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南玻集团（CSGS）与H2O AMERICA（HTO）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H2O AMERICA的1.6倍（$323.1M vs $199.4M），H2O AMERICA净利率更高（8.1% vs 2.2%，领先6.0%），南玻集团同比增速更快（2.0% vs 1.5%），过去两年H2O AMERICA的营收复合增速更高（15.3% 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。
H2O Wireless是美国的预付费移动通信服务商，依托AT&T网络运营，隶属于MVNO（移动虚拟网络运营商）Locus通信，自2019年起Locus成为Telrite控股的子公司，此前2010年起曾是KDDI美国旗下资产。该品牌主打无限制套餐服务，支持用户自带或购买无锁智能手机入网，AT&T合约机/锁网机也可兼容使用。
CSGS vs HTO — 直观对比
营收规模更大
CSGS
是对方的1.6倍
$199.4M
营收增速更快
CSGS
高出0.6%
1.5%
净利率更高
HTO
高出6.0%
2.2%
两年增速更快
HTO
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $199.4M |
| 净利润 | $7.0M | $16.2M |
| 毛利率 | 50.0% | — |
| 营业利润率 | 9.0% | 16.6% |
| 净利率 | 2.2% | 8.1% |
| 营收同比 | 2.0% | 1.5% |
| 净利润同比 | -79.7% | -29.2% |
| 每股收益（稀释后） | $0.24 | $0.45 |
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CSGSHTO
| Q4 25 | $323.1M | $199.4M | ||
| Q3 25 | $303.6M | $243.5M | ||
| Q2 25 | $297.1M | $197.8M | ||
| Q1 25 | $299.5M | $164.9M | ||
| Q4 24 | $316.7M | $196.5M | ||
| Q3 24 | $295.1M | $216.7M | ||
| Q2 24 | $290.3M | $173.1M | ||
| Q1 24 | $295.1M | $150.0M |
净利润CSGSHTO
| Q4 25 | $7.0M | $16.2M | ||
| Q3 25 | $20.5M | $45.1M | ||
| Q2 25 | $12.3M | $24.7M | ||
| Q1 25 | $16.1M | $16.6M | ||
| Q4 24 | $34.5M | $22.9M | ||
| Q3 24 | $19.1M | $38.7M | ||
| Q2 24 | $13.8M | $20.7M | ||
| Q1 24 | $19.5M | $11.7M |
毛利率CSGSHTO
| Q4 25 | 50.0% | — | ||
| Q3 25 | 48.1% | — | ||
| Q2 25 | 49.5% | — | ||
| Q1 25 | 48.4% | — | ||
| Q4 24 | 51.3% | — | ||
| Q3 24 | 49.4% | — | ||
| Q2 24 | 47.3% | — | ||
| Q1 24 | 46.5% | — |
营业利润率CSGSHTO
| Q4 25 | 9.0% | 16.6% | ||
| Q3 25 | 10.0% | 26.5% | ||
| Q2 25 | 10.0% | 22.2% | ||
| Q1 25 | 9.8% | 21.8% | ||
| Q4 24 | 13.4% | 22.2% | ||
| Q3 24 | 10.8% | 26.9% | ||
| Q2 24 | 8.8% | 23.4% | ||
| Q1 24 | 10.8% | 18.6% |
净利率CSGSHTO
| Q4 25 | 2.2% | 8.1% | ||
| Q3 25 | 6.7% | 18.5% | ||
| Q2 25 | 4.1% | 12.5% | ||
| Q1 25 | 5.4% | 10.0% | ||
| Q4 24 | 10.9% | 11.7% | ||
| Q3 24 | 6.5% | 17.8% | ||
| Q2 24 | 4.8% | 12.0% | ||
| Q1 24 | 6.6% | 7.8% |
每股收益（稀释后）CSGSHTO
| Q4 25 | $0.24 | $0.45 | ||
| Q3 25 | $0.73 | $1.27 | ||
| Q2 25 | $0.44 | $0.71 | ||
| Q1 25 | $0.57 | $0.49 | ||
| Q4 24 | $1.20 | $0.70 | ||
| Q3 24 | $0.67 | $1.17 | ||
| Q2 24 | $0.48 | $0.64 | ||
| Q1 24 | $0.68 | $0.36 |
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 | $20.7M |
| 总债务越低越好 | $539.5M | $1.9B |
| 股东权益账面价值 | $283.7M | $1.5B |
| 总资产 | $1.5B | $5.1B |
| 负债/权益比越低杠杆越低 | 1.90× | 1.23× |
8季度趋势，按日历期对齐
现金及短期投资CSGSHTO
| Q4 25 | $180.0M | $20.7M | ||
