vs
南玻集团（CSGS）与铱星通信（IRDM）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铱星通信的1.5倍（$323.1M vs $219.1M），铱星通信净利率更高（9.9% vs 2.2%，领先7.7%），南玻集团同比增速更快（2.0% vs 1.9%），过去两年南玻集团的营收复合增速更高（4.6% vs 4.4%）
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。
铱星通信是一家总部位于美国弗吉尼亚州麦克莱恩的上市企业，运营着由80颗卫星组成的铱星星座，其中66颗为工作星，14颗为在轨备用星。其卫星网络支持手持卫星电话、卫星通信终端及集成收发设备实现全球范围的语音和数据传输，还可提供双向卫星消息服务，满足全球各场景的通信需求。
CSGS vs IRDM — 直观对比
营收规模更大
CSGS
是对方的1.5倍
$219.1M
营收增速更快
CSGS
高出0.1%
1.9%
净利率更高
IRDM
高出7.7%
2.2%
两年增速更快
CSGS
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $219.1M |
| 净利润 | $7.0M | $21.6M |
| 毛利率 | 50.0% | — |
| 营业利润率 | 9.0% | 23.2% |
| 净利率 | 2.2% | 9.9% |
| 营收同比 | 2.0% | 1.9% |
| 净利润同比 | -79.7% | — |
| 每股收益（稀释后） | $0.24 | — |
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CSGSIRDM
| Q1 26 | — | $219.1M | ||
| Q4 25 | $323.1M | $212.9M | ||
| Q3 25 | $303.6M | $226.9M | ||
| Q2 25 | $297.1M | $216.9M | ||
| Q1 25 | $299.5M | $214.9M | ||
| Q4 24 | $316.7M | $213.0M | ||
| Q3 24 | $295.1M | $212.8M | ||
| Q2 24 | $290.3M | $201.1M |
净利润CSGSIRDM
| Q1 26 | — | $21.6M | ||
| Q4 25 | $7.0M | $24.9M | ||
| Q3 25 | $20.5M | $37.1M | ||
| Q2 25 | $12.3M | $22.0M | ||
| Q1 25 | $16.1M | $30.4M | ||
| Q4 24 | $34.5M | $36.3M | ||
| Q3 24 | $19.1M | $24.4M | ||
| Q2 24 | $13.8M | $32.3M |
毛利率CSGSIRDM
| Q1 26 | — | — | ||
| 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% | — |
营业利润率CSGSIRDM
| Q1 26 | — | 23.2% | ||
| Q4 25 | 9.0% | 25.9% | ||
| Q3 25 | 10.0% | 30.9% | ||
| Q2 25 | 10.0% | 23.2% | ||
| Q1 25 | 9.8% | 28.1% | ||
| Q4 24 | 13.4% | 24.5% | ||
| Q3 24 | 10.8% | 25.8% | ||
| Q2 24 | 8.8% | 21.7% |
净利率CSGSIRDM
| Q1 26 | — | 9.9% | ||
| Q4 25 | 2.2% | 11.7% | ||
| Q3 25 | 6.7% | 16.4% | ||
| Q2 25 | 4.1% | 10.1% | ||
| Q1 25 | 5.4% | 14.2% | ||
| Q4 24 | 10.9% | 17.1% | ||
| Q3 24 | 6.5% | 11.5% | ||
| Q2 24 | 4.8% | 16.1% |
每股收益（稀释后）CSGSIRDM
| Q1 26 | — | — | ||
| Q4 25 | $0.24 | $0.24 | ||
| Q3 25 | $0.73 | $0.35 | ||
| Q2 25 | $0.44 | $0.20 | ||
| Q1 25 | $0.57 | $0.27 | ||
| Q4 24 | $1.20 | $0.30 | ||
| Q3 24 | $0.67 | $0.21 | ||
| Q2 24 | $0.48 | $0.27 |
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 | — |
| 总债务越低越好 | $539.5M | — |
| 股东权益账面价值 | $283.7M | — |
| 总资产 | $1.5B | — |
| 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CSGSIRDM
| Q1 26 | — | — | ||
| Q4 25 | $180.0M | $96.5M | ||
| Q3 25 | $158.4M | $88.5M | ||
| Q2 25 | $145.9M | $79.3M | ||
| Q1 25 | $136.0M | $50.9M | ||
| Q4 24 | $161.8M | $93.5M | ||
| Q3 24 | $118.4M | $159.6M | ||
| Q2 24 | $110.4M | $63.5M |
总债务CSGSIRDM
| Q1 26 | — | — | ||
| Q4 25 | $539.5M | $1.8B | ||
| Q3 25 | $538.6M | — | ||
