vs
南玻集团（CSGS）与通用动力（PLOW）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通用动力的1.8倍（$323.1M vs $184.5M），通用动力净利率更高（7.0% vs 2.2%，领先4.8%），通用动力同比增速更快（28.6% vs 2.0%），通用动力自由现金流更多（$92.8M vs $55.8M），过去两年通用动力的营收复合增速更高（38.9% 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。
通用动力公司是总部位于美国弗吉尼亚州雷斯顿的工业与科技企业，核心业务是研发制造各类先进军用装备，产品包括核潜艇、主战坦克、装甲战车等，同时也生产民用湾流公务机，并提供信息技术服务，是美国联邦政府前五大国防承包商之一。
CSGS vs PLOW — 直观对比
营收规模更大
CSGS
是对方的1.8倍
$184.5M
营收增速更快
PLOW
高出26.5%
2.0%
净利率更高
PLOW
高出4.8%
2.2%
自由现金流更多
PLOW
多$37.0M
$55.8M
两年增速更快
PLOW
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $184.5M |
| 净利润 | $7.0M | $12.8M |
| 毛利率 | 50.0% | 26.1% |
| 营业利润率 | 9.0% | 10.5% |
| 净利率 | 2.2% | 7.0% |
| 营收同比 | 2.0% | 28.6% |
| 净利润同比 | -79.7% | 62.3% |
| 每股收益（稀释后） | $0.24 | $0.54 |
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CSGSPLOW
| Q4 25 | $323.1M | $184.5M | ||
| Q3 25 | $303.6M | $162.1M | ||
| Q2 25 | $297.1M | $194.3M | ||
| Q1 25 | $299.5M | $115.1M | ||
| Q4 24 | $316.7M | $143.5M | ||
| Q3 24 | $295.1M | $129.4M | ||
| Q2 24 | $290.3M | $199.9M | ||
| Q1 24 | $295.1M | $95.7M |
净利润CSGSPLOW
| Q4 25 | $7.0M | $12.8M | ||
| Q3 25 | $20.5M | $8.0M | ||
| Q2 25 | $12.3M | $26.0M | ||
| Q1 25 | $16.1M | $148.0K | ||
| Q4 24 | $34.5M | $7.9M | ||
| Q3 24 | $19.1M | $32.3M | ||
| Q2 24 | $13.8M | $24.3M | ||
| Q1 24 | $19.5M | $-8.4M |
毛利率CSGSPLOW
| Q4 25 | 50.0% | 26.1% | ||
| Q3 25 | 48.1% | 23.5% | ||
| Q2 25 | 49.5% | 31.0% | ||
| Q1 25 | 48.4% | 24.5% | ||
| Q4 24 | 51.3% | 24.9% | ||
| Q3 24 | 49.4% | 23.9% | ||
| Q2 24 | 47.3% | 30.7% | ||
| Q1 24 | 46.5% | 19.8% |
营业利润率CSGSPLOW
| Q4 25 | 9.0% | 10.5% | ||
| Q3 25 | 10.0% | 8.7% | ||
| Q2 25 | 10.0% | 19.0% | ||
| Q1 25 | 9.8% | 2.8% | ||
| Q4 24 | 13.4% | 9.0% | ||
| Q3 24 | 10.8% | 35.4% | ||
| Q2 24 | 8.8% | 18.2% | ||
| Q1 24 | 10.8% | -6.7% |
净利率CSGSPLOW
| Q4 25 | 2.2% | 7.0% | ||
| Q3 25 | 6.7% | 4.9% | ||
| Q2 25 | 4.1% | 13.4% | ||
| Q1 25 | 5.4% | 0.1% | ||
| Q4 24 | 10.9% | 5.5% | ||
| Q3 24 | 6.5% | 24.9% | ||
| Q2 24 | 4.8% | 12.2% | ||
| Q1 24 | 6.6% | -8.7% |
每股收益（稀释后）CSGSPLOW
| Q4 25 | $0.24 | $0.54 | ||
| Q3 25 | $0.73 | $0.33 | ||
| Q2 25 | $0.44 | $1.09 | ||
| Q1 25 | $0.57 | $0.00 | ||
| Q4 24 | $1.20 | $0.35 | ||
| Q3 24 | $0.67 | $1.36 | ||
| Q2 24 | $0.48 | $1.02 | ||
| Q1 24 | $0.68 | $-0.37 |
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 | — |
| 总债务越低越好 | $539.5M | $144.0M |
| 股东权益账面价值 | $283.7M | $281.4M |
| 总资产 | $1.5B | $626.7M |
| 负债/权益比越低杠杆越低 | 1.90× | 0.51× |
8季度趋势，按日历期对齐
现金及短期投资CSGSPLOW
| Q4 25 | $180.0M | — | ||
| Q3 25 | $158.4M | — | ||
| Q2 25 | $145.9M | — | ||
| Q1 25 | $136.0M | — | ||
| Q4 24 | $161.8M | — | ||
