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南玻集团（CSGS）与MSA Safety Inc（MSA）财务数据对比。点击上方公司名可切换其他公司
MSA Safety Inc的季度营收约是南玻集团的1.6倍（$510.9M vs $323.1M），MSA Safety Inc净利率更高（17.0% vs 2.2%，领先14.8%），MSA Safety Inc同比增速更快（2.2% vs 2.0%），MSA Safety Inc自由现金流更多（$106.0M vs $55.8M），过去两年MSA Safety Inc的营收复合增速更高（11.2% 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。
MSA安全是美国专业安全设备生产供应商，面向建筑、军事、消防、化工、油气等存在高危作业场景的多个行业提供安全防护产品及解决方案，总部位于美国匹兹堡近郊的克兰伯里。
CSGS vs MSA — 直观对比
营收规模更大
MSA
是对方的1.6倍
$323.1M
营收增速更快
MSA
高出0.2%
2.0%
净利率更高
MSA
高出14.8%
2.2%
自由现金流更多
MSA
多$50.2M
$55.8M
两年增速更快
MSA
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $510.9M |
| 净利润 | $7.0M | $86.9M |
| 毛利率 | 50.0% | 46.9% |
| 营业利润率 | 9.0% | 22.3% |
| 净利率 | 2.2% | 17.0% |
| 营收同比 | 2.0% | 2.2% |
| 净利润同比 | -79.7% | -1.2% |
| 每股收益（稀释后） | $0.24 | $2.22 |
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CSGSMSA
| Q4 25 | $323.1M | $510.9M | ||
| Q3 25 | $303.6M | $468.4M | ||
| Q2 25 | $297.1M | $474.1M | ||
| Q1 25 | $299.5M | $421.3M | ||
| Q4 24 | $316.7M | $499.7M | ||
| Q3 24 | $295.1M | $432.7M | ||
| Q2 24 | $290.3M | $462.5M | ||
| Q1 24 | $295.1M | $413.3M |
净利润CSGSMSA
| Q4 25 | $7.0M | $86.9M | ||
| Q3 25 | $20.5M | $69.6M | ||
| Q2 25 | $12.3M | $62.8M | ||
| Q1 25 | $16.1M | $59.6M | ||
| Q4 24 | $34.5M | $87.9M | ||
| Q3 24 | $19.1M | $66.6M | ||
| Q2 24 | $13.8M | $72.2M | ||
| Q1 24 | $19.5M | $58.1M |
毛利率CSGSMSA
| Q4 25 | 50.0% | 46.9% | ||
| Q3 25 | 48.1% | 46.5% | ||
| Q2 25 | 49.5% | 46.6% | ||
| Q1 25 | 48.4% | 45.9% | ||
| Q4 24 | 51.3% | 46.9% | ||
| Q3 24 | 49.4% | 47.9% | ||
| Q2 24 | 47.3% | 48.2% | ||
| Q1 24 | 46.5% | 47.3% |
营业利润率CSGSMSA
| Q4 25 | 9.0% | 22.3% | ||
| Q3 25 | 10.0% | 20.1% | ||
| Q2 25 | 10.0% | 18.1% | ||
| Q1 25 | 9.8% | 18.5% | ||
| Q4 24 | 13.4% | 23.5% | ||
| Q3 24 | 10.8% | 21.1% | ||
| Q2 24 | 8.8% | 21.6% | ||
| Q1 24 | 10.8% | 19.4% |
净利率CSGSMSA
| Q4 25 | 2.2% | 17.0% | ||
| Q3 25 | 6.7% | 14.9% | ||
| Q2 25 | 4.1% | 13.2% | ||
| Q1 25 | 5.4% | 14.1% | ||
| Q4 24 | 10.9% | 17.6% | ||
| Q3 24 | 6.5% | 15.4% | ||
| Q2 24 | 4.8% | 15.6% | ||
| Q1 24 | 6.6% | 14.1% |
每股收益（稀释后）CSGSMSA
| Q4 25 | $0.24 | $2.22 | ||
| Q3 25 | $0.73 | $1.77 | ||
| Q2 25 | $0.44 | $1.59 | ||
| Q1 25 | $0.57 | $1.51 | ||
| Q4 24 | $1.20 | $2.22 | ||
| Q3 24 | $0.67 | $1.69 | ||
| Q2 24 | $0.48 | $1.83 | ||
| Q1 24 | $0.68 | $1.47 |
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 | $165.1M |
| 总债务越低越好 | $539.5M | $580.9M |
| 股东权益账面价值 | $283.7M | $1.4B |
| 总资产 | $1.5B | $2.6B |
| 负债/权益比越低杠杆越低 | 1.90× | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资CSGSMSA
| Q4 25 | $180.0M | $165.1M | ||
| Q3 25 | $158.4M | $170.0M | ||
| Q2 25 | $145.9M | $147.0M | ||
| Q1 25 | $136.0M | $170.6M | ||
| Q4 24 | $161.8M | $164.6M | ||
