<p>普利司通（TSE:5108）今年表现强劲，尽管股票仍低于一些估值预期，投资者在问最近的回调是否提供了一个新的入场机会。</p>
<p>查看我们对普利司通的最新分析。</p>
<p>在经历了强劲的收益年，包括年初至今的两位数股价回报后，最近约¥7,170 的下跌看起来更像是一个暂停，而不是趋势反转，特别是考虑到普利司通强劲的多年总股东回报。</p>
<p>如果普利司通的势头让你重新评估汽车行业，值得探索其他可能提供类似长期复合潜力的汽车制造商。</p>
<p>随着收益增长速度仍快于收入，且股票交易价格大幅低于一些内在价值估计，投资者现在面临一个关键问题：普利司通是被低估的复合增长股，还是市场已经在折扣其未来增长？</p>
<h2>最受欢迎的叙述：低估 6.2%</h2>
<p>普利司通最近收盘于¥7,170，而叙述的公允价值接近¥7,646，目前的回调对以估值为驱动的投资者来说显得尤为重要。</p>
<blockquote>
<p><em>公允价值估计略微上升至每股约¥7,646，之前约为每股¥7,629，反映出内在价值的适度上调。</em></p>
<p><em>未来的市盈率略微上升至约 10.9 倍，之前大约为 10.6 倍，暗示未来收益的估值倍数略微提高。</em></p>
</blockquote>
<p>阅读完整叙述。</p>
<p>好奇温和的收入增长、更高的利润率和较低的折现率如何仍能为一家轮胎制造商而非科技巨头提供更高的未来倍数？最受欢迎的叙述悄然将这些假设堆叠成一个估值桥，可能会让你感到惊讶。想看看这些动态因素如何加总到那个公允价值的判断吗？继续阅读，检验这个价格背后的故事是否真实。</p>
<p><strong>结果：公允价值为¥7,646（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，北美售后市场需求疲软以及欧洲和拉丁美洲的重组成本可能会限制利润扩张，并延迟分析师预期的收益增长。</p>
<p>了解普利司通叙述的关键风险。</p>
<h2>另一种观点：市场倍数发出不同信号</h2>
<p>虽然叙述的公允价值表明普利司通大约低估 6%，但市场比率却传达了另一种故事。大约 19.5 倍的市盈率与同行的约 16.5 倍相比，以及公允比率的 16 倍，股票看起来已完全定价，如果增长未能达标，留给错误的空间就更小。</p>
<p>查看数字对这个价格的看法——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/f99a02e8-3c3a-4e86-b24f-f24f7b3a7b3a/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="" width="1640" height="650" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/f99a02e8-3c3a-4e86-b24f-f24f7b3a7b3a/chart/pe-multiple-vs-industry"/></p>
<p>截至 2025 年 12 月的 TSE:5108 市盈率</p>
<h2>自建普利司通叙述</h2>
<p>如果这个观点与你的看法不太一致，或者你更愿意自己深入数字，你可以在几分钟内从头开始构建一个自定义叙述：按你的方式进行。</p>
<p>进行普利司通研究的一个很好的起点是我们的分析，强调了 2 个关键奖励和 1 个重要警示信号，这可能会影响你的投资决策。</p>
<h2>寻找更多投资想法？</h2>
<p>在你继续之前，通过扫描 Simply Wall Street 上的新机会锁定优势，数据支持的想法可以让你领先一步。</p>
<ul>
<li>通过这些 901 只基于现金流的低估股票，捕捉潜在的便宜入场机会，这些股票交易价格低于内在价值，标志着折现现金流的机会。</li>
<li>通过关注这 24 只人工智能便士股，乘势强劲的创新趋势，这些股票有望从各行业对人工智能的采用中受益。</li>
<li>通过关注这 10 只收益率超过 3% 的股息股票，增强你的收入流，这些股票可以在保持优质基本面的同时支持投资组合收益。</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，仅使用无偏见的方法，我们的文章并不构成财务建议。</strong> 它不构成买入或卖出任何股票的推荐，也未考虑你的目标或财务状况。我们旨在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>
<p>移动基础设施用于国防和灾难</p>
<p>下一波机器人技术不是人形的。它是完全自主的塔，在 30 分钟内提供 5G、ISR 和雷达，随时随地。</p>
<p>在下一轮合同之前获取投资者简报</p>
<p>由 CiTech 赞助</p>

普利司通(ADR)

<p>普利司通 (ADR)（东京证券交易所代码：5108）在经历了强劲的一年后，最近出现回调，促使投资者重新评估其估值。该股票被认为低估了 6.2%，公允价值估计为¥7,646，尽管目前交易价格为¥7,170。虽然叙述表明低估，但市场比率显示该股票已完全定价。投资者被鼓励探索普利司通作为一个被错误定价的复合增长者的潜力，同时考虑到北美需求减弱和重组成本等风险。该分析基于历史数据和预测，并非财务建议</p>

<p>Bridgestone (TSE:5108) has had a strong run this year, and with the stock still trading below some valuation estimates, investors are asking whether the recent pullback offers a fresh entry point.</p>
<div class="lb-trans"><p>普利司通（TSE:5108）今年表现强劲，尽管股票仍低于一些估值预期，投资者在问最近的回调是否提供了一个新的入场机会。</p>
</div><p>See our latest analysis for Bridgestone.</p>
<div class="lb-trans"><p>查看我们对普利司通的最新分析。</p>
</div><p>After a strong year of gains, including a solid double digit year to date share price return, the recent dip around ¥7,170 looks more like a pause than a trend reversal, especially given Bridgestone's robust multi year total shareholder returns.</p>
<div class="lb-trans"><p>在经历了强劲的收益年，包括年初至今的两位数股价回报后，最近约¥7,170 的下跌看起来更像是一个暂停，而不是趋势反转，特别是考虑到普利司通强劲的多年总股东回报。</p>
