原文：
Serenity 白毛女-中文翻译（公开）
Serenity 白毛女-中文翻译（公开）
原文：
ESMT (3006) is 1.9x P/E ratio off July's earnings annualized.
Latest net income was: $109M net income/July, which is ~$1.3B annualized. With ~$395.9M net cash and with $249.6M in inventory.
The market cap less net cash and inventory is equivalent to:
~17 months of July earnings.
Where monetizing that inventory benefits from rising memory prices.
Their ASP hike expectations were +105–113% Q/Q last quarter from other analyst notes.
DDR2/DDR3, NOR Flash, SLC NAND, prices are expected to keep rising H2.
The main question is duration, but I personally think legacy DRAM/NAND shortages tightens throughout 2027. Others might disagree.
Other analysts like Huanan argue that PSMC wafer hikes are largely pass through (we'll find out H2).
Most people are finding companies with ~20 forward P/E ending 2028 to be attractive...
But 1.9x current runrate P/E seems like an anomaly to me personally.
That's my take on the company/legacy memory theme, I'll let others/markets decide if that's undervalued.
翻译：
ESMT（3006）的市盈率为1.9倍（按七月年化收益计算）。
最新净利润为：7月净利润1.09亿美元，年化约13亿美元。净现金约3.959亿美元，库存约2.496亿美元。
市值扣除净现金和库存后相当于：
约相当于 17 个月的七月收益。
变现这些库存将受益于记忆体价格上涨。
其他分析师的报告显示，他们对ASP的涨幅预期为上季度环比增长105%–113%。
DDR2/DDR3、NOR Flash、SLC NAND的价格预计在下半年继续上涨。
主要问题是持续时间，但我个人认为传统DRAM/NAND短缺将在2027年持续加剧。其他人可能持不同观点。
华南等分析师认为PSMC晶圆涨价大多会转嫁（下半年会见分晓）。
大多数人认为截至2028年，前瞻市盈率约20倍的公司更具吸引力……
但我个人觉得当前1.9倍的运行市盈率是个异常。
这就是我对该公司/传统存储器主题的看法，价值是否被低估就交给其他人或市场判断吧。
ESMT (3006) is 1.9x P/E ratio off July's earnings annualized.
Latest net income was: $109M net income/July, which is ~$1.3B annualized. With ~$395.9M net cash and with $249.6M in inventory.
The market cap less net cash and inventory is equivalent to:
~17 months of July earnings.
Where monetizing that inventory benefits from rising memory prices.
Their ASP hike expectations were +105–113% Q/Q last quarter from other analyst notes.
DDR2/DDR3, NOR Flash, SLC NAND, prices are expected to keep rising H2.
The main question is duration, but I personally think legacy DRAM/NAND shortages tightens throughout 2027. Others might disagree.
Other analysts like Huanan argue that PSMC wafer hikes are largely pass through (we'll find out H2).
Most people are finding companies with ~20 forward P/E ending 2028 to be attractive...
But 1.9x current runrate P/E seems like an anomaly to me personally.
That's my take on the company/legacy memory theme, I'll let others/markets decide if that's undervalued.
翻译：
ESMT（3006）的市盈率为1.9倍（按七月年化收益计算）。
最新净利润为：7月净利润1.09亿美元，年化约13亿美元。净现金约3.959亿美元，库存约2.496亿美元。
市值扣除净现金和库存后相当于：
约相当于 17 个月的七月收益。
变现这些库存将受益于记忆体价格上涨。
其他分析师的报告显示，他们对ASP的涨幅预期为上季度环比增长105%–113%。
DDR2/DDR3、NOR Flash、SLC NAND的价格预计在下半年继续上涨。
主要问题是持续时间，但我个人认为传统DRAM/NAND短缺将在2027年持续加剧。其他人可能持不同观点。
华南等分析师认为PSMC晶圆涨价大多会转嫁（下半年会见分晓）。
大多数人认为截至2028年，前瞻市盈率约20倍的公司更具吸引力……
但我个人觉得当前1.9倍的运行市盈率是个异常。
这就是我对该公司/传统存储器主题的看法，价值是否被低估就交给其他人或市场判断吧。
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