| Q2 25 | $537.8M | — | ||
| Q1 25 | $537.6M | — | ||
| Q4 24 | $538.5M | $1.8B | ||
| Q3 24 | $539.5M | — | ||
| Q2 24 | $540.5M | — |
股东权益CSGSIRDM
| Q1 26 | — | — | ||
| Q4 25 | $283.7M | $462.6M | ||
| Q3 25 | $289.5M | $450.5M | ||
| Q2 25 | $290.7M | $473.6M | ||
| Q1 25 | $283.1M | $518.4M | ||
| Q4 24 | $282.6M | $576.6M | ||
| Q3 24 | $288.4M | $663.8M | ||
| Q2 24 | $273.3M | $786.7M |
总资产CSGSIRDM
| Q1 26 | — | — | ||
| Q4 25 | $1.5B | $2.5B | ||
| Q3 25 | $1.5B | $2.6B | ||
| Q2 25 | $1.4B | $2.6B | ||
| Q1 25 | $1.4B | $2.6B | ||
| Q4 24 | $1.5B | $2.7B | ||
| Q3 24 | $1.4B | $2.8B | ||
| Q2 24 | $1.4B | $2.7B |
负债/权益比CSGSIRDM
| Q1 26 | — | — | ||
| Q4 25 | 1.90× | 3.80× | ||
| Q3 25 | 1.86× | — | ||
| Q2 25 | 1.85× | — | ||
| Q1 25 | 1.90× | — | ||
| Q4 24 | 1.91× | 3.05× | ||
| Q3 24 | 1.87× | — | ||
| Q2 24 | 1.98× | — |
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 | — |
| 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% | 13.7% |
| 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 | — |
8季度趋势，按日历期对齐
经营现金流CSGSIRDM
| Q1 26 | — | — | ||
| Q4 25 | $59.2M | $108.6M | ||
| Q3 25 | $47.9M | $100.8M | ||
| Q2 25 | $37.3M | $129.6M | ||
| Q1 25 | $11.5M | $61.1M | ||
| Q4 24 | $82.5M | $104.8M | ||
| Q3 24 | $39.5M | $118.6M | ||
| Q2 24 | $43.1M | $81.1M |
自由现金流CSGSIRDM
| Q1 26 | — | — | ||
| Q4 25 | $55.8M | $75.1M | ||
| Q3 25 | $43.9M | $79.2M | ||
| Q2 25 | $34.6M | $108.9M | ||
| Q1 25 | $7.1M | $36.5M | ||
| Q4 24 | $76.6M | $80.5M | ||
| Q3 24 | $32.0M | $100.0M | ||
| Q2 24 | $38.8M | $68.7M |
自由现金流率CSGSIRDM
| Q1 26 | — | — | ||
| Q4 25 | 17.3% | 35.3% | ||
| Q3 25 | 14.5% | 34.9% | ||
| Q2 25 | 11.6% | 50.2% | ||
| Q1 25 | 2.4% | 17.0% | ||
| Q4 24 | 24.2% | 37.8% | ||
| Q3 24 | 10.8% | 47.0% | ||
| Q2 24 | 13.4% | 34.2% |
资本支出强度CSGSIRDM
| Q1 26 | — | 13.7% | ||
| Q4 25 | 1.1% | 15.7% | ||
| Q3 25 | 1.3% | 9.5% | ||
| Q2 25 | 0.9% | 9.5% | ||
| Q1 25 | 1.5% | 11.4% | ||
| Q4 24 | 1.9% | 11.4% | ||
| Q3 24 | 2.5% | 8.7% | ||
| Q2 24 | 1.5% | 6.2% |
现金转化率CSGSIRDM
| Q1 26 | — | — | ||
| Q4 25 | 8.46× | 4.37× | ||
| Q3 25 | 2.34× | 2.71× | ||
| Q2 25 | 3.04× | 5.90× | ||
| Q1 25 | 0.71× | 2.01× | ||
| Q4 24 | 2.39× | 2.88× | ||
| Q3 24 | 2.07× | 4.85× | ||
| Q2 24 | 3.12× | 2.51× |
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% |
IRDM
| Voice and data | $57.4M | 26% |
| IoT data (2) | $46.0M | 21% |
| Government | $39.5M | 18% |
| Government service revenue (5) | $27.6M | 13% |
| Subscriber equipment | $20.2M | 9% |
| Hosted payload and other data service (4) | $14.8M | 7% |
| Broadband (3) | $12.2M | 6% |
| Commercial | $1.3M | 1% |
