vs
南玻集团（CSGS）与哈雷戴维森（HOG）财务数据对比。点击上方公司名可切换其他公司
哈雷戴维森的季度营收约是南玻集团的1.2倍（$390.5M vs $323.1M），南玻集团净利率更高（2.2% vs -72.3%，领先74.5%），南玻集团同比增速更快（2.0% vs -9.4%），哈雷戴维森自由现金流更多（$100.4M vs $55.8M），过去两年南玻集团的营收复合增速更高（4.6% vs -48.6%）
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。
哈雷戴维森是源自美国的摩托车制造商与生活方式品牌，总部位于威斯康星州密尔沃基，创立于1903年。它是大萧条时期幸存下来的两大美国摩托车厂商之一，历经多次股权变动、子公司调整、经营困境与全球竞争，如今已是全球知名的标志性品牌。
CSGS vs HOG — 直观对比
营收规模更大
HOG
是对方的1.2倍
$323.1M
营收增速更快
CSGS
高出11.4%
-9.4%
净利率更高
CSGS
高出74.5%
-72.3%
自由现金流更多
HOG
多$44.6M
$55.8M
两年增速更快
CSGS
近两年复合增速
-48.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $390.5M |
| 净利润 | $7.0M | $-282.6M |
| 毛利率 | 50.0% | -7.9% |
| 营业利润率 | 9.0% | -92.4% |
| 净利率 | 2.2% | -72.3% |
| 营收同比 | 2.0% | -9.4% |
| 净利润同比 | -79.7% | -138.6% |
| 每股收益（稀释后） | $0.24 | $-2.27 |
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CSGSHOG
| Q4 25 | $323.1M | $390.5M | ||
| Q3 25 | $303.6M | $1.1B | ||
| Q2 25 | $297.1M | $1.0B | ||
| Q1 25 | $299.5M | $1.1B | ||
| Q4 24 | $316.7M | $430.9M | ||
| Q3 24 | $295.1M | $881.2M | ||
| Q2 24 | $290.3M | $1.4B | ||
| Q1 24 | $295.1M | $1.5B |
净利润CSGSHOG
| Q4 25 | $7.0M | $-282.6M | ||
| Q3 25 | $20.5M | $377.4M | ||
| Q2 25 | $12.3M | $107.6M | ||
| Q1 25 | $16.1M | $133.1M | ||
| Q4 24 | $34.5M | $-118.4M | ||
| Q3 24 | $19.1M | $119.0M | ||
| Q2 24 | $13.8M | $218.3M | ||
| Q1 24 | $19.5M | $234.9M |
毛利率CSGSHOG
| Q4 25 | 50.0% | -7.9% | ||
| Q3 25 | 48.1% | 26.0% | ||
| Q2 25 | 49.5% | 28.5% | ||
| Q1 25 | 48.4% | 28.9% | ||
| Q4 24 | 51.3% | -2.0% | ||
| Q3 24 | 49.4% | 29.8% | ||
| Q2 24 | 47.3% | 31.8% | ||
| Q1 24 | 46.5% | 30.9% |
营业利润率CSGSHOG
| Q4 25 | 9.0% | -92.4% | ||
| Q3 25 | 10.0% | 44.0% | ||
| Q2 25 | 10.0% | 10.7% | ||
| Q1 25 | 9.8% | 14.8% | ||
| Q4 24 | 13.4% | -44.9% | ||
| Q3 24 | 10.8% | 12.0% | ||
| Q2 24 | 8.8% | 17.8% | ||
| Q1 24 | 10.8% | 17.8% |
净利率CSGSHOG
| Q4 25 | 2.2% | -72.3% | ||
| Q3 25 | 6.7% | 35.0% | ||
| Q2 25 | 4.1% | 10.2% | ||
| Q1 25 | 5.4% | 12.3% | ||
| Q4 24 | 10.9% | -27.5% | ||
| Q3 24 | 6.5% | 13.5% | ||
| Q2 24 | 4.8% | 16.1% | ||
| Q1 24 | 6.6% | 15.9% |
每股收益（稀释后）CSGSHOG
| Q4 25 | $0.24 | $-2.27 | ||
| Q3 25 | $0.73 | $3.10 | ||
| Q2 25 | $0.44 | $0.88 | ||
| Q1 25 | $0.57 | $1.07 | ||
| Q4 24 | $1.20 | $-0.82 | ||
| Q3 24 | $0.67 | $0.91 | ||
| Q2 24 | $0.48 | $1.63 | ||
| Q1 24 | $0.68 | $1.72 |
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 | $3.1B |
| 总债务越低越好 | $539.5M | $2.5B |
| 股东权益账面价值 | $283.7M | $3.1B |
| 总资产 | $1.5B | $8.0B |
| 负债/权益比越低杠杆越低 | 1.90× | 0.79× |
8季度趋势，按日历期对齐
现金及短期投资CSGSHOG
| Q4 25 | $180.0M | $3.1B | ||
| Q3 25 | $158.4M | $1.8B | ||
| Q2 25 | $145.9M | $1.6B | ||
| Q1 25 | $136.0M | $1.9B | ||
| Q4 24 | $161.8M | $1.6B | ||
| Q3 24 | $118.4M | $2.2B | ||
| Q2 24 | $110.4M | $1.8B | ||
