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南玻集团（CSGS）与FORUM ENERGY TECHNOLOGIES, INC.（FET）财务数据对比。点击上方公司名可切换其他公司
南玻集团的季度营收约是FORUM ENERGY TECHNOLOGIES, INC.的1.5倍（$323.1M vs $208.7M），南玻集团净利率更高（2.2% vs 2.2%，领先0.0%），FORUM ENERGY TECHNOLOGIES, INC.同比增速更快（3.2% vs 2.0%），南玻集团自由现金流更多（$55.8M vs $1.4M），过去两年南玻集团的营收复合增速更高（4.6% vs 0.8%）
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。
Forum Energy Technologies是一家美国能源领域产品企业，面向全球油气及可再生能源行业，提供相关产品与配套服务，在能源产业链中为上下游客户供应专业配套解决方案。
CSGS vs FET — 直观对比
营收规模更大
CSGS
是对方的1.5倍
$208.7M
营收增速更快
FET
高出1.2%
2.0%
净利率更高
CSGS
高出0.0%
2.2%
自由现金流更多
CSGS
多$54.4M
$1.4M
两年增速更快
CSGS
近两年复合增速
0.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $208.7M |
| 净利润 | $7.0M | $4.5M |
| 毛利率 | 50.0% | 29.2% |
| 营业利润率 | 9.0% | 5.3% |
| 净利率 | 2.2% | 2.2% |
| 营收同比 | 2.0% | 3.2% |
| 净利润同比 | -79.7% | 300.4% |
| 每股收益（稀释后） | $0.24 | $0.39 |
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CSGSFET
| Q1 26 | — | $208.7M | ||
| Q4 25 | $323.1M | $202.2M | ||
| Q3 25 | $303.6M | $196.2M | ||
| Q2 25 | $297.1M | $199.8M | ||
| Q1 25 | $299.5M | $193.3M | ||
| Q4 24 | $316.7M | $201.0M | ||
| Q3 24 | $295.1M | $207.8M | ||
| Q2 24 | $290.3M | $205.2M |
净利润CSGSFET
| Q1 26 | — | $4.5M | ||
| Q4 25 | $7.0M | $2.1M | ||
| Q3 25 | $20.5M | $-20.6M | ||
| Q2 25 | $12.3M | $7.7M | ||
| Q1 25 | $16.1M | $1.1M | ||
| Q4 24 | $34.5M | $-103.5M | ||
| Q3 24 | $19.1M | $-14.8M | ||
| Q2 24 | $13.8M | $-6.7M |
毛利率CSGSFET
| Q1 26 | — | 29.2% | ||
| Q4 25 | 50.0% | 30.2% | ||
| Q3 25 | 48.1% | 20.5% | ||
| Q2 25 | 49.5% | 29.7% | ||
| Q1 25 | 48.4% | 30.2% | ||
| Q4 24 | 51.3% | 31.1% | ||
| Q3 24 | 49.4% | 31.6% | ||
| Q2 24 | 47.3% | 30.7% |
营业利润率CSGSFET
| Q1 26 | — | 5.3% | ||
| Q4 25 | 9.0% | 6.3% | ||
| Q3 25 | 10.0% | -3.1% | ||
| Q2 25 | 10.0% | 7.4% | ||
| Q1 25 | 9.8% | 4.6% | ||
| Q4 24 | 13.4% | -53.1% | ||
| Q3 24 | 10.8% | 4.3% | ||
| Q2 24 | 8.8% | 3.9% |
净利率CSGSFET
| Q1 26 | — | 2.2% | ||
| Q4 25 | 2.2% | 1.0% | ||
| Q3 25 | 6.7% | -10.5% | ||
| Q2 25 | 4.1% | 3.9% | ||
| Q1 25 | 5.4% | 0.6% | ||
| Q4 24 | 10.9% | -51.5% | ||
| Q3 24 | 6.5% | -7.1% | ||
| Q2 24 | 4.8% | -3.3% |
每股收益（稀释后）CSGSFET
| Q1 26 | — | $0.39 | ||
| Q4 25 | $0.24 | $0.25 | ||
| Q3 25 | $0.73 | $-1.76 | ||
| Q2 25 | $0.44 | $0.61 | ||
| Q1 25 | $0.57 | $0.09 | ||
| Q4 24 | $1.20 | $-8.41 | ||
| Q3 24 | $0.67 | $-1.20 | ||
| Q2 24 | $0.48 | $-0.54 |
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 | $37.5M |
| 总债务越低越好 | $539.5M | $153.7M |
| 股东权益账面价值 | $283.7M | $280.7M |
| 总资产 | $1.5B | $763.1M |
| 负债/权益比越低杠杆越低 | 1.90× | 0.55× |
8季度趋势，按日历期对齐
现金及短期投资CSGSFET
| Q1 26 | — | $37.5M | ||
| Q4 25 | $180.0M | $34.7M | ||
| Q3 25 | $158.4M | $31.7M | ||
| Q2 25 | $145.9M | $39.0M | ||
| Q1 25 | $136.0M | $31.1M | ||
