<p>泰尔茂（TSE:4543）刚刚修订了截至 2026 年 3 月的财年盈利展望，原因是日元贬值和与业务相关的一次性成本。同时，公司宣布了更高的季度和年度股息。</p>
<p>请查看我们对泰尔茂的最新分析。</p>
<p>泰尔茂更新的指引和股息上调是在经历了一段艰难时期后做出的，因为该股年初至今的股价回报为-18.0%。尽管最近的公告引发了短期反弹，但动能仍然低迷，这在一年期的总股东回报-19.08% 中得到了反映。然而，从长期来看，三年的回报显示出 25.9% 的增长。投资者似乎在仔细权衡货币逆风和重组成本与基础业务增长之间的关系。</p>
<p>如果泰尔茂的发展故事让你思考医疗保健的未来，现在可能是发现的最佳时机。请查看完整列表，免费获取。</p>
<p>尽管财务增长稳定且股息提高，股价却下跌，投资者可能会想知道泰尔茂是否仍被低估，或者市场是否已经考虑了近期逆风的影响和未来的增长前景。</p>
<h2>最受欢迎的叙述：22.7% 被低估</h2>
<p>泰尔茂当前的股价远低于叙述的公允价值估计，这使得这一估值成为多头和空头的关键战场。该叙述不仅依赖于稳健的财务增长，还依赖于对泰尔茂的战略举措和盈利轨迹将显著提升股东价值的预期。</p>
<blockquote>
<p><em>美国和中国的强劲销量增长和持续需求，受到老龄化人口和慢性疾病普遍增加的推动，导致泰尔茂季度收入创下历史新高；这些结构性健康趋势可能会支持持续的收入增长。</em></p>
</blockquote>
<p>阅读完整叙述。</p>
<p>好奇这个雄心勃勃的价格目标是如何计算的吗？该叙述依赖于对利润率、收益和估值倍数的大胆未来估计——这些估计通常仅适用于快速增长的全球领导者。这些假设是否成立？深入了解以揭示这一乐观观点背后的财务预测。</p>
<p><strong>结果：公允价值为¥3,180.71（被低估）</strong></p>
<p>完整阅读叙述，了解预测背后的原因。</p>
<p>然而，价格上涨速度低于预期或创新管道疲软可能会削弱泰尔茂的增长故事，并促使重新考虑其当前估值。</p>
<p>了解泰尔茂叙述的关键风险。</p>
<h2>另一种观点：按倍数估值</h2>
<p>从收益倍数的角度来看，泰尔茂的市盈率为 27.8 倍，显著高于医疗设备行业平均的 15.8 倍和同行平均的 19.9 倍。这表明投资者可能在支付溢价，如果增长放缓或市场情绪转变，可能会增加估值风险。然而，当前的比率仍低于公允比率 32.4 倍，这暗示市场可能会重新评估泰尔茂的潜力。溢价会持续吗，还是即将面临修正？</p>
<p>查看数字对这一价格的看法——在我们的估值分析中了解更多。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/b0fc3ba8-0335-475f-b9bf-c0cda7d8cf15/chart/pe-multiple-vs-industry?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/b0fc3ba8-0335-475f-b9bf-c0cda7d8cf15/chart/pe-multiple-vs-industry"/></p>
<p>截至 2025 年 11 月的 TSE:4543 市盈率</p>
<h2>自定义你的泰尔茂叙述</h2>
<p>如果你有不同的看法，或者想要更深入地挖掘，你可以在几分钟内创建一个个性化的泰尔茂故事：按照你的方式进行。</p>
<p>一个好的起点是我们的分析，强调投资者对泰尔茂的四个关键回报的乐观预期。</p>
<h2>寻找更多聪明的投资想法？</h2>
<p>你最大的机会可能仍在前方，为什么要满足于现状？使用 Simply Wall Street 筛选器，发现你不想错过的投资突破。</p>
<ul>
<li>通过查看这些 15 只股息收益率超过 3% 的股息股票，发现高收益和稳定派息的公司，以获取持续的股息收入机会。</li>
<li>通过调查这 30 只在医疗 AI 和数字疗法方面取得进展的医疗保健 AI 股票，利用推动医疗保健未来的创新者。</li>
<li>在人群之前抓住潜在的便宜货，跟踪这些 921 只基于现金流的被低估股票，这些股票基于内在价值信号具有最强的上涨潜力。</li>
</ul>
<p><em>本文由 Simply Wall St 撰写，内容具有一般性。<strong>我们提供基于历史数据和分析师预测的评论，采用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 这并不构成买入或卖出任何股票的推荐，也不考虑你的目标或财务状况。我们的目标是为你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>

泰尔茂(ADR)

<p>泰尔茂 (ADR)（东京证券交易所代码：4543）因日元贬值和一次性成本修订了截至 2026 年 3 月的财务预期，同时宣布提高股息。尽管面临挑战的一年，股价下跌了 18%，但泰尔茂在三年内仍显示出 25.9% 的增长。该股票被认为低估 22.7%，公允价值为¥3,180.71。然而，其市盈率为 27.8 倍，高于行业平均水平，暗示潜在的估值风险。投资者在考虑货币逆风和重组成本的同时，也在权衡业务增长</p>

<p>Terumo (TSE:4543) just revised its earnings outlook for the fiscal year ending March 2026, citing impacts from the yen’s depreciation and business-related one-time costs. At the same time, the company announced a higher dividend for both the quarter and the year.</p>
<div class="lb-trans"><p>泰尔茂（TSE:4543）刚刚修订了截至 2026 年 3 月的财年盈利展望，原因是日元贬值和与业务相关的一次性成本。同时，公司宣布了更高的季度和年度股息。</p>
</div><p>See our latest analysis for Terumo.</p>
<div class="lb-trans"><p>请查看我们对泰尔茂的最新分析。</p>
</div><p>Terumo’s updated guidance and dividend bump come after a challenging stretch, as the stock’s year-to-date share price return sits at -18.0%. While recent announcements have sparked a short-term bounce, momentum remains subdued, which is reflected in a one-year total shareholder return of -19.08%. However, the longer-term lens shows a 25.9% gain over three years. Investors appear to be closely weighing the currency headwinds and restructuring costs against underlying business growth.</p>
