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南玻集团（CSGS）与Merchants Bancorp（MBIN）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Merchants Bancorp的1.8倍（$323.1M vs $175.2M），Merchants Bancorp净利率更高（38.6% vs 2.2%，领先36.5%），过去两年Merchants Bancorp的营收复合增速更高（4.8% 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。
Ameris Bancorp是总部位于美国佐治亚州亚特兰大的银行控股企业，旗下设有Ameris Bank子公司，在佐治亚州、阿拉巴马州、佛罗里达州、北卡罗来纳州、南卡罗来纳州运营全服务网点，同时在上述五州及弗吉尼亚州、马里兰州、田纳西州设立仅办理抵押贷款业务的网点，为个人和企业客户提供线上及移动端银行服务。
CSGS vs MBIN — 直观对比
营收规模更大
CSGS
是对方的1.8倍
$175.2M
净利率更高
MBIN
高出36.5%
2.2%
两年增速更快
MBIN
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $175.2M |
| 净利润 | $7.0M | $67.7M |
| 毛利率 | 50.0% | — |
| 营业利润率 | 9.0% | — |
| 净利率 | 2.2% | 38.6% |
| 营收同比 | 2.0% | — |
| 净利润同比 | -79.7% | 16.3% |
| 每股收益（稀释后） | $0.24 | $1.25 |
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CSGSMBIN
| Q1 26 | — | $175.2M | ||
| Q4 25 | $323.1M | $185.3M | ||
| Q3 25 | $303.6M | $171.1M | ||
| Q2 25 | $297.1M | $179.2M | ||
| Q1 25 | $299.5M | $145.9M | ||
| Q4 24 | $316.7M | $193.8M | ||
| Q3 24 | $295.1M | $149.6M | ||
| Q2 24 | $290.3M | $159.5M |
净利润CSGSMBIN
| Q1 26 | — | $67.7M | ||
| Q4 25 | $7.0M | — | ||
| Q3 25 | $20.5M | $54.7M | ||
| Q2 25 | $12.3M | $38.0M | ||
| Q1 25 | $16.1M | $58.2M | ||
| Q4 24 | $34.5M | — | ||
| Q3 24 | $19.1M | $61.3M | ||
| Q2 24 | $13.8M | $76.4M |
毛利率CSGSMBIN
| 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CSGSMBIN
| Q1 26 | — | — | ||
| Q4 25 | 9.0% | 39.9% | ||
| Q3 25 | 10.0% | 37.8% | ||
| Q2 25 | 10.0% | 27.3% | ||
| Q1 25 | 9.8% | 52.4% | ||
| Q4 24 | 13.4% | 66.0% | ||
| Q3 24 | 10.8% | 54.4% | ||
| Q2 24 | 8.8% | 62.2% |
净利率CSGSMBIN
| Q1 26 | — | 38.6% | ||
| Q4 25 | 2.2% | — | ||
| Q3 25 | 6.7% | 32.0% | ||
| Q2 25 | 4.1% | 21.2% | ||
| Q1 25 | 5.4% | 39.9% | ||
| Q4 24 | 10.9% | — | ||
| Q3 24 | 6.5% | 41.0% | ||
| Q2 24 | 4.8% | 47.9% |
每股收益（稀释后）CSGSMBIN
| Q1 26 | — | $1.25 | ||
| Q4 25 | $0.24 | $1.28 | ||
| Q3 25 | $0.73 | $0.97 | ||
| Q2 25 | $0.44 | $0.60 | ||
| Q1 25 | $0.57 | $0.93 | ||
| Q4 24 | $1.20 | $1.84 | ||
| Q3 24 | $0.67 | $1.17 | ||
| Q2 24 | $0.48 | $1.49 |
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 | $83.2M |
| 总债务越低越好 | $539.5M | $32.0M |
| 股东权益账面价值 | $283.7M | $2.3B |
| 总资产 | $1.5B | $20.3B |
| 负债/权益比越低杠杆越低 | 1.90× | 0.01× |
8季度趋势，按日历期对齐
现金及短期投资CSGSMBIN
| Q1 26 | — | $83.2M | ||