</div><p>If Bridgestone's momentum has you reassessing the auto space, it is worth exploring other auto manufacturers that could offer similar long term compounding potential.</p>
<div class="lb-trans"><p>如果普利司通的势头让你重新评估汽车行业，值得探索其他可能提供类似长期复合潜力的汽车制造商。</p>
</div><p>With earnings still climbing faster than revenues and the shares trading at a sizable discount to some intrinsic value estimates, investors now face the key question: is Bridgestone a mispriced compounder, or is the market already discounting its future growth?</p>
<div class="lb-trans"><p>随着收益增长速度仍快于收入，且股票交易价格大幅低于一些内在价值估计，投资者现在面临一个关键问题：普利司通是被低估的复合增长股，还是市场已经在折扣其未来增长？</p>
</div><h2>Most Popular Narrative: 6.2% Undervalued</h2>
<div class="lb-trans"><h2>最受欢迎的叙述：低估 6.2%</h2>
</div><p>With Bridgestone last closing at ¥7,170 against a narrative fair value near ¥7,646, the current pullback sits in clear focus for valuation driven investors.</p>
<div class="lb-trans"><p>普利司通最近收盘于¥7,170，而叙述的公允价值接近¥7,646，目前的回调对以估值为驱动的投资者来说显得尤为重要。</p>
</div><blockquote>
<p><em>The Fair Value Estimate has risen slightly to approximately ¥7,646 per share from about ¥7,629 per share, reflecting a modest upward revision in intrinsic value.</em></p>
<p><em>The future P/E has risen slightly to about 10.9x from roughly 10.6x, suggesting a marginally richer valuation multiple on forward earnings.</em></p>
</blockquote>
<div class="lb-trans"><blockquote>
<p><em>公允价值估计略微上升至每股约¥7,646，之前约为每股¥7,629，反映出内在价值的适度上调。</em></p>
<p><em>未来的市盈率略微上升至约 10.9 倍，之前大约为 10.6 倍，暗示未来收益的估值倍数略微提高。</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 modest revenue growth, fatter margins and a lower discount rate can still justify a richer future multiple for a tire maker, not a tech giant? The most popular narrative quietly stacks these assumptions into a valuation bridge that might surprise you. Want to see exactly how those moving parts add up to that fair value call? Read on and test whether the story behind this price really holds up.</p>
<div class="lb-trans"><p>好奇温和的收入增长、更高的利润率和较低的折现率如何仍能为一家轮胎制造商而非科技巨头提供更高的未来倍数？最受欢迎的叙述悄然将这些假设堆叠成一个估值桥，可能会让你感到惊讶。想看看这些动态因素如何加总到那个公允价值的判断吗？继续阅读，检验这个价格背后的故事是否真实。</p>
</div><p><strong>Result: Fair Value of ¥7,646 (UNDERVALUED)</strong></p>
<div class="lb-trans"><p><strong>结果：公允价值为¥7,646（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, softer North American aftermarket demand and restructuring costs in Europe and Latin America could cap margin expansion and delay the earnings ramp that analysts expect.</p>
<div class="lb-trans"><p>然而，北美售后市场需求疲软以及欧洲和拉丁美洲的重组成本可能会限制利润扩张，并延迟分析师预期的收益增长。</p>
</div><p>Find out about the key risks to this Bridgestone narrative.</p>
<div class="lb-trans"><p>了解普利司通叙述的关键风险。</p>
</div><h2>Another View: Market Multiple Sends a Different Signal</h2>
<div class="lb-trans"><h2>另一种观点：市场倍数发出不同信号</h2>
</div><p>While the narrative fair value suggests Bridgestone is about 6 percent undervalued, the market ratio tells another story. At roughly 19.5 times earnings versus about 16.5 times peers and a fair ratio of 16 times, the shares look fully priced, leaving less room for error if growth underdelivers.</p>
