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南玻集团（CSGS）与POTLATCHDELTIC CORP（PCH）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POTLATCHDELTIC CORP的1.0倍（$323.1M vs $314.2M），POTLATCHDELTIC CORP净利率更高（8.2% vs 2.2%，领先6.1%），POTLATCHDELTIC CORP同比增速更快（23.1% vs 2.0%），南玻集团自由现金流更多（$55.8M vs $50.1M），过去两年POTLATCHDELTIC CORP的营收复合增速更高（11.1% 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。
PotlatchDeltic是一家总部位于美国华盛顿州斯波坎的多元化林产品企业，业务覆盖林木培育、木材加工及相关林制品的生产与供应，在林业资源管理和产品研发领域拥有成熟的运营体系，为建筑、家居等多个下游行业提供优质原材料与产品解决方案。
CSGS vs PCH — 直观对比
营收规模更大
CSGS
是对方的1.0倍
$314.2M
营收增速更快
PCH
高出21.1%
2.0%
净利率更高
PCH
高出6.1%
2.2%
自由现金流更多
CSGS
多$5.7M
$50.1M
两年增速更快
PCH
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $314.2M |
| 净利润 | $7.0M | $25.9M |
| 毛利率 | 50.0% | 18.2% |
| 营业利润率 | 9.0% | 11.2% |
| 净利率 | 2.2% | 8.2% |
| 营收同比 | 2.0% | 23.1% |
| 净利润同比 | -79.7% | 682.5% |
| 每股收益（稀释后） | $0.24 | $0.33 |
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CSGSPCH
| Q4 25 | $323.1M | — | ||
| Q3 25 | $303.6M | $314.2M | ||
| Q2 25 | $297.1M | $275.0M | ||
| Q1 25 | $299.5M | $268.3M | ||
| Q4 24 | $316.7M | $258.1M | ||
| Q3 24 | $295.1M | $255.1M | ||
| Q2 24 | $290.3M | $320.7M | ||
| Q1 24 | $295.1M | $228.1M |
净利润CSGSPCH
| Q4 25 | $7.0M | — | ||
| Q3 25 | $20.5M | $25.9M | ||
| Q2 25 | $12.3M | $7.4M | ||
| Q1 25 | $16.1M | $25.8M | ||
| Q4 24 | $34.5M | $5.2M | ||
| Q3 24 | $19.1M | $3.3M | ||
| Q2 24 | $13.8M | $13.7M | ||
| Q1 24 | $19.5M | $-305.0K |
毛利率CSGSPCH
| Q4 25 | 50.0% | — | ||
| Q3 25 | 48.1% | 18.2% | ||
| Q2 25 | 49.5% | 13.0% | ||
| Q1 25 | 48.4% | 17.8% | ||
| Q4 24 | 51.3% | 13.4% | ||
| Q3 24 | 49.4% | 10.8% | ||
| Q2 24 | 47.3% | 11.9% | ||
| Q1 24 | 46.5% | 7.0% |
营业利润率CSGSPCH
| Q4 25 | 9.0% | — | ||
| Q3 25 | 10.0% | 11.2% | ||
| Q2 25 | 10.0% | 5.0% | ||
| Q1 25 | 9.8% | 10.3% | ||
| Q4 24 | 13.4% | 5.2% | ||
| Q3 24 | 10.8% | 2.8% | ||
| Q2 24 | 8.8% | 5.4% | ||
| Q1 24 | 10.8% | -2.1% |
净利率CSGSPCH
| Q4 25 | 2.2% | — | ||
| Q3 25 | 6.7% | 8.2% | ||
| Q2 25 | 4.1% | 2.7% | ||
| Q1 25 | 5.4% | 9.6% | ||
| Q4 24 | 10.9% | 2.0% | ||
| Q3 24 | 6.5% | 1.3% | ||
| Q2 24 | 4.8% | 4.3% | ||
| Q1 24 | 6.6% | -0.1% |
每股收益（稀释后）CSGSPCH
| Q4 25 | $0.24 | — | ||
| Q3 25 | $0.73 | $0.33 | ||
| Q2 25 | $0.44 | $0.09 | ||
| Q1 25 | $0.57 | $0.33 | ||
| Q4 24 | $1.20 | $0.07 | ||
| Q3 24 | $0.67 | $0.04 | ||
| Q2 24 | $0.48 | $0.17 | ||
| Q1 24 | $0.68 | $0.00 |
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 | $88.8M |
| 总债务越低越好 | $539.5M | — |
| 股东权益账面价值 | $283.7M | $1.9B |
| 总资产 | $1.5B | $3.2B |
| 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CSGSPCH
| Q4 25 | $180.0M | — | ||
| Q3 25 | $158.4M | $88.8M | ||
| Q2 25 | $145.9M | $95.3M | ||
| Q1 25 | $136.0M | $147.5M | ||
| Q4 24 | $161.8M | $151.6M | ||