| Q4 25 | $180.0M | — | ||
| Q3 25 | $158.4M | — | ||
| Q2 25 | $145.9M | — | ||
| Q1 25 | $136.0M | — | ||
| Q4 24 | $161.8M | — | ||
| Q3 24 | $118.4M | — | ||
| Q2 24 | $110.4M | — |
总债务CSGSMBIN
| Q1 26 | — | $32.0M | ||
| 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CSGSMBIN
| Q1 26 | — | $2.3B | ||
| Q4 25 | $283.7M | $2.3B | ||
| Q3 25 | $289.5M | $2.2B | ||
| Q2 25 | $290.7M | $2.2B | ||
| Q1 25 | $283.1M | $2.2B | ||
| Q4 24 | $282.6M | $2.2B | ||
| Q3 24 | $288.4M | $1.9B | ||
| Q2 24 | $273.3M | $1.9B |
总资产CSGSMBIN
| Q1 26 | — | $20.3B | ||
| Q4 25 | $1.5B | $19.4B | ||
| Q3 25 | $1.5B | $19.4B | ||
| Q2 25 | $1.4B | $19.1B | ||
| Q1 25 | $1.4B | $18.8B | ||
| Q4 24 | $1.5B | $18.8B | ||
| Q3 24 | $1.4B | $18.7B | ||
| Q2 24 | $1.4B | $18.2B |
负债/权益比CSGSMBIN
| Q1 26 | — | 0.01× | ||
| 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 | — |
| 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× | — |
| 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CSGSMBIN
| Q1 26 | — | — | ||
| Q4 25 | $59.2M | $-341.2M | ||
| Q3 25 | $47.9M | $29.8M | ||
| Q2 25 | $37.3M | $-121.2M | ||
| Q1 25 | $11.5M | $148.0M | ||
| Q4 24 | $82.5M | $-835.3M | ||
| Q3 24 | $39.5M | $-492.6M | ||
| Q2 24 | $43.1M | $51.1M |
自由现金流CSGSMBIN
| Q1 26 | — | — | ||
| Q4 25 | $55.8M | $-362.2M | ||
| Q3 25 | $43.9M | $24.0M | ||
| Q2 25 | $34.6M | $-125.7M | ||
| Q1 25 | $7.1M | $141.2M | ||
| Q4 24 | $76.6M | $-853.7M | ||
| Q3 24 | $32.0M | $-497.2M | ||
| Q2 24 | $38.8M | $45.8M |
自由现金流率CSGSMBIN
| Q1 26 | — | — | ||
| Q4 25 | 17.3% | -195.5% | ||
| Q3 25 | 14.5% | 14.0% | ||
| Q2 25 | 11.6% | -70.1% | ||
| Q1 25 | 2.4% | 96.8% | ||
| Q4 24 | 24.2% | -440.6% | ||
| Q3 24 | 10.8% | -332.4% | ||
| Q2 24 | 13.4% | 28.7% |
资本支出强度CSGSMBIN
| Q1 26 | — | — | ||
| Q4 25 | 1.1% | 11.3% | ||
| Q3 25 | 1.3% | 3.4% | ||
| Q2 25 | 0.9% | 2.5% | ||
| Q1 25 | 1.5% | 4.7% | ||
| Q4 24 | 1.9% | 9.5% | ||
| Q3 24 | 2.5% | 3.0% | ||
| Q2 24 | 1.5% | 3.3% |
现金转化率CSGSMBIN
| Q1 26 | — | — | ||
| Q4 25 | 8.46× | — | ||
| Q3 25 | 2.34× | 0.54× | ||
| Q2 25 | 3.04× | -3.19× | ||
| Q1 25 | 0.71× | 2.54× | ||
| Q4 24 | 2.39× | — | ||
| Q3 24 | 2.07× | -8.04× | ||
| Q2 24 | 3.12× | 0.67× |
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% |
MBIN
| Net Interest Income | $128.6M | 73% |
| Noninterest Income | $46.6M | 27% |