| Q1 24 | $120.8M | $1.5B |
总债务CSGSHOG
| Q4 25 | $539.5M | $2.5B | ||
| Q3 25 | $538.6M | $4.5B | ||
| Q2 25 | $537.8M | $6.4B | ||
| Q1 25 | $537.6M | $6.8B | ||
| Q4 24 | $538.5M | $6.3B | ||
| Q3 24 | $539.5M | $7.3B | ||
| Q2 24 | $540.5M | $7.0B | ||
| Q1 24 | $541.5M | $6.3B |
股东权益CSGSHOG
| Q4 25 | $283.7M | $3.1B | ||
| Q3 25 | $289.5M | $3.6B | ||
| Q2 25 | $290.7M | $3.3B | ||
| Q1 25 | $283.1M | $3.2B | ||
| Q4 24 | $282.6M | $3.2B | ||
| Q3 24 | $288.4M | $3.4B | ||
| Q2 24 | $273.3M | $3.4B | ||
| Q1 24 | $269.3M | $3.3B |
总资产CSGSHOG
| Q4 25 | $1.5B | $8.0B | ||
| Q3 25 | $1.5B | $10.6B | ||
| Q2 25 | $1.4B | $12.1B | ||
| Q1 25 | $1.4B | $12.4B | ||
| Q4 24 | $1.5B | $11.9B | ||
| Q3 24 | $1.4B | $13.0B | ||
| Q2 24 | $1.4B | $12.8B | ||
| Q1 24 | $1.3B | $12.3B |
负债/权益比CSGSHOG
| Q4 25 | 1.90× | 0.79× | ||
| Q3 25 | 1.86× | 1.25× | ||
| Q2 25 | 1.85× | 1.91× | ||
| Q1 25 | 1.90× | 2.14× | ||
| Q4 24 | 1.91× | 2.00× | ||
| Q3 24 | 1.87× | 2.13× | ||
| Q2 24 | 1.98× | 2.03× | ||
| Q1 24 | 2.01× | 1.88× |
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 | $152.0M |
| 自由现金流经营现金流 - 资本支出 | $55.8M | $100.4M |
| 自由现金流率自由现金流/营收 | 17.3% | 25.7% |
| 资本支出强度资本支出/营收 | 1.1% | 13.2% |
| 现金转化率经营现金流/净利润 | 8.46× | — |
| 过去12个月自由现金流最近4个季度 | $141.4M | $415.2M |
8季度趋势，按日历期对齐
经营现金流CSGSHOG
| Q4 25 | $59.2M | $152.0M | ||
| Q3 25 | $47.9M | $-92.6M | ||
| Q2 25 | $37.3M | $368.0M | ||
| Q1 25 | $11.5M | $141.5M | ||
| Q4 24 | $82.5M | $133.2M | ||
| Q3 24 | $39.5M | $353.0M | ||
| Q2 24 | $43.1M | $473.6M | ||
| Q1 24 | $-29.4M | $104.0M |
自由现金流CSGSHOG
| Q4 25 | $55.8M | $100.4M | ||
| Q3 25 | $43.9M | $-129.1M | ||
| Q2 25 | $34.6M | $332.4M | ||
| Q1 25 | $7.1M | $111.6M | ||
| Q4 24 | $76.6M | $77.0M | ||
| Q3 24 | $32.0M | $300.4M | ||
| Q2 24 | $38.8M | $432.2M | ||
| Q1 24 | $-34.1M | $57.6M |
自由现金流率CSGSHOG
| Q4 25 | 17.3% | 25.7% | ||
| Q3 25 | 14.5% | -12.0% | ||
| Q2 25 | 11.6% | 31.7% | ||
| Q1 25 | 2.4% | 10.3% | ||
| Q4 24 | 24.2% | 17.9% | ||
| Q3 24 | 10.8% | 34.1% | ||
| Q2 24 | 13.4% | 31.9% | ||
| Q1 24 | -11.6% | 3.9% |
资本支出强度CSGSHOG
| Q4 25 | 1.1% | 13.2% | ||
| Q3 25 | 1.3% | 3.4% | ||
| Q2 25 | 0.9% | 3.4% | ||
| Q1 25 | 1.5% | 2.8% | ||
| Q4 24 | 1.9% | 13.0% | ||
| Q3 24 | 2.5% | 6.0% | ||
| Q2 24 | 1.5% | 3.1% | ||
| Q1 24 | 1.6% | 3.1% |
现金转化率CSGSHOG
| Q4 25 | 8.46× | — | ||
| Q3 25 | 2.34× | -0.25× | ||
| Q2 25 | 3.04× | 3.42× | ||
| Q1 25 | 0.71× | 1.06× | ||
| Q4 24 | 2.39× | — | ||
| Q3 24 | 2.07× | 2.97× | ||
| Q2 24 | 3.12× | 2.17× | ||
| Q1 24 | -1.51× | 0.44× |
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% |
HOG
| Motorcycles | $193.9M | 50% |
| Other | $63.8M | 16% |
| Other Income Financial Services | $59.8M | 15% |
| Apparel | $47.2M | 12% |
| Livewire Segment | $11.4M | 3% |
