<p>在香港房地产行业，市销率（&#34;P/S&#34;）的中位数接近 0.7 倍，因此你可能会对 <strong>莱蒙国际</strong>（HKG:3688）的 0.3 倍市销率感到无所谓。虽然这可能不会引起任何人的注意，但如果市销率没有合理的解释，投资者可能会错过潜在的机会或忽视即将到来的失望。</p>
<p>人工智能即将改变医疗保健。这 20 只股票正在从早期诊断到药物发现等各个方面进行工作。最棒的是——它们的市值都在 100 亿美元以下——现在仍然有机会提前入场。</p>
<p>查看我们对莱蒙国际的最新分析</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/128224685-ps-multiple-vs-industry-1-dark-2/1766615019702?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/asset/chart/128224685-ps-multiple-vs-industry-1-dark-2/1766615019702"/></p>
<p>SEHK:3688 市销率与行业比较 2025 年 12 月 24 日</p>
<h3>莱蒙国际的表现如何</h3>
<p>最近一段时间对莱蒙国际来说非常有利，因为其收入增长非常迅速。也许市场预计未来的收入表现会减缓，这使得市销率没有上升。如果你喜欢这家公司，你会希望这种情况不是这样，以便你可以在它还不太受欢迎的时候买入一些股票。</p>
<p>我们没有分析师的预测，但你可以通过查看我们关于莱蒙国际的 <strong>免费</strong> 报告，了解最近的趋势如何为公司未来铺路，包括其收益、收入和现金流。</p>
<h2>收入增长指标对市销率的启示是什么？</h2>
<p>你唯一会觉得舒适的情况是，当莱蒙国际的市销率与公司的增长紧密跟随行业时。</p>
<p>回顾过去，我们看到公司去年收入增长了令人印象深刻的 82%。然而，这还不够，因为最近三年期间，公司总收入经历了令人不快的 49% 的下降。因此，股东们对中期收入增长率感到沮丧。</p>
<p>与公司相比，行业其他部分预计在明年将增长 5.4%，这确实让公司的近期中期收入下降显得更加突出。</p>
<p>根据这些信息，我们发现莱蒙国际的市销率与行业相比相当相似，这让人感到担忧。显然，许多投资者对公司的看法远没有近期的情况那么悲观，并且目前不愿意抛售他们的股票。如果市销率降到与近期负增长率更一致的水平，现有股东很可能会为未来的失望做好准备。</p>
<h2>莱蒙国际市销率的底线</h2>
<p>一般来说，我们倾向于将市销率的使用限制在评估市场对公司整体健康状况的看法上。</p>
<p>我们发现莱蒙国际的市销率与行业其他公司相当，这让人感到意外，尽管其在中期经历了收入下降，而整个行业预计将增长。尽管它与行业相匹配，但我们对当前的市销率感到不安，因为这种糟糕的收入表现不太可能长期支持更积极的市场情绪。如果近期的中期收入趋势持续下去，将会使股东的投资面临风险，并使潜在投资者面临支付不必要溢价的危险。</p>
<p>话虽如此，请注意 <strong>莱蒙国际在我们的投资分析中显示出 4 个警告信号</strong>，其中 2 个让我们感到不安。</p>
<p>如果这些 <strong>风险让你重新考虑对莱蒙国际的看法</strong>，请探索我们的高质量股票互动列表，以了解还有哪些其他选择。</p>
<p>用于国防和灾难的移动基础设施</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>代表 CiTech 赞助</p>

莱蒙国际

<p>莱蒙国际（HKG:3688）的市销率为 0.3 倍，低于行业中位数 0.7 倍。尽管最近收入有所增长，但该公司在三年内经历了 49% 的收入下降。预计行业明年将增长 5.4%，这引发了人们对公司估值和潜在投资者风险的担忧，如果市销率与增长趋势不符</p>

