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南玻集团（CSGS）与丰田北美（MPAA）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丰田北美的1.9倍（$323.1M vs $167.7M），南玻集团净利率更高（2.2% vs 1.1%，领先1.1%），南玻集团同比增速更快（2.0% vs -9.9%），南玻集团自由现金流更多（$55.8M vs $-8.6M），过去两年南玻集团的营收复合增速更高（4.6% vs -5.9%）
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。
丰田北美（TMNA）是丰田汽车旗下负责加拿大、墨西哥及美国全境业务的运营子公司，业务范围覆盖研发、生产制造、销售营销、售后及企业管理等板块，相关核心业务由TMNA统筹，部分板块由其他子公司及控股企业负责执行，公司总部位于得克萨斯州普莱诺，在肯塔基州乔治敦等多地设有分支机构。
CSGS vs MPAA — 直观对比
营收规模更大
CSGS
是对方的1.9倍
$167.7M
营收增速更快
CSGS
高出12.0%
-9.9%
净利率更高
CSGS
高出1.1%
1.1%
自由现金流更多
CSGS
多$64.5M
$-8.6M
两年增速更快
CSGS
近两年复合增速
-5.9%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $167.7M |
| 净利润 | $7.0M | $1.8M |
| 毛利率 | 50.0% | 19.6% |
| 营业利润率 | 9.0% | 5.0% |
| 净利率 | 2.2% | 1.1% |
| 营收同比 | 2.0% | -9.9% |
| 净利润同比 | -79.7% | -22.4% |
| 每股收益（稀释后） | $0.24 | $0.09 |
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CSGSMPAA
| Q4 25 | $323.1M | $167.7M | ||
| Q3 25 | $303.6M | $221.5M | ||
| Q2 25 | $297.1M | $188.4M | ||
| Q1 25 | $299.5M | $193.1M | ||
| Q4 24 | $316.7M | $186.2M | ||
| Q3 24 | $295.1M | $208.2M | ||
| Q2 24 | $290.3M | $169.9M | ||
| Q1 24 | $295.1M | $189.5M |
净利润CSGSMPAA
| Q4 25 | $7.0M | $1.8M | ||
| Q3 25 | $20.5M | $-2.1M | ||
| Q2 25 | $12.3M | $3.0M | ||
| Q1 25 | $16.1M | $-722.0K | ||
| Q4 24 | $34.5M | $2.3M | ||
| Q3 24 | $19.1M | $-3.0M | ||
| Q2 24 | $13.8M | $-18.1M | ||
| Q1 24 | $19.5M | $1.3M |
毛利率CSGSMPAA
| Q4 25 | 50.0% | 19.6% | ||
| Q3 25 | 48.1% | 19.3% | ||
| Q2 25 | 49.5% | 18.0% | ||
| Q1 25 | 48.4% | 19.9% | ||
| Q4 24 | 51.3% | 24.1% | ||
| Q3 24 | 49.4% | 19.8% | ||
| Q2 24 | 47.3% | 17.2% | ||
| Q1 24 | 46.5% | 18.4% |
营业利润率CSGSMPAA
| Q4 25 | 9.0% | 5.0% | ||
| Q3 25 | 10.0% | 7.4% | ||
| Q2 25 | 10.0% | 10.7% | ||
| Q1 25 | 9.8% | 8.4% | ||
| Q4 24 | 13.4% | 9.4% | ||
| Q3 24 | 10.8% | 6.0% | ||
| Q2 24 | 8.8% | -3.8% | ||
| Q1 24 | 10.8% | 6.4% |
净利率CSGSMPAA
| Q4 25 | 2.2% | 1.1% | ||
| Q3 25 | 6.7% | -1.0% | ||
| Q2 25 | 4.1% | 1.6% | ||
| Q1 25 | 5.4% | -0.4% | ||
| Q4 24 | 10.9% | 1.2% | ||
| Q3 24 | 6.5% | -1.4% | ||
| Q2 24 | 4.8% | -10.6% | ||
| Q1 24 | 6.6% | 0.7% |
每股收益（稀释后）CSGSMPAA
| Q4 25 | $0.24 | $0.09 | ||
| Q3 25 | $0.73 | $-0.11 | ||
| Q2 25 | $0.44 | $0.15 | ||
| Q1 25 | $0.57 | $-0.03 | ||
| Q4 24 | $1.20 | $0.11 | ||
| Q3 24 | $0.67 | $-0.15 | ||
| Q2 24 | $0.48 | $-0.92 | ||
| Q1 24 | $0.68 | $0.06 |
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 | $19.6M |
| 总债务越低越好 | $539.5M | — |
| 股东权益账面价值 | $283.7M | $258.5M |
| 总资产 | $1.5B | $991.3M |
| 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CSGSMPAA