| Q4 24 | $161.8M | $44.7M | ||
| Q3 24 | $118.4M | $33.3M | ||
| Q2 24 | $110.4M | $31.8M |
总债务CSGSFET
| Q1 26 | — | $153.7M | ||
| Q4 25 | $539.5M | $135.9M | ||
| Q3 25 | $538.6M | $140.0M | ||
| Q2 25 | $537.8M | $159.3M | ||
| Q1 25 | $537.6M | $171.4M | ||
| Q4 24 | $538.5M | $188.4M | ||
| Q3 24 | $539.5M | $231.5M | ||
| Q2 24 | $540.5M | $252.9M |
股东权益CSGSFET
| Q1 26 | — | $280.7M | ||
| Q4 25 | $283.7M | $291.1M | ||
| Q3 25 | $289.5M | $297.3M | ||
| Q2 25 | $290.7M | $334.2M | ||
| Q1 25 | $283.1M | $320.0M | ||
| Q4 24 | $282.6M | $319.9M | ||
| Q3 24 | $288.4M | $443.5M | ||
| Q2 24 | $273.3M | $442.0M |
总资产CSGSFET
| Q1 26 | — | $763.1M | ||
| Q4 25 | $1.5B | $752.5M | ||
| Q3 25 | $1.5B | $770.1M | ||
| Q2 25 | $1.4B | $810.1M | ||
| Q1 25 | $1.4B | $790.1M | ||
| Q4 24 | $1.5B | $816.0M | ||
| Q3 24 | $1.4B | $973.7M | ||
| Q2 24 | $1.4B | $976.8M |
负债/权益比CSGSFET
| Q1 26 | — | 0.55× | ||
| Q4 25 | 1.90× | 0.47× | ||
| Q3 25 | 1.86× | 0.47× | ||
| Q2 25 | 1.85× | 0.48× | ||
| Q1 25 | 1.90× | 0.54× | ||
| Q4 24 | 1.91× | 0.59× | ||
| Q3 24 | 1.87× | 0.52× | ||
| Q2 24 | 1.98× | 0.57× |
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 | $1.6M |
| 自由现金流经营现金流 - 资本支出 | $55.8M | $1.4M |
| 自由现金流率自由现金流/营收 | 17.3% | 0.7% |
| 资本支出强度资本支出/营收 | 1.1% | 0.1% |
| 现金转化率经营现金流/净利润 | 8.46× | 0.36× |
| 过去12个月自由现金流最近4个季度 | $141.4M | $58.5M |
8季度趋势，按日历期对齐
经营现金流CSGSFET
| Q1 26 | — | $1.6M | ||
| Q4 25 | $59.2M | $22.4M | ||
| Q3 25 | $47.9M | $22.9M | ||
| Q2 25 | $37.3M | $15.8M | ||
| Q1 25 | $11.5M | $9.3M | ||
| Q4 24 | $82.5M | $38.5M | ||
| Q3 24 | $39.5M | $25.6M | ||
| Q2 24 | $43.1M | $23.1M |
自由现金流CSGSFET
| Q1 26 | — | $1.4M | ||
| Q4 25 | $55.8M | $20.9M | ||
| Q3 25 | $43.9M | $21.5M | ||
| Q2 25 | $34.6M | $14.8M | ||
| Q1 25 | $7.1M | $7.2M | ||
| Q4 24 | $76.6M | $36.1M | ||
| Q3 24 | $32.0M | $24.3M | ||
| Q2 24 | $38.8M | $21.6M |
自由现金流率CSGSFET
| Q1 26 | — | 0.7% | ||
| Q4 25 | 17.3% | 10.3% | ||
| Q3 25 | 14.5% | 10.9% | ||
| Q2 25 | 11.6% | 7.4% | ||
| Q1 25 | 2.4% | 3.7% | ||
| Q4 24 | 24.2% | 18.0% | ||
| Q3 24 | 10.8% | 11.7% | ||
| Q2 24 | 13.4% | 10.5% |
资本支出强度CSGSFET
| Q1 26 | — | 0.1% | ||
| Q4 25 | 1.1% | 0.8% | ||
| Q3 25 | 1.3% | 0.7% | ||
| Q2 25 | 0.9% | 0.5% | ||
| Q1 25 | 1.5% | 1.1% | ||
| Q4 24 | 1.9% | 1.2% | ||
| Q3 24 | 2.5% | 0.6% | ||
| Q2 24 | 1.5% | 0.7% |
现金转化率CSGSFET
| Q1 26 | — | 0.36× | ||
| Q4 25 | 8.46× | 10.83× | ||
| Q3 25 | 2.34× | — | ||
| Q2 25 | 3.04× | 2.05× | ||
| Q1 25 | 0.71× | 8.31× | ||
| Q4 24 | 2.39× | — | ||
| Q3 24 | 2.07× | — | ||
| Q2 24 | 3.12× | — |
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% |
FET
| Drilling and Completions | $126.7M | 61% |
| Downhole | $50.6M | 24% |
| Production Equipment | $18.8M | 9% |
| Valve Solutions | $12.8M | 6% |
