 2020-2021 [4][82] Summary by Sections Valuation Analysis - The A-share semiconductor index has a PB of 3.2 times and a PS of 5.5 times, compared to the US semiconductor index's PB of 10.5 times and PS of 13.4 times [4][62] - The overall market capitalization of 158 semiconductor companies in A-shares is approximately 2.9 trillion yuan, with a PSTTM of 5 times and a PB of 3.2 times [12][14] - The report highlights that the current PB and PS ratios are at low percentiles, indicating potential for future valuation increases [36][38] Market Trends - The period from 2020 to 2023 marked a peak in the number of semiconductor companies listed in A-shares, with 50 companies listed in 2021 [6] - The report notes that the correlation between the semiconductor index and its PETTM is low, suggesting that market movements may not be strongly driven by earnings multiples [17] Comparative Analysis - A-shares semiconductor index valuations are compared unfavorably to US counterparts in terms of PB and PS, but favorably in terms of PETTM [62] - The report suggests that if the profitability of A-share semiconductor companies improves, their PB and PS valuations could align more closely with those of US companies [62]