| Q4 25 | $180.0M | $19.6M | ||
| Q3 25 | $158.4M | $17.7M | ||
| Q2 25 | $145.9M | $14.5M | ||
| Q1 25 | $136.0M | $11.3M | ||
| Q4 24 | $161.8M | $12.7M | ||
| Q3 24 | $118.4M | $12.3M | ||
| Q2 24 | $110.4M | $9.4M | ||
| Q1 24 | $120.8M | $15.8M |
总债务CSGSMPAA
| 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 | — | ||
| Q1 24 | $541.5M | — |
股东权益CSGSMPAA
| Q4 25 | $283.7M | $258.5M | ||
| Q3 25 | $289.5M | $258.5M | ||
| Q2 25 | $290.7M | $260.1M | ||
| Q1 25 | $283.1M | $257.7M | ||
| Q4 24 | $282.6M | $262.7M | ||
| Q3 24 | $288.4M | $264.0M | ||
| Q2 24 | $273.3M | $267.2M | ||
| Q1 24 | $269.3M | $285.1M |
总资产CSGSMPAA
| Q4 25 | $1.5B | $991.3M | ||
| Q3 25 | $1.5B | $990.0M | ||
| Q2 25 | $1.4B | $973.4M | ||
| Q1 25 | $1.4B | $957.6M | ||
| Q4 24 | $1.5B | $949.5M | ||
| Q3 24 | $1.4B | $986.2M | ||
| Q2 24 | $1.4B | $978.0M | ||
| Q1 24 | $1.3B | $1.0B |
负债/权益比CSGSMPAA
| 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× | — | ||
| Q1 24 | 2.01× | — |
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 | $-8.2M |
| 自由现金流经营现金流 - 资本支出 | $55.8M | $-8.6M |
| 自由现金流率自由现金流/营收 | 17.3% | -5.2% |
| 资本支出强度资本支出/营收 | 1.1% | 0.2% |
| 现金转化率经营现金流/净利润 | 8.46× | -4.63× |
| 过去12个月自由现金流最近4个季度 | $141.4M | $27.7M |
8季度趋势，按日历期对齐
经营现金流CSGSMPAA
| Q4 25 | $59.2M | $-8.2M | ||
| Q3 25 | $47.9M | $21.9M | ||
| Q2 25 | $37.3M | $10.0M | ||
| Q1 25 | $11.5M | $9.1M | ||
| Q4 24 | $82.5M | $34.4M | ||
| Q3 24 | $39.5M | $22.9M | ||
| Q2 24 | $43.1M | $-20.8M | ||
| Q1 24 | $-29.4M | $-9.3M |
自由现金流CSGSMPAA
| Q4 25 | $55.8M | $-8.6M | ||
| Q3 25 | $43.9M | $20.8M | ||
| Q2 25 | $34.6M | $9.2M | ||
| Q1 25 | $7.1M | $6.2M | ||
| Q4 24 | $76.6M | $33.7M | ||
| Q3 24 | $32.0M | $22.3M | ||
| Q2 24 | $38.8M | $-21.3M | ||
| Q1 24 | $-34.1M | $-9.8M |
自由现金流率CSGSMPAA
| Q4 25 | 17.3% | -5.2% | ||
| Q3 25 | 14.5% | 9.4% | ||
| Q2 25 | 11.6% | 4.9% | ||
| Q1 25 | 2.4% | 3.2% | ||
| Q4 24 | 24.2% | 18.1% | ||
| Q3 24 | 10.8% | 10.7% | ||
| Q2 24 | 13.4% | -12.6% | ||
| Q1 24 | -11.6% | -5.2% |
资本支出强度CSGSMPAA
| Q4 25 | 1.1% | 0.2% | ||
| Q3 25 | 1.3% | 0.5% | ||
| Q2 25 | 0.9% | 0.4% | ||
| Q1 25 | 1.5% | 1.5% | ||
| Q4 24 | 1.9% | 0.4% | ||
| Q3 24 | 2.5% | 0.3% | ||
| Q2 24 | 1.5% | 0.3% | ||
| Q1 24 | 1.6% | 0.3% |
现金转化率CSGSMPAA
| Q4 25 | 8.46× | -4.63× | ||
| Q3 25 | 2.34× | — | ||
| Q2 25 | 3.04× | 3.30× | ||
| Q1 25 | 0.71× | — | ||
| Q4 24 | 2.39× | 15.00× | ||
| Q3 24 | 2.07× | — | ||
| Q2 24 | 3.12× | — | ||
| Q1 24 | -1.51× | -6.93× |
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% |
MPAA
| Reportable Segment Aggregation Before Other Operating Segment | $156.3M | 93% |
| Other | $11.4M | 7% |
