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南玻集团（CSGS）与DXP ENTERPRISES INC（DXPE）财务数据对比。点击上方公司名可切换其他公司
DXP ENTERPRISES INC的季度营收约是南玻集团的1.6倍（$527.4M vs $323.1M），DXP ENTERPRISES INC净利率更高（4.3% vs 2.2%，领先2.2%），DXP ENTERPRISES INC同比增速更快（12.0% vs 2.0%），南玻集团自由现金流更多（$55.8M vs $34.5M），过去两年DXP ENTERPRISES INC的营收复合增速更高（13.1% vs 4.6%）
中国南玻集团股份有限公司是中国规模最大的建筑玻璃生产商，业务涵盖浮法玻璃、建筑玻璃、显示玻璃、汽车玻璃、镀膜玻璃、镜子、彩滤玻璃、太阳能玻璃及节能玻璃等各类玻璃产品的研发、生产与销售，产品广泛应用于建筑、消费电子、新能源汽车、光伏等多个领域。
DXP Enterprises Inc.是一家领先的工业分销企业，提供维护、维修、运营（MRO）用品、流体处理设备、泵系统及相关技术服务，主要服务制造业、能源、矿业、建筑等领域客户，核心市场覆盖北美地区。
CSGS vs DXPE — 直观对比
营收规模更大
DXPE
是对方的1.6倍
$323.1M
营收增速更快
DXPE
高出10.0%
2.0%
净利率更高
DXPE
高出2.2%
2.2%
自由现金流更多
CSGS
多$21.3M
$34.5M
两年增速更快
DXPE
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $527.4M |
| 净利润 | $7.0M | $22.8M |
| 毛利率 | 50.0% | 31.6% |
| 营业利润率 | 9.0% | 8.8% |
| 净利率 | 2.2% | 4.3% |
| 营收同比 | 2.0% | 12.0% |
| 净利润同比 | -79.7% | 6.9% |
| 每股收益（稀释后） | $0.24 | $1.38 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收CSGSDXPE
| Q4 25 | $323.1M | $527.4M | ||
| Q3 25 | $303.6M | $513.7M | ||
| Q2 25 | $297.1M | $498.7M | ||
| Q1 25 | $299.5M | $476.6M | ||
| Q4 24 | $316.7M | $470.9M | ||
| Q3 24 | $295.1M | $472.9M | ||
| Q2 24 | $290.3M | $445.6M | ||
| Q1 24 | $295.1M | $412.6M |
净利润CSGSDXPE
| Q4 25 | $7.0M | $22.8M | ||
| Q3 25 | $20.5M | $21.6M | ||
| Q2 25 | $12.3M | $23.6M | ||
| Q1 25 | $16.1M | $20.6M | ||
| Q4 24 | $34.5M | $21.4M | ||
| Q3 24 | $19.1M | $21.1M | ||
| Q2 24 | $13.8M | $16.7M | ||
| Q1 24 | $19.5M | $11.3M |
毛利率CSGSDXPE
| Q4 25 | 50.0% | 31.6% | ||
| Q3 25 | 48.1% | 31.4% | ||
| Q2 25 | 49.5% | 31.6% | ||
| Q1 25 | 48.4% | 31.5% | ||
| Q4 24 | 51.3% | 31.5% | ||
| Q3 24 | 49.4% | 30.9% | ||
| Q2 24 | 47.3% | 30.9% | ||
| Q1 24 | 46.5% | 30.0% |
营业利润率CSGSDXPE
| Q4 25 | 9.0% | 8.8% | ||
| Q3 25 | 10.0% | 8.5% | ||
| Q2 25 | 10.0% | 9.2% | ||
| Q1 25 | 9.8% | 8.5% | ||
| Q4 24 | 13.4% | 8.3% | ||
| Q3 24 | 10.8% | 8.4% | ||
| Q2 24 | 8.8% | 8.4% | ||
| Q1 24 | 10.8% | 7.1% |
净利率CSGSDXPE
| Q4 25 | 2.2% | 4.3% | ||
| Q3 25 | 6.7% | 4.2% | ||
| Q2 25 | 4.1% | 4.7% | ||
| Q1 25 | 5.4% | 4.3% | ||
| Q4 24 | 10.9% | 4.5% | ||
| Q3 24 | 6.5% | 4.5% | ||
| Q2 24 | 4.8% | 3.7% | ||
| Q1 24 | 6.6% | 2.7% |
每股收益（稀释后）CSGSDXPE
| Q4 25 | $0.24 | $1.38 | ||
| Q3 25 | $0.73 | $1.31 | ||
| Q2 25 | $0.44 | $1.43 | ||
| Q1 25 | $0.57 | $1.25 | ||
| Q4 24 | $1.20 | $1.28 | ||
| Q3 24 | $0.67 | $1.27 | ||
| Q2 24 | $0.48 | $1.00 | ||
| Q1 24 | $0.68 | $0.67 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $180.0M | $303.8M |
| 总债务越低越好 | $539.5M | — |
| 股东权益账面价值 | $283.7M | $498.4M |
| 总资产 | $1.5B | $1.7B |
| 负债/权益比越低杠杆越低 | 1.90× | — |
8季度趋势，按日历期对齐
现金及短期投资CSGSDXPE
| Q4 25 | $180.0M | $303.8M | ||
| Q3 25 | $158.4M | $123.8M | ||
| Q2 25 | $145.9M | $112.9M | ||
| Q1 25 | $136.0M | $114.3M | ||
| Q4 24 | $161.8M | $148.3M | ||
