<p>SMC (TSE:6273) 引起了投资者的关注，因为 CLSA 提升了其股票评级。这一举措突显了公司在全球的稳固地位以及未来技术和半导体生产设备增长的预期利好。</p>
<p>请查看我们对 SMC 的最新分析。</p>
<p>SMC 最近完成的股票回购和 CLSA 的升级为投资者设定了更乐观的基调，即使公司正在经历盈利下滑和指引下调的时期。尽管过去一年的总股东回报略微为负，但随着市场对 SMC 在下一个技术周期中的角色的认可，长期行业反转的势头可能正在积聚。</p>
<p>如果 SMC 在科技行业的战略转变让你感到好奇，可以考虑扩展你的搜索，免费查看完整列表。</p>
<p>随着 SMC 的估值徘徊在 16 年来的低点，分析师们对公司的周期性进行辩论，投资者不得不考虑这是否是一个罕见的便宜货，或者市场是否已经考虑了下一个周期的增长潜力。</p>
<h2>21.5 倍的市盈率：是否合理？</h2>
<p>SMC 当前的市盈率为 21.5 倍，这意味着投资者为每单位收益支付的溢价高于行业标准。截至最后收盘价 ¥48,320，这反映出其估值高于典型同行水平，尽管面临短期挑战，但可能暗示对未来利润增长的乐观情绪。</p>
<p>市盈率衡量投资者今天愿意为公司当前收益支付多少。它是成熟工业公司（如 SMC）广泛使用的指标，作为市场情绪和对收益稳定性或增长预期的快速温度检查。</p>
<p>SMC 的市盈率远高于 JP 机械行业的平均水平 13.2 倍。与同行平均水平 22.4 倍相比，其倍数似乎更为一致。合理的市盈率估计为 22.6 倍，这表明如果 SMC 的基本面如预期发展，市场可能会向这一水平移动。</p>
<p>探索 SWS 对 SMC 的合理比率</p>
<p><strong>结果：21.5 倍的市盈率（高估）</strong></p>
<p>然而，持续的盈利下降或科技需求复苏的进一步延迟可能迅速削弱对 SMC 长期估值吸引力的乐观情绪。</p>
<p>了解 SMC 叙述的关键风险。</p>
<h2>另一种观点：折现现金流法</h2>
<p>采取不同的方法，SWS DCF 模型估计 SMC 当前的交易价格高于其合理价值，我们的计算表明该股票约高出内部现金流所能支持的水平 23%。该模型暗示，当前收益倍数可能指示的上行空间较小。投资者应该信任市场的乐观情绪，还是谨慎行事更为妥当？</p>
<p>了解 SWS DCF 模型如何得出其合理价值。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/2e1829c8-366e-4344-8c97-b772c7651034/chart/dcf?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/2e1829c8-366e-4344-8c97-b772c7651034/chart/dcf"/></p>
<p>截至 2025 年 10 月的 6273 折现现金流</p>
<p>Simply Wall St 每天对全球每只股票进行折现现金流（DCF）分析（例如查看 SMC）。我们展示了完整的计算过程。您可以在您的观察列表或投资组合中跟踪结果，并在变化时收到提醒，或者使用我们的股票筛选器发现基于现金流的被低估股票。如果您保存筛选器，我们甚至会在新公司匹配时提醒您——这样您就不会错过潜在机会。</p>
<h2>构建您自己的 SMC 叙述</h2>
<p>如果您有不同的看法或更愿意自己探索数字，构建个人视角既快速又简单。按照您的方式进行。</p>
<p>您对 SMC 研究的一个很好的起点是我们的分析，强调 1 个关键奖励和 2 个可能影响您投资决策的重要警示信号。</p>
<h2>寻找更多投资想法？</h2>
<p>聪明的投资者知道，最佳机会往往不会等待。扩展您的视野，通过查看 Simply Wall Street 上其他市场动态，抢占先机。</p>
<ul>
<li>通过浏览这 32 只医疗 AI 股票，探索前沿医疗的动向，在这里医疗创新与人工智能相结合，推动明天的突破。</li>
<li>通过这些 896 只基于现金流的被低估股票，识别市场低效，突出交易低于其合理价值并有潜在上行空间的股票。</li>
<li>通过这 78 只加密货币和区块链股票，发现数字金融和支付的未来领袖，处于加密货币和区块链技术的前沿。</li>
</ul>
<p><em>本文由 Simply Wall St 撰写，内容具有一般性。<strong>我们基于历史数据和分析师预测提供评论，仅使用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 它不构成购买或出售任何股票的推荐，也未考虑您的目标或财务状况。我们的目标是为您提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>