| Q3 24 | $118.4M | $161.1M | ||
| Q2 24 | $110.4M | $199.7M | ||
| Q1 24 | $120.8M | $180.2M |
总债务CSGSPCH
| Q4 25 | $539.5M | — | ||
| Q3 25 | $538.6M | — | ||
| Q2 25 | $537.8M | — | ||
| Q1 25 | $537.6M | — | ||
| Q4 24 | $538.5M | $1.0B | ||
| Q3 24 | $539.5M | — | ||
| Q2 24 | $540.5M | — | ||
| Q1 24 | $541.5M | — |
股东权益CSGSPCH
| Q4 25 | $283.7M | — | ||
| Q3 25 | $289.5M | $1.9B | ||
| Q2 25 | $290.7M | $1.9B | ||
| Q1 25 | $283.1M | $2.0B | ||
| Q4 24 | $282.6M | $2.0B | ||
| Q3 24 | $288.4M | $2.1B | ||
| Q2 24 | $273.3M | $2.1B | ||
| Q1 24 | $269.3M | $2.2B |
总资产CSGSPCH
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.5B | $3.2B | ||
| Q2 25 | $1.4B | $3.2B | ||
| Q1 25 | $1.4B | $3.3B | ||
| Q4 24 | $1.5B | $3.3B | ||
| Q3 24 | $1.4B | $3.3B | ||
| Q2 24 | $1.4B | $3.4B | ||
| Q1 24 | $1.3B | $3.4B |
负债/权益比CSGSPCH
| Q4 25 | 1.90× | — | ||
| Q3 25 | 1.86× | — | ||
| Q2 25 | 1.85× | — | ||
| Q1 25 | 1.90× | — | ||
| Q4 24 | 1.91× | 0.51× | ||
| 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 | $65.7M |
| 自由现金流经营现金流 - 资本支出 | $55.8M | $50.1M |
| 自由现金流率自由现金流/营收 | 17.3% | 15.9% |
| 资本支出强度资本支出/营收 | 1.1% | 4.9% |
| 现金转化率经营现金流/净利润 | 8.46× | 2.54× |
| 过去12个月自由现金流最近4个季度 | $141.4M | $132.4M |
8季度趋势，按日历期对齐
经营现金流CSGSPCH
| Q4 25 | $59.2M | — | ||
| Q3 25 | $47.9M | $65.7M | ||
| Q2 25 | $37.3M | $41.0M | ||
| Q1 25 | $11.5M | $49.1M | ||
| Q4 24 | $82.5M | $45.4M | ||
| Q3 24 | $39.5M | $26.5M | ||
| Q2 24 | $43.1M | $100.6M | ||
| Q1 24 | $-29.4M | $16.0M |
自由现金流CSGSPCH
| Q4 25 | $55.8M | — | ||
| Q3 25 | $43.9M | $50.1M | ||
| Q2 25 | $34.6M | $30.6M | ||
| Q1 25 | $7.1M | $26.3M | ||
| Q4 24 | $76.6M | $25.4M | ||
| Q3 24 | $32.0M | $-8.2M | ||
| Q2 24 | $38.8M | $72.4M | ||
| Q1 24 | $-34.1M | $2.0M |
自由现金流率CSGSPCH
| Q4 25 | 17.3% | — | ||
| Q3 25 | 14.5% | 15.9% | ||
| Q2 25 | 11.6% | 11.1% | ||
| Q1 25 | 2.4% | 9.8% | ||
| Q4 24 | 24.2% | 9.9% | ||
| Q3 24 | 10.8% | -3.2% | ||
| Q2 24 | 13.4% | 22.6% | ||
| Q1 24 | -11.6% | 0.9% |
资本支出强度CSGSPCH
| Q4 25 | 1.1% | — | ||
| Q3 25 | 1.3% | 4.9% | ||
| Q2 25 | 0.9% | 3.8% | ||
| Q1 25 | 1.5% | 8.5% | ||
| Q4 24 | 1.9% | 7.7% | ||
| Q3 24 | 2.5% | 13.6% | ||
| Q2 24 | 1.5% | 8.8% | ||
| Q1 24 | 1.6% | 6.1% |
现金转化率CSGSPCH
| Q4 25 | 8.46× | — | ||
| Q3 25 | 2.34× | 2.54× | ||
| Q2 25 | 3.04× | 5.58× | ||
| Q1 25 | 0.71× | 1.90× | ||
| Q4 24 | 2.39× | 8.74× | ||
| Q3 24 | 2.07× | 7.99× | ||
| Q2 24 | 3.12× | 7.35× | ||
| 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% |
PCH
| Lumber | $131.8M | 42% |
| Timberlands | $52.5M | 17% |
| Rural Real Estate | $51.3M | 16% |
| Residuals And Panels | $34.0M | 11% |
| Pulpwood | $16.7M | 5% |
| Development Real Estate | $14.6M | 5% |
| Other | $8.1M | 3% |
| Other Products | $5.2M | 2% |