<div class="lb-trans"><p>泰尔茂更新的指引和股息上调是在经历了一段艰难时期后做出的，因为该股年初至今的股价回报为-18.0%。尽管最近的公告引发了短期反弹，但动能仍然低迷，这在一年期的总股东回报-19.08% 中得到了反映。然而，从长期来看，三年的回报显示出 25.9% 的增长。投资者似乎在仔细权衡货币逆风和重组成本与基础业务增长之间的关系。</p>
</div><p>If Terumo’s evolving story has you thinking about what’s next in healthcare, it might be the perfect moment to discover See the full list for free.</p>
<div class="lb-trans"><p>如果泰尔茂的发展故事让你思考医疗保健的未来，现在可能是发现的最佳时机。请查看完整列表，免费获取。</p>
</div><p>With the stock down despite steady financial growth and a higher dividend, investors may be wondering if Terumo remains undervalued or if the market has already accounted for the effects of recent headwinds and future growth prospects.</p>
<div class="lb-trans"><p>尽管财务增长稳定且股息提高，股价却下跌，投资者可能会想知道泰尔茂是否仍被低估，或者市场是否已经考虑了近期逆风的影响和未来的增长前景。</p>
</div><h2>Most Popular Narrative: 22.7% Undervalued</h2>
<div class="lb-trans"><h2>最受欢迎的叙述：22.7% 被低估</h2>
</div><p>Terumo’s current share price sits well below the narrative’s fair value estimate, making this valuation a key battleground for bulls and bears. The narrative’s case relies not just on solid financial growth, but on an expectation that Terumo’s strategic moves and earnings trajectory will meaningfully boost shareholder value in coming years.</p>
<div class="lb-trans"><p>泰尔茂当前的股价远低于叙述的公允价值估计，这使得这一估值成为多头和空头的关键战场。该叙述不仅依赖于稳健的财务增长，还依赖于对泰尔茂的战略举措和盈利轨迹将显著提升股东价值的预期。</p>
</div><blockquote>
<p><em>Strong volume growth and sustained demand in the U.S. and China, driven by an aging population and rising chronic disease prevalence, are resulting in record-high quarterly revenues for Terumo; these structural health trends are likely to support ongoing top-line growth.</em></p>
</blockquote>
<div class="lb-trans"><blockquote>
<p><em>美国和中国的强劲销量增长和持续需求，受到老龄化人口和慢性疾病普遍增加的推动，导致泰尔茂季度收入创下历史新高；这些结构性健康趋势可能会支持持续的收入增长。</em></p>
</blockquote>
</div><p>Read the complete narrative.</p>
<div class="lb-trans"><p>阅读完整叙述。</p>
</div><p>Curious how this ambitious price target is calculated? The narrative hinges on bold future estimates for margins, earnings, and valuation multiples—estimates usually reserved for fast-growing global leaders. Do these assumptions stand up? Dive in to uncover the financial projections behind this bullish view.</p>
<div class="lb-trans"><p>好奇这个雄心勃勃的价格目标是如何计算的吗？该叙述依赖于对利润率、收益和估值倍数的大胆未来估计——这些估计通常仅适用于快速增长的全球领导者。这些假设是否成立？深入了解以揭示这一乐观观点背后的财务预测。</p>
</div><p><strong>Result: Fair Value of ¥3,180.71 (UNDERVALUED)</strong></p>
<div class="lb-trans"><p><strong>结果：公允价值为¥3,180.71（被低估）</strong></p>
</div><p>Have a read of the narrative in full and understand what's behind the forecasts.</p>
<div class="lb-trans"><p>完整阅读叙述，了解预测背后的原因。</p>
</div><p>However, slower than expected price increases or a weaker innovation pipeline could undermine Terumo’s growth story and prompt a rethink of its current valuation.</p>
<div class="lb-trans"><p>然而，价格上涨速度低于预期或创新管道疲软可能会削弱泰尔茂的增长故事，并促使重新考虑其当前估值。</p>
</div><p>Find out about the key risks to this Terumo narrative.</p>
<div class="lb-trans"><p>了解泰尔茂叙述的关键风险。</p>
</div><h2>Another View: Valuation by Multiples</h2>