SMCAY

SMECF

<p>SMC（东京证券交易所代码：6273）在 CLSA 的升级后引起了关注，反映出其在全球市场的强劲地位以及对技术和半导体设备的预期增长。尽管最近进行了股票回购，并且盈利前景面临挑战，但该股票的市盈率为 21.5 倍，表明对未来利润的乐观预期，尽管这一数字高于行业平均水平。折现现金流分析显示，该股票可能被高估了 23%。建议投资者在考虑增长潜力的同时，权衡盈利下降和市场情绪的风险</p>

<p>SMC (TSE:6273) caught investors’ attention after CLSA elevated its stock rating. The move highlights the company’s solid global standing and expected tailwinds from future growth in technology and semiconductor production equipment.</p>
<div class="lb-trans"><p>SMC (TSE:6273) 引起了投资者的关注，因为 CLSA 提升了其股票评级。这一举措突显了公司在全球的稳固地位以及未来技术和半导体生产设备增长的预期利好。</p>
</div><p>See our latest analysis for SMC.</p>
<div class="lb-trans"><p>请查看我们对 SMC 的最新分析。</p>
</div><p>SMC’s recent share buyback completion and the upgrade from CLSA have set a more optimistic tone for investors, even as the company navigates a period of softer earnings and reduced guidance. While the total shareholder return over the past year is modestly negative, momentum for a longer-term sector turnaround may be building as the market warms to SMC’s role in the next technology cycle.</p>
<div class="lb-trans"><p>SMC 最近完成的股票回购和 CLSA 的升级为投资者设定了更乐观的基调，即使公司正在经历盈利下滑和指引下调的时期。尽管过去一年的总股东回报略微为负，但随着市场对 SMC 在下一个技术周期中的角色的认可，长期行业反转的势头可能正在积聚。</p>
</div><p>If SMC’s strategic pivot in the tech industry has you curious, consider expanding your search and discover See the full list for free.</p>
<div class="lb-trans"><p>如果 SMC 在科技行业的战略转变让你感到好奇，可以考虑扩展你的搜索，免费查看完整列表。</p>
</div><p>With SMC's valuation hovering near a 16-year low and analysts debating the company's cyclicality, investors are left to consider whether this is a rare bargain or if the market has already factored in next cycle growth potential.</p>
<div class="lb-trans"><p>随着 SMC 的估值徘徊在 16 年来的低点，分析师们对公司的周期性进行辩论，投资者不得不考虑这是否是一个罕见的便宜货，或者市场是否已经考虑了下一个周期的增长潜力。</p>
</div><h2>Price-to-Earnings of 21.5x: Is it justified?</h2>
<div class="lb-trans"><h2>21.5 倍的市盈率：是否合理？</h2>
</div><p>SMC currently trades at a price-to-earnings (P/E) ratio of 21.5x, which means investors are paying a higher premium for each unit of earnings compared to sector norms. As of the last close at ¥48,320, this reflects a valuation above typical peer levels and may signal optimism about future profit growth despite near-term challenges.</p>
<div class="lb-trans"><p>SMC 当前的市盈率为 21.5 倍，这意味着投资者为每单位收益支付的溢价高于行业标准。截至最后收盘价 ¥48,320，这反映出其估值高于典型同行水平，尽管面临短期挑战，但可能暗示对未来利润增长的乐观情绪。</p>
</div><p>The price-to-earnings ratio gauges how much investors are willing to pay today for a company's current earnings. It is a widely used measure for mature industrial firms like SMC, serving as a quick temperature check on market sentiment and expectations for earnings stability or growth.</p>
<div class="lb-trans"><p>市盈率衡量投资者今天愿意为公司当前收益支付多少。它是成熟工业公司（如 SMC）广泛使用的指标，作为市场情绪和对收益稳定性或增长预期的快速温度检查。</p>
</div><p>SMC's P/E ratio stands well above the JP Machinery industry average of 13.2x. Compared to the peer average of 22.4x, its multiple appears more in line. The fair P/E is estimated at 22.6x, suggesting the market could move toward this level if SMC’s fundamentals develop as expected.</p>
<div class="lb-trans"><p>SMC 的市盈率远高于 JP 机械行业的平均水平 13.2 倍。与同行平均水平 22.4 倍相比，其倍数似乎更为一致。合理的市盈率估计为 22.6 倍，这表明如果 SMC 的基本面如预期发展，市场可能会向这一水平移动。</p>
</div><p>Explore the SWS fair ratio for SMC</p>
<div class="lb-trans"><p>探索 SWS 对 SMC 的合理比率</p>
</div><p><strong>Result: Price-to-Earnings of 21.5x (OVERVALUED)</strong></p>
<div class="lb-trans"><p><strong>结果：21.5 倍的市盈率（高估）</strong></p>
</div><p>However, persistent earnings declines or further delays in the tech demand recovery could quickly undermine optimism about SMC’s longer-term valuation appeal.</p>
<div class="lb-trans"><p>然而，持续的盈利下降或科技需求复苏的进一步延迟可能迅速削弱对 SMC 长期估值吸引力的乐观情绪。</p>