| Q3 25 | $158.4M | $11.3M | ||
| Q2 25 | $145.9M | $19.8M | ||
| Q1 25 | $136.0M | $23.7M | ||
| Q4 24 | $161.8M | $11.1M | ||
| Q3 24 | $118.4M | $4.0M | ||
| Q2 24 | $110.4M | $22.8M | ||
| Q1 24 | $120.8M | $4.5M |
总债务CSGSHTO
| Q4 25 | $539.5M | $1.9B | ||
| Q3 25 | $538.6M | — | ||
| Q2 25 | $537.8M | — | ||
| Q1 25 | $537.6M | — | ||
| Q4 24 | $538.5M | $1.7B | ||
| Q3 24 | $539.5M | — | ||
| Q2 24 | $540.5M | — | ||
| Q1 24 | $541.5M | — |
股东权益CSGSHTO
| Q4 25 | $283.7M | $1.5B | ||
| Q3 25 | $289.5M | $1.5B | ||
| Q2 25 | $290.7M | $1.5B | ||
| Q1 25 | $283.1M | $1.4B | ||
| Q4 24 | $282.6M | $1.4B | ||
| Q3 24 | $288.4M | $1.3B | ||
| Q2 24 | $273.3M | $1.3B | ||
| Q1 24 | $269.3M | $1.2B |
总资产CSGSHTO
| Q4 25 | $1.5B | $5.1B | ||
| Q3 25 | $1.5B | $5.0B | ||
| Q2 25 | $1.4B | $4.8B | ||
| Q1 25 | $1.4B | $4.7B | ||
| Q4 24 | $1.5B | $4.7B | ||
| Q3 24 | $1.4B | $4.6B | ||
| Q2 24 | $1.4B | $4.4B | ||
| Q1 24 | $1.3B | $4.4B |
负债/权益比CSGSHTO
| Q4 25 | 1.90× | 1.23× | ||
| Q3 25 | 1.86× | — | ||
| Q2 25 | 1.85× | — | ||
| Q1 25 | 1.90× | — | ||
| Q4 24 | 1.91× | 1.26× | ||
| 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 | $63.5M |
| 自由现金流经营现金流 - 资本支出 | $55.8M | — |
| 自由现金流率自由现金流/营收 | 17.3% | — |
| 资本支出强度资本支出/营收 | 1.1% | — |
| 现金转化率经营现金流/净利润 | 8.46× | 3.92× |
| 过去12个月自由现金流最近4个季度 | $141.4M | — |
8季度趋势，按日历期对齐
经营现金流CSGSHTO
| Q4 25 | $59.2M | $63.5M | ||
| Q3 25 | $47.9M | $77.3M | ||
| Q2 25 | $37.3M | $60.8M | ||
| Q1 25 | $11.5M | $43.2M | ||
| Q4 24 | $82.5M | $41.5M | ||
| Q3 24 | $39.5M | $53.5M | ||
| Q2 24 | $43.1M | $49.3M | ||
| Q1 24 | $-29.4M | $51.2M |
自由现金流CSGSHTO
| Q4 25 | $55.8M | — | ||
| Q3 25 | $43.9M | — | ||
| Q2 25 | $34.6M | — | ||
| Q1 25 | $7.1M | — | ||
| Q4 24 | $76.6M | — | ||
| Q3 24 | $32.0M | — | ||
| Q2 24 | $38.8M | — | ||
| Q1 24 | $-34.1M | — |
自由现金流率CSGSHTO
| Q4 25 | 17.3% | — | ||
| Q3 25 | 14.5% | — | ||
| Q2 25 | 11.6% | — | ||
| Q1 25 | 2.4% | — | ||
| Q4 24 | 24.2% | — | ||
| Q3 24 | 10.8% | — | ||
| Q2 24 | 13.4% | — | ||
| Q1 24 | -11.6% | — |
资本支出强度CSGSHTO
| Q4 25 | 1.1% | — | ||
| Q3 25 | 1.3% | — | ||
| Q2 25 | 0.9% | — | ||
| Q1 25 | 1.5% | — | ||
| Q4 24 | 1.9% | — | ||
| Q3 24 | 2.5% | — | ||
| Q2 24 | 1.5% | — | ||
| Q1 24 | 1.6% | — |
现金转化率CSGSHTO
| Q4 25 | 8.46× | 3.92× | ||
| Q3 25 | 2.34× | 1.71× | ||
| Q2 25 | 3.04× | 2.47× | ||
| Q1 25 | 0.71× | 2.61× | ||
| Q4 24 | 2.39× | 1.81× | ||
| Q3 24 | 2.07× | 1.39× | ||
| Q2 24 | 3.12× | 2.38× | ||
| Q1 24 | -1.51× | 4.38× |
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% |
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
