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南玻集团（CSGS）与ORMAT TECHNOLOGIES, INC.（ORA）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ORMAT TECHNOLOGIES, INC.的1.2倍（$323.1M vs $276.0M），ORMAT TECHNOLOGIES, INC.净利率更高（11.4% vs 2.2%，领先9.2%），ORMAT TECHNOLOGIES, INC.同比增速更快（19.6% vs 2.0%），南玻集团自由现金流更多（$55.8M vs $-40.0M），过去两年ORMAT TECHNOLOGIES, INC.的营收复合增速更高（11.0% 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。
Ormat Technologies是总部位于美国内华达州里诺的跨国企业，主打可再生地热能源技术，累计建成超190座电站，总装机容量超3200兆瓦；截至2021年1月自主运营933兆瓦地热及余热回收电站，还向全球多国供应超千台涡轮增压器。
CSGS vs ORA — 直观对比
营收规模更大
CSGS
是对方的1.2倍
$276.0M
营收增速更快
ORA
高出17.6%
2.0%
净利率更高
ORA
高出9.2%
2.2%
自由现金流更多
CSGS
多$95.8M
$-40.0M
两年增速更快
ORA
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $276.0M |
| 净利润 | $7.0M | $31.4M |
| 毛利率 | 50.0% | 28.6% |
| 营业利润率 | 9.0% | 15.4% |
| 净利率 | 2.2% | 11.4% |
| 营收同比 | 2.0% | 19.6% |
| 净利润同比 | -79.7% | -23.2% |
| 每股收益（稀释后） | $0.24 | $0.51 |
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CSGSORA
| Q4 25 | $323.1M | $276.0M | ||
| Q3 25 | $303.6M | $249.7M | ||
| Q2 25 | $297.1M | $234.0M | ||
| Q1 25 | $299.5M | $229.8M | ||
| Q4 24 | $316.7M | $230.7M | ||
| Q3 24 | $295.1M | $211.8M | ||
| Q2 24 | $290.3M | $213.0M | ||
| Q1 24 | $295.1M | $224.2M |
净利润CSGSORA
| Q4 25 | $7.0M | $31.4M | ||
| Q3 25 | $20.5M | $24.1M | ||
| Q2 25 | $12.3M | $28.0M | ||
| Q1 25 | $16.1M | $40.4M | ||
| Q4 24 | $34.5M | $40.8M | ||
| Q3 24 | $19.1M | $22.1M | ||
| Q2 24 | $13.8M | $22.2M | ||
| Q1 24 | $19.5M | $38.6M |
毛利率CSGSORA
| Q4 25 | 50.0% | 28.6% | ||
| Q3 25 | 48.1% | 25.6% | ||
| Q2 25 | 49.5% | 24.3% | ||
| Q1 25 | 48.4% | 31.7% | ||
| Q4 24 | 51.3% | 31.9% | ||
| Q3 24 | 49.4% | 27.8% | ||
| Q2 24 | 47.3% | 28.8% | ||
| Q1 24 | 46.5% | 35.2% |
营业利润率CSGSORA
| Q4 25 | 9.0% | 15.4% | ||
| Q3 25 | 10.0% | 16.2% | ||
| Q2 25 | 10.0% | 15.1% | ||
| Q1 25 | 9.8% | 22.2% | ||
| Q4 24 | 13.4% | 21.3% | ||
| Q3 24 | 10.8% | 16.8% | ||
| Q2 24 | 8.8% | 16.5% | ||
| Q1 24 | 10.8% | 23.5% |
净利率CSGSORA
| Q4 25 | 2.2% | 11.4% | ||
| Q3 25 | 6.7% | 9.7% | ||
| Q2 25 | 4.1% | 12.0% | ||
| Q1 25 | 5.4% | 17.6% | ||
| Q4 24 | 10.9% | 17.7% | ||
| Q3 24 | 6.5% | 10.4% | ||
| Q2 24 | 4.8% | 10.4% | ||
| Q1 24 | 6.6% | 17.2% |
每股收益（稀释后）CSGSORA
| Q4 25 | $0.24 | $0.51 | ||
| Q3 25 | $0.73 | $0.39 | ||
| Q2 25 | $0.44 | $0.46 | ||
| Q1 25 | $0.57 | $0.66 | ||
| Q4 24 | $1.20 | $0.67 | ||
| Q3 24 | $0.67 | $0.36 | ||
| Q2 24 | $0.48 | $0.37 | ||
| Q1 24 | $0.68 | $0.64 |
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 | $147.4M |
| 总债务越低越好 | $539.5M | $2.7B |
| 股东权益账面价值 | $283.7M | $2.5B |
| 总资产 | $1.5B | $6.2B |
| 负债/权益比越低杠杆越低 | 1.90× | 1.05× |
8季度趋势，按日历期对齐
现金及短期投资CSGSORA
| Q4 25 | $180.0M | $147.4M | ||
| Q3 25 | $158.4M | $79.6M | ||
| Q2 25 | $145.9M | $88.5M | ||