<p>With a median price-to-sales (or &#34;P/S&#34;) ratio of close to 0.7x in the Real Estate industry in Hong Kong, you could be forgiven for feeling indifferent about <strong>Top Spring International Holdings Limited's</strong> (HKG:3688) P/S ratio of 0.3x. While this might not raise any eyebrows, if the P/S ratio is not justified investors could be missing out on a potential opportunity or ignoring looming disappointment.</p>
<div class="lb-trans"><p>在香港房地产行业，市销率（&#34;P/S&#34;）的中位数接近 0.7 倍，因此你可能会对 <strong>莱蒙国际</strong>（HKG:3688）的 0.3 倍市销率感到无所谓。虽然这可能不会引起任何人的注意，但如果市销率没有合理的解释，投资者可能会错过潜在的机会或忽视即将到来的失望。</p>
</div><p>AI is about to change healthcare. These 20 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10bn in marketcap - there is still time to get in early.</p>
<div class="lb-trans"><p>人工智能即将改变医疗保健。这 20 只股票正在从早期诊断到药物发现等各个方面进行工作。最棒的是——它们的市值都在 100 亿美元以下——现在仍然有机会提前入场。</p>
</div><p>Check out our latest analysis for Top Spring International Holdings</p>
<div class="lb-trans"><p>查看我们对莱蒙国际的最新分析</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/128224685-ps-multiple-vs-industry-1-dark-2/1766615019702" alt="" original-src="https://images.simplywall.st/asset/chart/128224685-ps-multiple-vs-industry-1-dark-2/1766615019702"/></p>
<p>SEHK:3688 Price to Sales Ratio vs Industry December 24th 2025</p>
<div class="lb-trans"><p>SEHK:3688 市销率与行业比较 2025 年 12 月 24 日</p>
</div><h3>How Top Spring International Holdings Has Been Performing</h3>
<div class="lb-trans"><h3>莱蒙国际的表现如何</h3>
</div><p>Recent times have been quite advantageous for Top Spring International Holdings as its revenue has been rising very briskly. Perhaps the market is expecting future revenue performance to taper off, which has kept the P/S from rising. If you like the company, you'd be hoping this isn't the case so that you could potentially pick up some stock while it's not quite in favour.</p>
<div class="lb-trans"><p>最近一段时间对莱蒙国际来说非常有利，因为其收入增长非常迅速。也许市场预计未来的收入表现会减缓，这使得市销率没有上升。如果你喜欢这家公司，你会希望这种情况不是这样，以便你可以在它还不太受欢迎的时候买入一些股票。</p>
</div><p>We don't have analyst forecasts, but you can see how recent trends are setting up the company for the future by checking out our <strong>free</strong> report on Top Spring International Holdings' earnings, revenue and cash flow.</p>
<div class="lb-trans"><p>我们没有分析师的预测，但你可以通过查看我们关于莱蒙国际的 <strong>免费</strong> 报告，了解最近的趋势如何为公司未来铺路，包括其收益、收入和现金流。</p>
</div><h2>What Are Revenue Growth Metrics Telling Us About The P/S?</h2>
<div class="lb-trans"><h2>收入增长指标对市销率的启示是什么？</h2>
</div><p>The only time you'd be comfortable seeing a P/S like Top Spring International Holdings' is when the company's growth is tracking the industry closely.</p>
<div class="lb-trans"><p>你唯一会觉得舒适的情况是，当莱蒙国际的市销率与公司的增长紧密跟随行业时。</p>
</div><p>Taking a look back first, we see that the company grew revenue by an impressive 82% last year. However, this wasn't enough as the latest three year period has seen the company endure a nasty 49% drop in revenue in aggregate. Accordingly, shareholders would have felt downbeat about the medium-term rates of revenue growth.</p>
<div class="lb-trans"><p>回顾过去，我们看到公司去年收入增长了令人印象深刻的 82%。然而，这还不够，因为最近三年期间，公司总收入经历了令人不快的 49% 的下降。因此，股东们对中期收入增长率感到沮丧。</p>
</div><p>In contrast to the company, the rest of the industry is expected to grow by 5.4% over the next year, which really puts the company's recent medium-term revenue decline into perspective.</p>
<div class="lb-trans"><p>与公司相比，行业其他部分预计在明年将增长 5.4%，这确实让公司的近期中期收入下降显得更加突出。</p>
</div><p>With this information, we find it concerning that Top Spring International Holdings is trading at a fairly similar P/S compared to the industry. Apparently many investors in the company are way less bearish than recent times would indicate and aren't willing to let go of their stock right now. There's a good chance existing shareholders are setting themselves up for future disappointment if the P/S falls to levels more in line with the recent negative growth rates.</p>
<div class="lb-trans"><p>根据这些信息，我们发现莱蒙国际的市销率与行业相比相当相似，这让人感到担忧。显然，许多投资者对公司的看法远没有近期的情况那么悲观，并且目前不愿意抛售他们的股票。如果市销率降到与近期负增长率更一致的水平，现有股东很可能会为未来的失望做好准备。</p>
</div><h2>The Bottom Line On Top Spring International Holdings' P/S</h2>
<div class="lb-trans"><h2>莱蒙国际市销率的底线</h2>
</div><p>Generally, our preference is to limit the use of the price-to-sales ratio to establishing what the market thinks about the overall health of a company.</p>
<div class="lb-trans"><p>一般来说，我们倾向于将市销率的使用限制在评估市场对公司整体健康状况的看法上。</p>
</div><p>We find it unexpected that Top Spring International Holdings trades at a P/S ratio that is comparable to the rest of the industry, despite experiencing declining revenues during the medium-term, while the industry as a whole is expected to grow. Even though it matches the industry, we're uncomfortable with the current P/S ratio, as this dismal revenue performance is unlikely to support a more positive sentiment for long. If recent medium-term revenue trends continue, it will place shareholders' investments at risk and potential investors in danger of paying an unnecessary premium.</p>
<div class="lb-trans"><p>我们发现莱蒙国际的市销率与行业其他公司相当，这让人感到意外，尽管其在中期经历了收入下降，而整个行业预计将增长。尽管它与行业相匹配，但我们对当前的市销率感到不安，因为这种糟糕的收入表现不太可能长期支持更积极的市场情绪。如果近期的中期收入趋势持续下去，将会使股东的投资面临风险，并使潜在投资者面临支付不必要溢价的危险。</p>
</div><p>Having said that, be aware <strong>Top Spring International Holdings is showing 4 warning signs</strong> in our investment analysis, and 2 of those don't sit too well with us.</p>
<div class="lb-trans"><p>话虽如此，请注意 <strong>莱蒙国际在我们的投资分析中显示出 4 个警告信号</strong>，其中 2 个让我们感到不安。</p>
</div><p>If these <strong>risks are making you reconsider your opinion on Top Spring International Holdings</strong>, explore our interactive list of high quality stocks to get an idea of what else is out there.</p>
<div class="lb-trans"><p>如果这些 <strong>风险让你重新考虑对莱蒙国际的看法</strong>，请探索我们的高质量股票互动列表，以了解还有哪些其他选择。</p>
</div><p>Mobile Infrastructure for Defense and Disaster</p>
<div class="lb-trans"><p>用于国防和灾难的移动基础设施</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>
</div><p>Get the investor briefing before the next round of contracts</p>
<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>代表 CiTech 赞助</p>
</div>

莱蒙国际控股有限公司（HKG:3688）的股价可能预示着一定的风险