| Q3 24 | $118.4M | — | ||
| Q2 24 | $110.4M | — | ||
| Q1 24 | $120.8M | — |
总债务CSGSPLOW
| Q4 25 | $539.5M | $144.0M | ||
| Q3 25 | $538.6M | — | ||
| Q2 25 | $537.8M | — | ||
| Q1 25 | $537.6M | — | ||
| Q4 24 | $538.5M | $147.5M | ||
| Q3 24 | $539.5M | — | ||
| Q2 24 | $540.5M | — | ||
| Q1 24 | $541.5M | — |
股东权益CSGSPLOW
| Q4 25 | $283.7M | $281.4M | ||
| Q3 25 | $289.5M | $275.3M | ||
| Q2 25 | $290.7M | $273.3M | ||
| Q1 25 | $283.1M | $258.9M | ||
| Q4 24 | $282.6M | $264.2M | ||
| Q3 24 | $288.4M | $260.8M | ||
| Q2 24 | $273.3M | $236.7M | ||
| Q1 24 | $269.3M | $217.2M |
总资产CSGSPLOW
| Q4 25 | $1.5B | $626.7M | ||
| Q3 25 | $1.5B | $694.9M | ||
| Q2 25 | $1.4B | $671.5M | ||
| Q1 25 | $1.4B | $621.0M | ||
| Q4 24 | $1.5B | $590.0M | ||
| Q3 24 | $1.4B | $665.6M | ||
| Q2 24 | $1.4B | $617.0M | ||
| Q1 24 | $1.3B | $577.1M |
负债/权益比CSGSPLOW
| Q4 25 | 1.90× | 0.51× | ||
| Q3 25 | 1.86× | — | ||
| Q2 25 | 1.85× | — | ||
| Q1 25 | 1.90× | — | ||
| Q4 24 | 1.91× | 0.56× | ||
| 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 | $95.9M |
| 自由现金流经营现金流 - 资本支出 | $55.8M | $92.8M |
| 自由现金流率自由现金流/营收 | 17.3% | 50.3% |
| 资本支出强度资本支出/营收 | 1.1% | 1.7% |
| 现金转化率经营现金流/净利润 | 8.46× | 7.47× |
| 过去12个月自由现金流最近4个季度 | $141.4M | $63.6M |
8季度趋势，按日历期对齐
经营现金流CSGSPLOW
| Q4 25 | $59.2M | $95.9M | ||
| Q3 25 | $47.9M | $-8.5M | ||
| Q2 25 | $37.3M | $-11.4M | ||
| Q1 25 | $11.5M | $-1.3M | ||
| Q4 24 | $82.5M | $74.4M | ||
| Q3 24 | $39.5M | $-14.2M | ||
| Q2 24 | $43.1M | $2.5M | ||
| Q1 24 | $-29.4M | $-21.6M |
自由现金流CSGSPLOW
| Q4 25 | $55.8M | $92.8M | ||
| Q3 25 | $43.9M | $-11.4M | ||
| Q2 25 | $34.6M | $-14.3M | ||
| Q1 25 | $7.1M | $-3.5M | ||
| Q4 24 | $76.6M | $70.2M | ||
| Q3 24 | $32.0M | $-15.2M | ||
| Q2 24 | $38.8M | $836.0K | ||
| Q1 24 | $-34.1M | $-22.4M |
自由现金流率CSGSPLOW
| Q4 25 | 17.3% | 50.3% | ||
| Q3 25 | 14.5% | -7.1% | ||
| Q2 25 | 11.6% | -7.4% | ||
| Q1 25 | 2.4% | -3.0% | ||
| Q4 24 | 24.2% | 48.9% | ||
| Q3 24 | 10.8% | -11.8% | ||
| Q2 24 | 13.4% | 0.4% | ||
| Q1 24 | -11.6% | -23.4% |
资本支出强度CSGSPLOW
| Q4 25 | 1.1% | 1.7% | ||
| Q3 25 | 1.3% | 1.8% | ||
| Q2 25 | 0.9% | 1.5% | ||
| Q1 25 | 1.5% | 1.9% | ||
| Q4 24 | 1.9% | 2.9% | ||
| Q3 24 | 2.5% | 0.8% | ||
| Q2 24 | 1.5% | 0.8% | ||
| Q1 24 | 1.6% | 0.8% |
现金转化率CSGSPLOW
| Q4 25 | 8.46× | 7.47× | ||
| Q3 25 | 2.34× | -1.07× | ||
| Q2 25 | 3.04× | -0.44× | ||
| Q1 25 | 0.71× | -9.03× | ||
| Q4 24 | 2.39× | 9.41× | ||
| Q3 24 | 2.07× | -0.44× | ||
| Q2 24 | 3.12× | 0.10× | ||
| 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% |
PLOW
| Work Truck Solutions | $101.5M | 55% |
| Transferred At Point In Time | $83.1M | 45% |