| Q1 25 | $136.0M | $112.7M | ||
| Q4 24 | $161.8M | $94.4M | ||
| Q3 24 | $118.4M | $88.1M | ||
| Q2 24 | $110.4M | $66.3M | ||
| Q1 24 | $120.8M | $201.5M |
总债务CSGSORA
| Q4 25 | $539.5M | $2.7B | ||
| Q3 25 | $538.6M | — | ||
| Q2 25 | $537.8M | — | ||
| Q1 25 | $537.6M | — | ||
| Q4 24 | $538.5M | $2.3B | ||
| Q3 24 | $539.5M | — | ||
| Q2 24 | $540.5M | — | ||
| Q1 24 | $541.5M | — |
股东权益CSGSORA
| Q4 25 | $283.7M | $2.5B | ||
| Q3 25 | $289.5M | $2.5B | ||
| Q2 25 | $290.7M | $2.5B | ||
| Q1 25 | $283.1M | $2.5B | ||
| Q4 24 | $282.6M | $2.4B | ||
| Q3 24 | $288.4M | $2.4B | ||
| Q2 24 | $273.3M | $2.4B | ||
| Q1 24 | $269.3M | $2.4B |
总资产CSGSORA
| Q4 25 | $1.5B | $6.2B | ||
| Q3 25 | $1.5B | $6.1B | ||
| Q2 25 | $1.4B | $6.0B | ||
| Q1 25 | $1.4B | $5.8B | ||
| Q4 24 | $1.5B | $5.7B | ||
| Q3 24 | $1.4B | $5.6B | ||
| Q2 24 | $1.4B | $5.5B | ||
| Q1 24 | $1.3B | $5.5B |
负债/权益比CSGSORA
| Q4 25 | 1.90× | 1.05× | ||
| Q3 25 | 1.86× | — | ||
| Q2 25 | 1.85× | — | ||
| Q1 25 | 1.90× | — | ||
| Q4 24 | 1.91× | 0.97× | ||
| 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 | $105.0M |
| 自由现金流经营现金流 - 资本支出 | $55.8M | $-40.0M |
| 自由现金流率自由现金流/营收 | 17.3% | -14.5% |
| 资本支出强度资本支出/营收 | 1.1% | 52.6% |
| 现金转化率经营现金流/净利润 | 8.46× | 3.35× |
| 过去12个月自由现金流最近4个季度 | $141.4M | $-284.7M |
8季度趋势，按日历期对齐
经营现金流CSGSORA
| Q4 25 | $59.2M | $105.0M | ||
| Q3 25 | $47.9M | $45.2M | ||
| Q2 25 | $37.3M | $96.9M | ||
| Q1 25 | $11.5M | $88.0M | ||
| Q4 24 | $82.5M | $158.6M | ||
| Q3 24 | $39.5M | $106.4M | ||
| Q2 24 | $43.1M | $30.7M | ||
| Q1 24 | $-29.4M | $115.2M |
自由现金流CSGSORA
| Q4 25 | $55.8M | $-40.0M | ||
| Q3 25 | $43.9M | $-102.1M | ||
| Q2 25 | $34.6M | $-37.9M | ||
| Q1 25 | $7.1M | $-104.6M | ||
| Q4 24 | $76.6M | $30.9M | ||
| Q3 24 | $32.0M | $-3.3M | ||
| Q2 24 | $38.8M | $-116.1M | ||
| Q1 24 | $-34.1M | $11.8M |
自由现金流率CSGSORA
| Q4 25 | 17.3% | -14.5% | ||
| Q3 25 | 14.5% | -40.9% | ||
| Q2 25 | 11.6% | -16.2% | ||
| Q1 25 | 2.4% | -45.5% | ||
| Q4 24 | 24.2% | 13.4% | ||
| Q3 24 | 10.8% | -1.6% | ||
| Q2 24 | 13.4% | -54.5% | ||
| Q1 24 | -11.6% | 5.3% |
资本支出强度CSGSORA
| Q4 25 | 1.1% | 52.6% | ||
| Q3 25 | 1.3% | 59.0% | ||
| Q2 25 | 0.9% | 57.6% | ||
| Q1 25 | 1.5% | 83.8% | ||
| Q4 24 | 1.9% | 55.4% | ||
| Q3 24 | 2.5% | 51.8% | ||
| Q2 24 | 1.5% | 69.0% | ||
| Q1 24 | 1.6% | 46.1% |
现金转化率CSGSORA
| Q4 25 | 8.46× | 3.35× | ||
| Q3 25 | 2.34× | 1.87× | ||
| Q2 25 | 3.04× | 3.45× | ||
| Q1 25 | 0.71× | 2.18× | ||
| Q4 24 | 2.39× | 3.89× | ||
| Q3 24 | 2.07× | 4.82× | ||
| Q2 24 | 3.12× | 1.38× | ||
| Q1 24 | -1.51× | 2.99× |
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% |
ORA
| Electricity | $186.6M | 68% |
| Products | $63.1M | 23% |
| Energy Storage Segment | $26.3M | 10% |
| Product Segment | $1.2M | 0% |