| Q3 24 | $118.4M | $154.4M | ||
| Q2 24 | $110.4M | $146.8M | ||
| Q1 24 | $120.8M | $148.3M |
总债务CSGSMSA
| Q4 25 | $539.5M | $580.9M | ||
| Q3 25 | $538.6M | $628.6M | ||
| Q2 25 | $537.8M | $679.3M | ||
| Q1 25 | $537.6M | $502.1M | ||
| Q4 24 | $538.5M | $508.0M | ||
| Q3 24 | $539.5M | $554.7M | ||
| Q2 24 | $540.5M | $588.2M | ||
| Q1 24 | $541.5M | $596.2M |
股东权益CSGSMSA
| Q4 25 | $283.7M | $1.4B | ||
| Q3 25 | $289.5M | $1.3B | ||
| Q2 25 | $290.7M | $1.3B | ||
| Q1 25 | $283.1M | $1.2B | ||
| Q4 24 | $282.6M | $1.1B | ||
| Q3 24 | $288.4M | $1.1B | ||
| Q2 24 | $273.3M | $1.0B | ||
| Q1 24 | $269.3M | $994.8M |
总资产CSGSMSA
| Q4 25 | $1.5B | $2.6B | ||
| Q3 25 | $1.5B | $2.6B | ||
| Q2 25 | $1.4B | $2.6B | ||
| Q1 25 | $1.4B | $2.2B | ||
| Q4 24 | $1.5B | $2.2B | ||
| Q3 24 | $1.4B | $2.2B | ||
| Q2 24 | $1.4B | $2.2B | ||
| Q1 24 | $1.3B | $2.2B |
负债/权益比CSGSMSA
| Q4 25 | 1.90× | 0.42× | ||
| Q3 25 | 1.86× | 0.48× | ||
| Q2 25 | 1.85× | 0.54× | ||
| Q1 25 | 1.90× | 0.42× | ||
| Q4 24 | 1.91× | 0.44× | ||
| Q3 24 | 1.87× | 0.51× | ||
| Q2 24 | 1.98× | 0.57× | ||
| Q1 24 | 2.01× | 0.60× |
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 | $122.4M |
| 自由现金流经营现金流 - 资本支出 | $55.8M | $106.0M |
| 自由现金流率自由现金流/营收 | 17.3% | 20.8% |
| 资本支出强度资本支出/营收 | 1.1% | 3.2% |
| 现金转化率经营现金流/净利润 | 8.46× | 1.41× |
| 过去12个月自由现金流最近4个季度 | $141.4M | $295.4M |
8季度趋势，按日历期对齐
经营现金流CSGSMSA
| Q4 25 | $59.2M | $122.4M | ||
| Q3 25 | $47.9M | $112.5M | ||
| Q2 25 | $37.3M | $67.2M | ||
| Q1 25 | $11.5M | $61.8M | ||
| Q4 24 | $82.5M | $107.9M | ||
| Q3 24 | $39.5M | $84.3M | ||
| Q2 24 | $43.1M | $53.3M | ||
| Q1 24 | $-29.4M | $50.9M |
自由现金流CSGSMSA
| Q4 25 | $55.8M | $106.0M | ||
| Q3 25 | $43.9M | $100.5M | ||
| Q2 25 | $34.6M | $37.9M | ||
| Q1 25 | $7.1M | $51.0M | ||
| Q4 24 | $76.6M | $93.5M | ||
| Q3 24 | $32.0M | $70.1M | ||
| Q2 24 | $38.8M | $39.0M | ||
| Q1 24 | $-34.1M | $39.7M |
自由现金流率CSGSMSA
| Q4 25 | 17.3% | 20.8% | ||
| Q3 25 | 14.5% | 21.4% | ||
| Q2 25 | 11.6% | 8.0% | ||
| Q1 25 | 2.4% | 12.1% | ||
| Q4 24 | 24.2% | 18.7% | ||
| Q3 24 | 10.8% | 16.2% | ||
| Q2 24 | 13.4% | 8.4% | ||
| Q1 24 | -11.6% | 9.6% |
资本支出强度CSGSMSA
| Q4 25 | 1.1% | 3.2% | ||
| Q3 25 | 1.3% | 2.6% | ||
| Q2 25 | 0.9% | 6.2% | ||
| Q1 25 | 1.5% | 2.6% | ||
| Q4 24 | 1.9% | 2.9% | ||
| Q3 24 | 2.5% | 3.3% | ||
| Q2 24 | 1.5% | 3.1% | ||
| Q1 24 | 1.6% | 2.7% |
现金转化率CSGSMSA
| Q4 25 | 8.46× | 1.41× | ||
| Q3 25 | 2.34× | 1.62× | ||
| Q2 25 | 3.04× | 1.07× | ||
| Q1 25 | 0.71× | 1.04× | ||
| Q4 24 | 2.39× | 1.23× | ||
| Q3 24 | 2.07× | 1.27× | ||
| Q2 24 | 3.12× | 0.74× | ||
| Q1 24 | -1.51× | 0.88× |
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% |
MSA
| Americas Segment | $335.2M | 66% |
| International Segment | $175.7M | 34% |
