Different definitions: P/E ratio is the ratio of a company's market price to its net profit per share, reflecting investors' willingness to pay for the company's unit profit; The price-to-book ratio is the ratio of the company's market price to its net assets per share, which reflects investors' willingness to pay for the company's net assets.

The logic is different: the price-earnings ratio measures the profitability and growth of the company. The higher the P/E ratio, the higher investors' expectations for the company's future earnings. P/B ratio measures the company's net asset value and safety margin. The lower it is, the more confidence investors have in the company's asset quality.