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南玻集团（CSGS）与KADANT INC（KAI）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KADANT INC的1.2倍（$323.1M vs $271.6M），KADANT INC净利率更高（10.2% vs 2.2%，领先8.0%），南玻集团同比增速更快（2.0% vs -0.0%），南玻集团自由现金流更多（$55.8M vs $44.1M），过去两年KADANT INC的营收复合增速更高（6.7% 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。
Kadant Inc.创立于1991年，最初是Thermo Electron的子公司，部分股权私有、部分公开交易，2001年完成完全分拆并启用现名。公司服务于造纸、废纸回收、木材加工、物料搬运等多个加工领域，是业务覆盖亚洲、欧洲、北美、南美的跨国企业。
CSGS vs KAI — 直观对比
营收规模更大
CSGS
是对方的1.2倍
$271.6M
营收增速更快
CSGS
高出2.1%
-0.0%
净利率更高
KAI
高出8.0%
2.2%
自由现金流更多
CSGS
多$11.7M
$44.1M
两年增速更快
KAI
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $271.6M |
| 净利润 | $7.0M | $27.7M |
| 毛利率 | 50.0% | 45.2% |
| 营业利润率 | 9.0% | 15.7% |
| 净利率 | 2.2% | 10.2% |
| 营收同比 | 2.0% | -0.0% |
| 净利润同比 | -79.7% | -12.2% |
| 每股收益（稀释后） | $0.24 | $2.35 |
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CSGSKAI
| Q4 25 | $323.1M | — | ||
| Q3 25 | $303.6M | $271.6M | ||
| Q2 25 | $297.1M | $255.3M | ||
| Q1 25 | $299.5M | $239.2M | ||
| Q4 24 | $316.7M | $258.0M | ||
| Q3 24 | $295.1M | $271.6M | ||
| Q2 24 | $290.3M | $274.8M | ||
| Q1 24 | $295.1M | $249.0M |
净利润CSGSKAI
| Q4 25 | $7.0M | — | ||
| Q3 25 | $20.5M | $27.7M | ||
| Q2 25 | $12.3M | $26.2M | ||
| Q1 25 | $16.1M | $24.1M | ||
| Q4 24 | $34.5M | $24.0M | ||
| Q3 24 | $19.1M | $31.6M | ||
| Q2 24 | $13.8M | $31.3M | ||
| Q1 24 | $19.5M | $24.7M |
毛利率CSGSKAI
| Q4 25 | 50.0% | — | ||
| Q3 25 | 48.1% | 45.2% | ||
| Q2 25 | 49.5% | 45.9% | ||
| Q1 25 | 48.4% | 46.1% | ||
| Q4 24 | 51.3% | 43.4% | ||
| Q3 24 | 49.4% | 44.7% | ||
| Q2 24 | 47.3% | 44.4% | ||
| Q1 24 | 46.5% | 44.6% |
营业利润率CSGSKAI
| Q4 25 | 9.0% | — | ||
| Q3 25 | 10.0% | 15.7% | ||
| Q2 25 | 10.0% | 15.4% | ||
| Q1 25 | 9.8% | 14.9% | ||
| Q4 24 | 13.4% | 14.3% | ||
| Q3 24 | 10.8% | 18.0% | ||
| Q2 24 | 8.8% | 17.6% | ||
| Q1 24 | 10.8% | 14.8% |
净利率CSGSKAI
| Q4 25 | 2.2% | — | ||
| Q3 25 | 6.7% | 10.2% | ||
| Q2 25 | 4.1% | 10.2% | ||
| Q1 25 | 5.4% | 10.1% | ||
| Q4 24 | 10.9% | 9.3% | ||
| Q3 24 | 6.5% | 11.6% | ||
| Q2 24 | 4.8% | 11.4% | ||
| Q1 24 | 6.6% | 9.9% |
每股收益（稀释后）CSGSKAI
| Q4 25 | $0.24 | — | ||
| Q3 25 | $0.73 | $2.35 | ||
| Q2 25 | $0.44 | $2.22 | ||
| Q1 25 | $0.57 | $2.04 | ||
| Q4 24 | $1.20 | $2.04 | ||
| Q3 24 | $0.67 | $2.68 | ||
| Q2 24 | $0.48 | $2.66 | ||
| Q1 24 | $0.68 | $2.10 |
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 | $124.5M |
| 总债务越低越好 | $539.5M | $254.6M |
| 股东权益账面价值 | $283.7M | $949.8M |
| 总资产 | $1.5B | $1.5B |
| 负债/权益比越低杠杆越低 | 1.90× | 0.27× |
8季度趋势，按日历期对齐
现金及短期投资CSGSKAI
| Q4 25 | $180.0M | — | ||
| Q3 25 | $158.4M | $124.5M | ||
| Q2 25 | $145.9M | $95.3M | ||
| Q1 25 | $136.0M | $91.7M | ||
| Q4 24 | $161.8M | $94.7M | ||
| Q3 24 | $118.4M | $88.4M | ||
