vs
南玻集团（CSGS）与乐至宝（LZB）财务数据对比。点击上方公司名可切换其他公司
乐至宝的季度营收约是南玻集团的1.7倍（$541.6M vs $323.1M），乐至宝净利率更高（4.0% vs 2.2%，领先1.8%），乐至宝同比增速更快（3.8% vs 2.0%），乐至宝自由现金流更多（$71.6M vs $55.8M），过去两年南玻集团的营收复合增速更高（4.6% vs -1.1%）
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。
La-Z-Boy是总部位于美国密歇根州门罗的家具制造企业，主打居家家具产品，涵盖软垫 recliner、沙发、固定座椅、升降椅、沙发床等品类，全球员工规模超过11000人，是休闲家居领域的知名品牌。
CSGS vs LZB — 直观对比
营收规模更大
LZB
是对方的1.7倍
$323.1M
营收增速更快
LZB
高出1.8%
2.0%
净利率更高
LZB
高出1.8%
2.2%
自由现金流更多
LZB
多$15.7M
$55.8M
两年增速更快
CSGS
近两年复合增速
-1.1%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $541.6M |
| 净利润 | $7.0M | $21.6M |
| 毛利率 | 50.0% | 43.1% |
| 营业利润率 | 9.0% | 5.5% |
| 净利率 | 2.2% | 4.0% |
| 营收同比 | 2.0% | 3.8% |
| 净利润同比 | -79.7% | -23.8% |
| 每股收益（稀释后） | $0.24 | $0.52 |
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CSGSLZB
| Q1 26 | — | $541.6M | ||
| Q4 25 | $323.1M | $522.5M | ||
| Q3 25 | $303.6M | $492.2M | ||
| Q2 25 | $297.1M | $570.9M | ||
| Q1 25 | $299.5M | $521.8M | ||
| Q4 24 | $316.7M | $521.0M | ||
| Q3 24 | $295.1M | $495.5M | ||
| Q2 24 | $290.3M | $553.5M |
净利润CSGSLZB
| Q1 26 | — | $21.6M | ||
| Q4 25 | $7.0M | $28.9M | ||
| Q3 25 | $20.5M | $18.2M | ||
| Q2 25 | $12.3M | $14.9M | ||
| Q1 25 | $16.1M | $28.4M | ||
| Q4 24 | $34.5M | $30.0M | ||
| Q3 24 | $19.1M | $26.2M | ||
| Q2 24 | $13.8M | $39.3M |
毛利率CSGSLZB
| Q1 26 | — | 43.1% | ||
| Q4 25 | 50.0% | 44.2% | ||
| Q3 25 | 48.1% | 42.5% | ||
| Q2 25 | 49.5% | 44.0% | ||
| Q1 25 | 48.4% | 44.3% | ||
| Q4 24 | 51.3% | 44.3% | ||
| Q3 24 | 49.4% | 43.1% | ||
| Q2 24 | 47.3% | 43.4% |
营业利润率CSGSLZB
| Q1 26 | — | 5.5% | ||
| Q4 25 | 9.0% | 6.9% | ||
| Q3 25 | 10.0% | 4.5% | ||
| Q2 25 | 10.0% | 5.2% | ||
| Q1 25 | 9.8% | 6.7% | ||
| Q4 24 | 13.4% | 7.4% | ||
| Q3 24 | 10.8% | 6.5% | ||
| Q2 24 | 8.8% | 9.1% |
净利率CSGSLZB
| Q1 26 | — | 4.0% | ||
| Q4 25 | 2.2% | 5.5% | ||
| Q3 25 | 6.7% | 3.7% | ||
| Q2 25 | 4.1% | 2.6% | ||
| Q1 25 | 5.4% | 5.4% | ||
| Q4 24 | 10.9% | 5.8% | ||
| Q3 24 | 6.5% | 5.3% | ||
| Q2 24 | 4.8% | 7.1% |
每股收益（稀释后）CSGSLZB
| Q1 26 | — | $0.52 | ||
| Q4 25 | $0.24 | $0.70 | ||
| Q3 25 | $0.73 | $0.44 | ||
| Q2 25 | $0.44 | $0.35 | ||
| Q1 25 | $0.57 | $0.68 | ||
| Q4 24 | $1.20 | $0.71 | ||
| Q3 24 | $0.67 | $0.61 | ||
| Q2 24 | $0.48 | $0.91 |
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 | $306.1M |
| 总债务越低越好 | $539.5M | — |
| 股东权益账面价值 | $283.7M | $1.0B |
| 总资产 | $1.5B | $2.1B |
| 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CSGSLZB
| Q1 26 | — | $306.1M | ||
| Q4 25 | $180.0M | $338.5M | ||
| Q3 25 | $158.4M | $318.5M | ||
| Q2 25 | $145.9M | $328.4M | ||
| Q1 25 | $136.0M | $314.6M | ||