<div class="lb-trans"><h2>另一种观点：按倍数估值</h2>
</div><p>Looking through the lens of earnings multiples, Terumo is trading at a price-to-earnings ratio of 27.8x, significantly higher than the Medical Equipment industry average of 15.8x and its peer average of 19.9x. This suggests investors may be paying a premium, potentially increasing valuation risk if growth slows or sentiment shifts. However, the current ratio remains below the fair ratio of 32.4x, which hints that the market could reassess Terumo’s potential. Will the premium hold up, or is a correction on the horizon?</p>
<div class="lb-trans"><p>从收益倍数的角度来看，泰尔茂的市盈率为 27.8 倍，显著高于医疗设备行业平均的 15.8 倍和同行平均的 19.9 倍。这表明投资者可能在支付溢价，如果增长放缓或市场情绪转变，可能会增加估值风险。然而，当前的比率仍低于公允比率 32.4 倍，这暗示市场可能会重新评估泰尔茂的潜力。溢价会持续吗，还是即将面临修正？</p>
</div><p>See what the numbers say about this price — find out in our valuation breakdown.</p>
<div class="lb-trans"><p>查看数字对这一价格的看法——在我们的估值分析中了解更多。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/b0fc3ba8-0335-475f-b9bf-c0cda7d8cf15/chart/pe-multiple-vs-industry" alt="" original-src="https://images.simplywall.st/company/b0fc3ba8-0335-475f-b9bf-c0cda7d8cf15/chart/pe-multiple-vs-industry"/></p>
<p>TSE:4543 PE Ratio as at Nov 2025</p>
<div class="lb-trans"><p>截至 2025 年 11 月的 TSE:4543 市盈率</p>
</div><h2>Build Your Own Terumo Narrative</h2>
<div class="lb-trans"><h2>自定义你的泰尔茂叙述</h2>
</div><p>If you see things differently, or want to dig deeper on your own terms, you can craft a personalized Terumo story in just a few minutes: Do it your way</p>
<div class="lb-trans"><p>如果你有不同的看法，或者想要更深入地挖掘，你可以在几分钟内创建一个个性化的泰尔茂故事：按照你的方式进行。</p>
</div><p>A good starting point is our analysis highlighting 4 key rewards investors are optimistic about regarding Terumo.</p>
<div class="lb-trans"><p>一个好的起点是我们的分析，强调投资者对泰尔茂的四个关键回报的乐观预期。</p>
</div><h2>Looking for More Smart Investment Ideas?</h2>
<div class="lb-trans"><h2>寻找更多聪明的投资想法？</h2>
</div><p>Your biggest opportunity might still be ahead, so why settle? Use the Simply Wall Street Screener and spot investment breakthroughs you don’t want to miss out on.</p>
<div class="lb-trans"><p>你最大的机会可能仍在前方，为什么要满足于现状？使用 Simply Wall Street 筛选器，发现你不想错过的投资突破。</p>
</div><ul>
<li>Uncover companies with high yields and stable payouts by checking out these 15 dividend stocks with yields &gt; 3% for consistent dividend income opportunities.</li>
<li>Tap into the innovators driving healthcare’s future by surveying these 30 healthcare AI stocks making advances in medical AI and digital therapy.</li>
<li>Seize potential bargains before the crowd by tracking these 921 undervalued stocks based on cash flows with the strongest upside based on intrinsic value signals.</li>
</ul>
<div class="lb-trans"><ul>
<li>通过查看这些 15 只股息收益率超过 3% 的股息股票，发现高收益和稳定派息的公司，以获取持续的股息收入机会。</li>
<li>通过调查这 30 只在医疗 AI 和数字疗法方面取得进展的医疗保健 AI 股票，利用推动医疗保健未来的创新者。</li>
<li>在人群之前抓住潜在的便宜货，跟踪这些 921 只基于现金流的被低估股票，这些股票基于内在价值信号具有最强的上涨潜力。</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>我们提供基于历史数据和分析师预测的评论，采用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 这并不构成买入或卖出任何股票的推荐，也不考虑你的目标或财务状况。我们的目标是为你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>

在修订盈利预期和增加股息后，泰尔茂（TSE:4543）的估值受到关注