| Q3 24 | $118.4M | $35.0M | ||
| Q2 24 | $110.4M | $49.9M | ||
| Q1 24 | $120.8M | $139.7M |
总债务CSGSDXPE
| Q4 25 | $539.5M | — | ||
| Q3 25 | $538.6M | — | ||
| Q2 25 | $537.8M | — | ||
| Q1 25 | $537.6M | — | ||
| Q4 24 | $538.5M | — | ||
| Q3 24 | $539.5M | — | ||
| Q2 24 | $540.5M | — | ||
| Q1 24 | $541.5M | — |
股东权益CSGSDXPE
| Q4 25 | $283.7M | $498.4M | ||
| Q3 25 | $289.5M | $488.3M | ||
| Q2 25 | $290.7M | $468.1M | ||
| Q1 25 | $283.1M | $444.7M | ||
| Q4 24 | $282.6M | $422.8M | ||
| Q3 24 | $288.4M | $402.4M | ||
| Q2 24 | $273.3M | $384.7M | ||
| Q1 24 | $269.3M | $375.5M |
总资产CSGSDXPE
| Q4 25 | $1.5B | $1.7B | ||
| Q3 25 | $1.5B | $1.4B | ||
| Q2 25 | $1.4B | $1.4B | ||
| Q1 25 | $1.4B | $1.4B | ||
| Q4 24 | $1.5B | $1.3B | ||
| Q3 24 | $1.4B | $1.2B | ||
| Q2 24 | $1.4B | $1.2B | ||
| Q1 24 | $1.3B | $1.2B |
负债/权益比CSGSDXPE
| Q4 25 | 1.90× | — | ||
| Q3 25 | 1.86× | — | ||
| Q2 25 | 1.85× | — | ||
| Q1 25 | 1.90× | — | ||
| Q4 24 | 1.91× | — | ||
| Q3 24 | 1.87× | — | ||
| Q2 24 | 1.98× | — | ||
| Q1 24 | 2.01× | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $59.2M | $37.8M |
| 自由现金流经营现金流 - 资本支出 | $55.8M | $34.5M |
| 自由现金流率自由现金流/营收 | 17.3% | 6.5% |
| 资本支出强度资本支出/营收 | 1.1% | 0.6% |
| 现金转化率经营现金流/净利润 | 8.46× | 1.65× |
| 过去12个月自由现金流最近4个季度 | $141.4M | $54.0M |
8季度趋势，按日历期对齐
经营现金流CSGSDXPE
| Q4 25 | $59.2M | $37.8M | ||
| Q3 25 | $47.9M | $34.9M | ||
| Q2 25 | $37.3M | $18.6M | ||
| Q1 25 | $11.5M | $3.0M | ||
| Q4 24 | $82.5M | $32.1M | ||
| Q3 24 | $39.5M | $28.3M | ||
| Q2 24 | $43.1M | $14.7M | ||
| Q1 24 | $-29.4M | $27.0M |
自由现金流CSGSDXPE
| Q4 25 | $55.8M | $34.5M | ||
| Q3 25 | $43.9M | $28.1M | ||
| Q2 25 | $34.6M | $8.3M | ||
| Q1 25 | $7.1M | $-16.9M | ||
| Q4 24 | $76.6M | $22.7M | ||
| Q3 24 | $32.0M | $24.4M | ||
| Q2 24 | $38.8M | $5.9M | ||
| Q1 24 | $-34.1M | $24.1M |
自由现金流率CSGSDXPE
| Q4 25 | 17.3% | 6.5% | ||
| Q3 25 | 14.5% | 5.5% | ||
| Q2 25 | 11.6% | 1.7% | ||
| Q1 25 | 2.4% | -3.6% | ||
| Q4 24 | 24.2% | 4.8% | ||
| Q3 24 | 10.8% | 5.2% | ||
| Q2 24 | 13.4% | 1.3% | ||
| Q1 24 | -11.6% | 5.8% |
资本支出强度CSGSDXPE
| Q4 25 | 1.1% | 0.6% | ||
| Q3 25 | 1.3% | 1.3% | ||
| Q2 25 | 0.9% | 2.1% | ||
| Q1 25 | 1.5% | 4.2% | ||
| Q4 24 | 1.9% | 2.0% | ||
| Q3 24 | 2.5% | 0.8% | ||
| Q2 24 | 1.5% | 2.0% | ||
| Q1 24 | 1.6% | 0.7% |
现金转化率CSGSDXPE
| Q4 25 | 8.46× | 1.65× | ||
| Q3 25 | 2.34× | 1.61× | ||
| Q2 25 | 3.04× | 0.79× | ||
| Q1 25 | 0.71× | 0.14× | ||
| Q4 24 | 2.39× | 1.50× | ||
| Q3 24 | 2.07× | 1.34× | ||
| Q2 24 | 3.12× | 0.88× | ||
| Q1 24 | -1.51× | 2.38× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
CSGS
| Software As A Service And Related Solutions | $287.2M | 89% |
| License And Service | $22.6M | 7% |
| Maintenance | $13.3M | 4% |
DXPE
| Service Centers | $356.2M | 68% |
| Innovative Pumping Solutions | $110.0M | 21% |
| Supply Chain Services | $61.2M | 12% |