| Q4 24 | $161.8M | $303.1M | ||
| Q3 24 | $118.4M | $342.3M | ||
| Q2 24 | $110.4M | $341.1M |
总债务CSGSLZB
| Q1 26 | — | — | ||
| Q4 25 | $539.5M | — | ||
| Q3 25 | $538.6M | — | ||
| Q2 25 | $537.8M | — | ||
| Q1 25 | $537.6M | — | ||
| Q4 24 | $538.5M | — | ||
| Q3 24 | $539.5M | — | ||
| Q2 24 | $540.5M | — |
股东权益CSGSLZB
| Q1 26 | — | $1.0B | ||
| Q4 25 | $283.7M | $1.0B | ||
| Q3 25 | $289.5M | $1.0B | ||
| Q2 25 | $290.7M | $1.0B | ||
| Q1 25 | $283.1M | $1.0B | ||
| Q4 24 | $282.6M | $1.0B | ||
| Q3 24 | $288.4M | $999.2M | ||
| Q2 24 | $273.3M | $1.0B |
总资产CSGSLZB
| Q1 26 | — | $2.1B | ||
| Q4 25 | $1.5B | $2.0B | ||
| Q3 25 | $1.5B | $1.9B | ||
| Q2 25 | $1.4B | $1.9B | ||
| Q1 25 | $1.4B | $2.0B | ||
| Q4 24 | $1.5B | $1.9B | ||
| Q3 24 | $1.4B | $1.9B | ||
| Q2 24 | $1.4B | $1.9B |
负债/权益比CSGSLZB
| Q1 26 | — | — | ||
| Q4 25 | 1.90× | — | ||
| Q3 25 | 1.86× | — | ||
| Q2 25 | 1.85× | — | ||
| Q1 25 | 1.90× | — | ||
| Q4 24 | 1.91× | — | ||
| 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 | $89.4M |
| 自由现金流经营现金流 - 资本支出 | $55.8M | $71.6M |
| 自由现金流率自由现金流/营收 | 17.3% | 13.2% |
| 资本支出强度资本支出/营收 | 1.1% | 3.3% |
| 现金转化率经营现金流/净利润 | 8.46× | 4.13× |
| 过去12个月自由现金流最近4个季度 | $141.4M | $158.2M |
8季度趋势，按日历期对齐
经营现金流CSGSLZB
| Q1 26 | — | $89.4M | ||
| Q4 25 | $59.2M | $50.0M | ||
| Q3 25 | $47.9M | $36.3M | ||
| Q2 25 | $37.3M | $62.0M | ||
| Q1 25 | $11.5M | $57.0M | ||
| Q4 24 | $82.5M | $15.9M | ||
| Q3 24 | $39.5M | $52.3M | ||
| Q2 24 | $43.1M | $52.8M |
自由现金流CSGSLZB
| Q1 26 | — | $71.6M | ||
| Q4 25 | $55.8M | $29.6M | ||
| Q3 25 | $43.9M | $17.8M | ||
| Q2 25 | $34.6M | $39.3M | ||
| Q1 25 | $7.1M | $38.2M | ||
| Q4 24 | $76.6M | $-1.2M | ||
| Q3 24 | $32.0M | $36.7M | ||
| Q2 24 | $38.8M | $37.3M |
自由现金流率CSGSLZB
| Q1 26 | — | 13.2% | ||
| Q4 25 | 17.3% | 5.7% | ||
| Q3 25 | 14.5% | 3.6% | ||
| Q2 25 | 11.6% | 6.9% | ||
| Q1 25 | 2.4% | 7.3% | ||
| Q4 24 | 24.2% | -0.2% | ||
| Q3 24 | 10.8% | 7.4% | ||
| Q2 24 | 13.4% | 6.7% |
资本支出强度CSGSLZB
| Q1 26 | — | 3.3% | ||
| Q4 25 | 1.1% | 3.9% | ||
| Q3 25 | 1.3% | 3.8% | ||
| Q2 25 | 0.9% | 4.0% | ||
| Q1 25 | 1.5% | 3.6% | ||
| Q4 24 | 1.9% | 3.3% | ||
| Q3 24 | 2.5% | 3.2% | ||
| Q2 24 | 1.5% | 2.8% |
现金转化率CSGSLZB
| Q1 26 | — | 4.13× | ||
| Q4 25 | 8.46× | 1.73× | ||
| Q3 25 | 2.34× | 1.99× | ||
| Q2 25 | 3.04× | 4.15× | ||
| Q1 25 | 0.71× | 2.01× | ||
| Q4 24 | 2.39× | 0.53× | ||
| Q3 24 | 2.07× | 2.00× | ||
| Q2 24 | 3.12× | 1.34× |
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% |
LZB
| Stationary Upholstery Furniture | $286.2M | 53% |
| Retail Segment | $251.9M | 47% |
