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南玻集团（CSGS）与MALIBU BOATS, INC.（MBUU）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MALIBU BOATS, INC.的1.7倍（$323.1M vs $188.6M），南玻集团净利率更高（2.2% vs -1.3%，领先3.5%），南玻集团同比增速更快（2.0% vs -5.8%），南玻集团自由现金流更多（$55.8M vs $8.2M），过去两年南玻集团的营收复合增速更高（4.6% vs -3.7%）
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。
马里布游艇是美国休闲游艇制造商，1982年创立于加利福尼亚州默塞德，现总部位于田纳西州洛登，在澳大利亚新南威尔士州也设有生产基地。它是全球最大的水上运动拖船制造商，产品可供休闲使用，也应用于滑水、尾波滑板等各类赛事活动。
CSGS vs MBUU — 直观对比
营收规模更大
CSGS
是对方的1.7倍
$188.6M
营收增速更快
CSGS
高出7.9%
-5.8%
净利率更高
CSGS
高出3.5%
-1.3%
自由现金流更多
CSGS
多$47.6M
$8.2M
两年增速更快
CSGS
近两年复合增速
-3.7%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $188.6M |
| 净利润 | $7.0M | $-2.5M |
| 毛利率 | 50.0% | 13.3% |
| 营业利润率 | 9.0% | -1.9% |
| 净利率 | 2.2% | -1.3% |
| 营收同比 | 2.0% | -5.8% |
| 净利润同比 | -79.7% | -204.2% |
| 每股收益（稀释后） | $0.24 | $-0.13 |
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CSGSMBUU
| Q4 25 | $323.1M | $188.6M | ||
| Q3 25 | $303.6M | $194.7M | ||
| Q2 25 | $297.1M | $207.0M | ||
| Q1 25 | $299.5M | $228.7M | ||
| Q4 24 | $316.7M | $200.3M | ||
| Q3 24 | $295.1M | $171.6M | ||
| Q2 24 | $290.3M | $158.7M | ||
| Q1 24 | $295.1M | $203.4M |
净利润CSGSMBUU
| Q4 25 | $7.0M | $-2.5M | ||
| Q3 25 | $20.5M | $-702.0K | ||
| Q2 25 | $12.3M | $4.7M | ||
| Q1 25 | $16.1M | $12.9M | ||
| Q4 24 | $34.5M | $2.4M | ||
| Q3 24 | $19.1M | $-5.0M | ||
| Q2 24 | $13.8M | $-19.2M | ||
| Q1 24 | $19.5M | $-66.8M |
毛利率CSGSMBUU
| Q4 25 | 50.0% | 13.3% | ||
| Q3 25 | 48.1% | 14.3% | ||
| Q2 25 | 49.5% | 15.8% | ||
| Q1 25 | 48.4% | 20.0% | ||
| Q4 24 | 51.3% | 18.7% | ||
| Q3 24 | 49.4% | 16.4% | ||
| Q2 24 | 47.3% | 7.9% | ||
| Q1 24 | 46.5% | 19.8% |
营业利润率CSGSMBUU
| Q4 25 | 9.0% | -1.9% | ||
| Q3 25 | 10.0% | -0.4% | ||
| Q2 25 | 10.0% | 3.3% | ||
| Q1 25 | 9.8% | 7.6% | ||
| Q4 24 | 13.4% | 1.6% | ||
| Q3 24 | 10.8% | -3.3% | ||
| Q2 24 | 8.8% | -15.4% | ||
| Q1 24 | 10.8% | -36.8% |
净利率CSGSMBUU
| Q4 25 | 2.2% | -1.3% | ||
| Q3 25 | 6.7% | -0.4% | ||
| Q2 25 | 4.1% | 2.3% | ||
| Q1 25 | 5.4% | 5.6% | ||
| Q4 24 | 10.9% | 1.2% | ||
| Q3 24 | 6.5% | -2.9% | ||
| Q2 24 | 4.8% | -12.1% | ||
| Q1 24 | 6.6% | -32.9% |
每股收益（稀释后）CSGSMBUU
| Q4 25 | $0.24 | $-0.13 | ||
| Q3 25 | $0.73 | $-0.04 | ||
| Q2 25 | $0.44 | $0.23 | ||
| Q1 25 | $0.57 | $0.66 | ||
| Q4 24 | $1.20 | $0.12 | ||
| Q3 24 | $0.67 | $-0.25 | ||
| Q2 24 | $0.48 | $-0.93 | ||
| Q1 24 | $0.68 | $-3.28 |
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 | $28.2M |
| 总债务越低越好 | $539.5M | $20.0M |
| 股东权益账面价值 | $283.7M | $495.0M |
| 总资产 | $1.5B | $715.7M |
| 负债/权益比越低杠杆越低 | 1.90× | 0.04× |
8季度趋势，按日历期对齐
现金及短期投资CSGSMBUU
| Q4 25 | $180.0M | $28.2M | ||
| Q3 25 | $158.4M | $44.1M | ||
| Q2 25 | $145.9M | $37.0M | ||
| Q1 25 | $136.0M | $38.7M | ||
| Q4 24 | $161.8M | $35.1M | ||