<div class="lb-trans"><p>虽然叙述的公允价值表明普利司通大约低估 6%，但市场比率却传达了另一种故事。大约 19.5 倍的市盈率与同行的约 16.5 倍相比，以及公允比率的 16 倍，股票看起来已完全定价，如果增长未能达标，留给错误的空间就更小。</p>
</div><p>See what the numbers say about this price — find out in our valuation breakdown.</p>
<div class="lb-trans"><p>查看数字对这个价格的看法——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/f99a02e8-3c3a-4e86-b24f-f24f7b3a7b3a/chart/pe-multiple-vs-industry" alt="" original-src="https://images.simplywall.st/company/f99a02e8-3c3a-4e86-b24f-f24f7b3a7b3a/chart/pe-multiple-vs-industry"/></p>
<p>TSE:5108 PE Ratio as at Dec 2025</p>
<div class="lb-trans"><p>截至 2025 年 12 月的 TSE:5108 市盈率</p>
</div><h2>Build Your Own Bridgestone Narrative</h2>
<div class="lb-trans"><h2>自建普利司通叙述</h2>
</div><p>If this perspective does not quite align with your own view, or you would rather dig into the numbers yourself, you can build a custom narrative from scratch in just a few minutes: Do it your way.</p>
<div class="lb-trans"><p>如果这个观点与你的看法不太一致，或者你更愿意自己深入数字，你可以在几分钟内从头开始构建一个自定义叙述：按你的方式进行。</p>
</div><p>A great starting point for your Bridgestone research is our analysis highlighting 2 key rewards and 1 important warning sign that could impact your investment decision.</p>
<div class="lb-trans"><p>进行普利司通研究的一个很好的起点是我们的分析，强调了 2 个关键奖励和 1 个重要警示信号，这可能会影响你的投资决策。</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>Before you move on, lock in an edge by scanning fresh opportunities on Simply Wall Street, where data backed ideas can keep you one step ahead.</p>
<div class="lb-trans"><p>在你继续之前，通过扫描 Simply Wall Street 上的新机会锁定优势，数据支持的想法可以让你领先一步。</p>
</div><ul>
<li>Capture potential bargain entries by targeting companies trading below intrinsic value through these 901 undervalued stocks based on cash flows that flag discounted cash flow opportunities.</li>
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<li>Strengthen your income stream by zeroing in on these 10 dividend stocks with yields &gt; 3% that can support portfolio yield while maintaining quality fundamentals.</li>
</ul>
<div class="lb-trans"><ul>
<li>通过这些 901 只基于现金流的低估股票，捕捉潜在的便宜入场机会，这些股票交易价格低于内在价值，标志着折现现金流的机会。</li>
<li>通过关注这 24 只人工智能便士股，乘势强劲的创新趋势，这些股票有望从各行业对人工智能的采用中受益。</li>
<li>通过关注这 10 只收益率超过 3% 的股息股票，增强你的收入流，这些股票可以在保持优质基本面的同时支持投资组合收益。</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，仅使用无偏见的方法，我们的文章并不构成财务建议。</strong> 它不构成买入或卖出任何股票的推荐，也未考虑你的目标或财务状况。我们旨在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>
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<div class="lb-trans"><p>移动基础设施用于国防和灾难</p>
</div><p>The next wave in robotics isn't humanoid. Its fully autonomous towers delivering 5G, ISR, and radar in under 30 minutes, anywhere.</p>
<div class="lb-trans"><p>下一波机器人技术不是人形的。它是完全自主的塔，在 30 分钟内提供 5G、ISR 和雷达，随时随地。</p>
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<div class="lb-trans"><p>在下一轮合同之前获取投资者简报</p>
</div><p>Sponsored On Behalf of CiTech</p>
<div class="lb-trans"><p>由 CiTech 赞助</p>
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普利司通 (ADR) (TSE:5108): 在经历强劲上涨和近期回调后重新评估其估值