</div><p>Find out about the key risks to this SMC narrative.</p>
<div class="lb-trans"><p>了解 SMC 叙述的关键风险。</p>
</div><h2>Another View: Discounted Cash Flow Approach</h2>
<div class="lb-trans"><h2>另一种观点：折现现金流法</h2>
</div><p>Taking a different approach, the SWS DCF model estimates SMC is currently trading over its fair value, with our calculation suggesting the stock is about 23% above the level internal cash flows would justify. This model implies less room for upside than what current earnings multiples might indicate. Should investors trust the market’s optimism, or is caution the better play?</p>
<div class="lb-trans"><p>采取不同的方法，SWS DCF 模型估计 SMC 当前的交易价格高于其合理价值，我们的计算表明该股票约高出内部现金流所能支持的水平 23%。该模型暗示，当前收益倍数可能指示的上行空间较小。投资者应该信任市场的乐观情绪，还是谨慎行事更为妥当？</p>
</div><p>Look into how the SWS DCF model arrives at its fair value.</p>
<div class="lb-trans"><p>了解 SWS DCF 模型如何得出其合理价值。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/2e1829c8-366e-4344-8c97-b772c7651034/chart/dcf" alt="" original-src="https://images.simplywall.st/company/2e1829c8-366e-4344-8c97-b772c7651034/chart/dcf"/></p>
<p>6273 Discounted Cash Flow as at Oct 2025</p>
<div class="lb-trans"><p>截至 2025 年 10 月的 6273 折现现金流</p>
</div><p>Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out SMC for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover undervalued stocks based on their cash flows. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity.</p>
<div class="lb-trans"><p>Simply Wall St 每天对全球每只股票进行折现现金流（DCF）分析（例如查看 SMC）。我们展示了完整的计算过程。您可以在您的观察列表或投资组合中跟踪结果，并在变化时收到提醒，或者使用我们的股票筛选器发现基于现金流的被低估股票。如果您保存筛选器，我们甚至会在新公司匹配时提醒您——这样您就不会错过潜在机会。</p>
</div><h2>Build Your Own SMC Narrative</h2>
<div class="lb-trans"><h2>构建您自己的 SMC 叙述</h2>
</div><p>If you see things differently or would rather explore the numbers on your own, building a personal perspective is quick and straightforward. Do it your way</p>
<div class="lb-trans"><p>如果您有不同的看法或更愿意自己探索数字，构建个人视角既快速又简单。按照您的方式进行。</p>
</div><p>A great starting point for your SMC research is our analysis highlighting 1 key reward and 2 important warning signs that could impact your investment decision.</p>
<div class="lb-trans"><p>您对 SMC 研究的一个很好的起点是我们的分析，强调 1 个关键奖励和 2 个可能影响您投资决策的重要警示信号。</p>
</div><h2>Looking for more investment ideas?</h2>
<div class="lb-trans"><h2>寻找更多投资想法？</h2>
</div><p>Smart investors know the best opportunities rarely wait. Expand your horizons and get ahead by seeing what else is moving the markets on Simply Wall Street.</p>
<div class="lb-trans"><p>聪明的投资者知道，最佳机会往往不会等待。扩展您的视野，通过查看 Simply Wall Street 上其他市场动态，抢占先机。</p>
</div><ul>
<li>Explore the momentum of cutting-edge healthcare by browsing these 32 healthcare AI stocks, where medical innovation meets artificial intelligence for tomorrow’s breakthroughs.</li>
<li>Identify market inefficiencies with these 896 undervalued stocks based on cash flows, which highlights stocks trading below their fair value and positioned for potential upside.</li>
<li>Discover future leaders in digital finance and payments with these 78 cryptocurrency and blockchain stocks, at the forefront of cryptocurrency and blockchain technology.</li>
</ul>
<div class="lb-trans"><ul>
<li>通过浏览这 32 只医疗 AI 股票，探索前沿医疗的动向，在这里医疗创新与人工智能相结合，推动明天的突破。</li>
<li>通过这些 896 只基于现金流的被低估股票，识别市场低效，突出交易低于其合理价值并有潜在上行空间的股票。</li>
<li>通过这 78 只加密货币和区块链股票，发现数字金融和支付的未来领袖，处于加密货币和区块链技术的前沿。</li>
</ul>
</div><p><em>This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.</em></p>
<div class="lb-trans"><p><em>本文由 Simply Wall St 撰写，内容具有一般性。<strong>我们基于历史数据和分析师预测提供评论，仅使用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 它不构成购买或出售任何股票的推荐，也未考虑您的目标或财务状况。我们的目标是为您提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>
</div>

在 CLSA 上调评级和技术增长前景的背景下，评估 SMC（TSE:6273）的估值