| Q3 24 | $118.4M | $27.7M | ||
| Q2 24 | $110.4M | $26.9M | ||
| Q1 24 | $120.8M | $47.1M |
总债务CSGSMBUU
| Q4 25 | $539.5M | $20.0M | ||
| Q3 25 | $538.6M | $23.0M | ||
| Q2 25 | $537.8M | $18.0M | ||
| Q1 25 | $537.6M | $28.0M | ||
| Q4 24 | $538.5M | $23.0M | ||
| Q3 24 | $539.5M | $28.0M | ||
| Q2 24 | $540.5M | $0 | ||
| Q1 24 | $541.5M | $15.0M |
股东权益CSGSMBUU
| Q4 25 | $283.7M | $495.0M | ||
| Q3 25 | $289.5M | $516.4M | ||
| Q2 25 | $290.7M | $515.5M | ||
| Q1 25 | $283.1M | $513.0M | ||
| Q4 24 | $282.6M | $509.8M | ||
| Q3 24 | $288.4M | $517.7M | ||
| Q2 24 | $273.3M | $530.0M | ||
| Q1 24 | $269.3M | $557.2M |
总资产CSGSMBUU
| Q4 25 | $1.5B | $715.7M | ||
| Q3 25 | $1.5B | $755.6M | ||
| Q2 25 | $1.4B | $734.6M | ||
| Q1 25 | $1.4B | $758.8M | ||
| Q4 24 | $1.5B | $738.7M | ||
| Q3 24 | $1.4B | $759.1M | ||
| Q2 24 | $1.4B | $739.6M | ||
| Q1 24 | $1.3B | $797.6M |
负债/权益比CSGSMBUU
| Q4 25 | 1.90× | 0.04× | ||
| Q3 25 | 1.86× | 0.04× | ||
| Q2 25 | 1.85× | 0.03× | ||
| Q1 25 | 1.90× | 0.05× | ||
| Q4 24 | 1.91× | 0.05× | ||
| Q3 24 | 1.87× | 0.05× | ||
| Q2 24 | 1.98× | 0.00× | ||
| Q1 24 | 2.01× | 0.03× |
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 | $12.6M |
| 自由现金流经营现金流 - 资本支出 | $55.8M | $8.2M |
| 自由现金流率自由现金流/营收 | 17.3% | 4.4% |
| 资本支出强度资本支出/营收 | 1.1% | 2.3% |
| 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 | $33.3M |
8季度趋势，按日历期对齐
经营现金流CSGSMBUU
| Q4 25 | $59.2M | $12.6M | ||
| Q3 25 | $47.9M | $6.5M | ||
| Q2 25 | $37.3M | $21.0M | ||
| Q1 25 | $11.5M | $15.5M | ||
| Q4 24 | $82.5M | $28.4M | ||
| Q3 24 | $39.5M | $-8.4M | ||
| Q2 24 | $43.1M | $16.3M | ||
| Q1 24 | $-29.4M | $23.5M |
自由现金流CSGSMBUU
| Q4 25 | $55.8M | $8.2M | ||
| Q3 25 | $43.9M | $2.2M | ||
| Q2 25 | $34.6M | $14.1M | ||
| Q1 25 | $7.1M | $8.8M | ||
| Q4 24 | $76.6M | $22.8M | ||
| Q3 24 | $32.0M | $-17.0M | ||
| Q2 24 | $38.8M | $4.5M | ||
| Q1 24 | $-34.1M | $11.5M |
自由现金流率CSGSMBUU
| Q4 25 | 17.3% | 4.4% | ||
| Q3 25 | 14.5% | 1.1% | ||
| Q2 25 | 11.6% | 6.8% | ||
| Q1 25 | 2.4% | 3.8% | ||
| Q4 24 | 24.2% | 11.4% | ||
| Q3 24 | 10.8% | -9.9% | ||
| Q2 24 | 13.4% | 2.8% | ||
| Q1 24 | -11.6% | 5.7% |
资本支出强度CSGSMBUU
| Q4 25 | 1.1% | 2.3% | ||
| Q3 25 | 1.3% | 2.2% | ||
| Q2 25 | 0.9% | 3.4% | ||
| Q1 25 | 1.5% | 2.9% | ||
| Q4 24 | 1.9% | 2.8% | ||
| Q3 24 | 2.5% | 5.0% | ||
| Q2 24 | 1.5% | 7.5% | ||
| Q1 24 | 1.6% | 5.9% |
现金转化率CSGSMBUU
| Q4 25 | 8.46× | — | ||
| Q3 25 | 2.34× | — | ||
| Q2 25 | 3.04× | 4.50× | ||
| Q1 25 | 0.71× | 1.20× | ||
| Q4 24 | 2.39× | 12.02× | ||
| Q3 24 | 2.07× | — | ||
| Q2 24 | 3.12× | — | ||
| Q1 24 | -1.51× | — |
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% |
MBUU
| Boatand Trailer Sales | $68.1M | 36% |
| Saltwater Fishing | $65.3M | 35% |
| Cobalt | $52.6M | 28% |
| Part And Other Sales | $2.6M | 1% |