| Q2 24 | $110.4M | $73.8M | ||
| Q1 24 | $120.8M | $81.4M |
总债务CSGSKAI
| Q4 25 | $539.5M | — | ||
| Q3 25 | $538.6M | $254.6M | ||
| Q2 25 | $537.8M | $245.7M | ||
| Q1 25 | $537.6M | $273.5M | ||
| Q4 24 | $538.5M | $285.2M | ||
| Q3 24 | $539.5M | $323.2M | ||
| Q2 24 | $540.5M | $342.0M | ||
| Q1 24 | $541.5M | $306.8M |
股东权益CSGSKAI
| Q4 25 | $283.7M | — | ||
| Q3 25 | $289.5M | $949.8M | ||
| Q2 25 | $290.7M | $926.0M | ||
| Q1 25 | $283.1M | $876.0M | ||
| Q4 24 | $282.6M | $847.1M | ||
| Q3 24 | $288.4M | $851.7M | ||
| Q2 24 | $273.3M | $807.7M | ||
| Q1 24 | $269.3M | $782.7M |
总资产CSGSKAI
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.5B | $1.5B | ||
| Q2 25 | $1.4B | $1.5B | ||
| Q1 25 | $1.4B | $1.4B | ||
| Q4 24 | $1.5B | $1.4B | ||
| Q3 24 | $1.4B | $1.5B | ||
| Q2 24 | $1.4B | $1.5B | ||
| Q1 24 | $1.3B | $1.4B |
负债/权益比CSGSKAI
| Q4 25 | 1.90× | — | ||
| Q3 25 | 1.86× | 0.27× | ||
| Q2 25 | 1.85× | 0.27× | ||
| Q1 25 | 1.90× | 0.31× | ||
| Q4 24 | 1.91× | 0.34× | ||
| Q3 24 | 1.87× | 0.38× | ||
| Q2 24 | 1.98× | 0.42× | ||
| Q1 24 | 2.01× | 0.39× |
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 | $47.3M |
| 自由现金流经营现金流 - 资本支出 | $55.8M | $44.1M |
| 自由现金流率自由现金流/营收 | 17.3% | 16.2% |
| 资本支出强度资本支出/营收 | 1.1% | 1.2% |
| 现金转化率经营现金流/净利润 | 8.46× | 1.70× |
| 过去12个月自由现金流最近4个季度 | $141.4M | $145.9M |
8季度趋势，按日历期对齐
经营现金流CSGSKAI
| Q4 25 | $59.2M | — | ||
| Q3 25 | $47.9M | $47.3M | ||
| Q2 25 | $37.3M | $40.5M | ||
| Q1 25 | $11.5M | $22.8M | ||
| Q4 24 | $82.5M | $51.9M | ||
| Q3 24 | $39.5M | $52.5M | ||
| Q2 24 | $43.1M | $28.1M | ||
| Q1 24 | $-29.4M | $22.8M |
自由现金流CSGSKAI
| Q4 25 | $55.8M | — | ||
| Q3 25 | $43.9M | $44.1M | ||
| Q2 25 | $34.6M | $36.5M | ||
| Q1 25 | $7.1M | $19.0M | ||
| Q4 24 | $76.6M | $46.3M | ||
| Q3 24 | $32.0M | $48.3M | ||
| Q2 24 | $38.8M | $23.1M | ||
| Q1 24 | $-34.1M | $16.6M |
自由现金流率CSGSKAI
| Q4 25 | 17.3% | — | ||
| Q3 25 | 14.5% | 16.2% | ||
| Q2 25 | 11.6% | 14.3% | ||
| Q1 25 | 2.4% | 7.9% | ||
| Q4 24 | 24.2% | 17.9% | ||
| Q3 24 | 10.8% | 17.8% | ||
| Q2 24 | 13.4% | 8.4% | ||
| Q1 24 | -11.6% | 6.7% |
资本支出强度CSGSKAI
| Q4 25 | 1.1% | — | ||
| Q3 25 | 1.3% | 1.2% | ||
| Q2 25 | 0.9% | 1.6% | ||
| Q1 25 | 1.5% | 1.6% | ||
| Q4 24 | 1.9% | 2.2% | ||
| Q3 24 | 2.5% | 1.5% | ||
| Q2 24 | 1.5% | 1.8% | ||
| Q1 24 | 1.6% | 2.5% |
现金转化率CSGSKAI
| Q4 25 | 8.46× | — | ||
| Q3 25 | 2.34× | 1.70× | ||
| Q2 25 | 3.04× | 1.55× | ||
| Q1 25 | 0.71× | 0.95× | ||
| Q4 24 | 2.39× | 2.16× | ||
| Q3 24 | 2.07× | 1.66× | ||
| Q2 24 | 3.12× | 0.90× | ||
| Q1 24 | -1.51× | 0.92× |
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% |
KAI
| Flow Control | $94.8M | 35% |
| Capital | $83.2M | 31% |
| Material Handling Systems | $70.3M | 26% |
| Transferred Over Time | $17.1M | 6% |
| Other | $6.1M | 2% |
