Industrial Internet of Things (IIoT) networks widely adopt Ethernet technologies, such as 100BASE-TX, for industrial communications. As industrial networks continue to scale, reliable device authentication becomes increasingly important for preventing device impersonation and unauthorized access. Physical-layer fingerprinting (PLF) exploits device-dependent fingerprint features in transmitted signals and provides a hardware-based approach for terminal authentication. However, the distinguishable space supported by 100BASE-TX physical-layer fingerprints and its capacity boundary remain largely unexplored. To analyze the capacity of physical-layer fingerprints, this paper proposes a nonlinear and impulse-response model (NAIM) that characterizes device-dependent waveform differences in 100BASE-TX transmitted waveforms. The nonlinear component captures steady-state level deviations, while the impulse-response component describes the transition response during level transitions. The 100BASE-TX transmitter waveform requirements, the observation resolution determined by noise and analog-to-digital conversion (ADC) quantization, and the target bit-error ratio (BER) constrain the admissible fingerprint space. Under the NAIM model, the fingerprint-space capacity of 100BASE-TX terminals is derived as approximately $2.96\times10^{10}$ distinguishable states. Experiments on signals collected from 48 NICs under two cable conditions estimate a Gaussian-equivalent empirical capacity from the measured inter-device and within-device variations. Under the 5-m cable condition, empirical capacity and closed-set identification consistently rank the three NIC models, and a larger empirical capacity yields higher identification accuracy. These results demonstrate that the proposed capacity analysis provides a pre-deployment assessment for physical-layer fingerprinting in IIoT.

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