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南玻集团（CSGS）与EPLUS INC（PLUS）财务数据对比。点击上方公司名可切换其他公司
EPLUS INC的季度营收约是南玻集团的1.9倍（$614.8M vs $323.1M），EPLUS INC净利率更高（5.7% vs 2.2%，领先3.5%），EPLUS INC同比增速更快（20.3% vs 2.0%），过去两年南玻集团的营收复合增速更高（4.6% vs 2.3%）
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。
ePlus Inc.是美国的科技咨询解决方案提供商，业务覆盖网络安全、云计算、网络架构、协作办公、人工智能及前沿技术领域，为超5000家客户提供定制化解决方案、专业咨询与托管服务，助力企业实现数字化转型与技术升级。
CSGS vs PLUS — 直观对比
营收规模更大
PLUS
是对方的1.9倍
$323.1M
营收增速更快
PLUS
高出18.3%
2.0%
净利率更高
PLUS
高出3.5%
2.2%
两年增速更快
CSGS
近两年复合增速
2.3%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $614.8M |
| 净利润 | $7.0M | $35.1M |
| 毛利率 | 50.0% | 25.8% |
| 营业利润率 | 9.0% | 7.1% |
| 净利率 | 2.2% | 5.7% |
| 营收同比 | 2.0% | 20.3% |
| 净利润同比 | -79.7% | 45.2% |
| 每股收益（稀释后） | $0.24 | $1.33 |
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CSGSPLUS
| Q4 25 | $323.1M | $614.8M | ||
| Q3 25 | $303.6M | $608.8M | ||
| Q2 25 | $297.1M | $637.3M | ||
| Q1 25 | $299.5M | — | ||
| Q4 24 | $316.7M | $493.2M | ||
| Q3 24 | $295.1M | $493.4M | ||
| Q2 24 | $290.3M | $535.7M | ||
| Q1 24 | $295.1M | — |
净利润CSGSPLUS
| Q4 25 | $7.0M | $35.1M | ||
| Q3 25 | $20.5M | $34.9M | ||
| Q2 25 | $12.3M | $37.7M | ||
| Q1 25 | $16.1M | — | ||
| Q4 24 | $34.5M | $24.1M | ||
| Q3 24 | $19.1M | $31.3M | ||
| Q2 24 | $13.8M | $27.3M | ||
| Q1 24 | $19.5M | — |
毛利率CSGSPLUS
| Q4 25 | 50.0% | 25.8% | ||
| Q3 25 | 48.1% | 26.6% | ||
| Q2 25 | 49.5% | 23.3% | ||
| Q1 25 | 48.4% | — | ||
| Q4 24 | 51.3% | 25.4% | ||
| Q3 24 | 49.4% | 25.8% | ||
| Q2 24 | 47.3% | 23.7% | ||
| Q1 24 | 46.5% | — |
营业利润率CSGSPLUS
| Q4 25 | 9.0% | 7.1% | ||
| Q3 25 | 10.0% | 8.0% | ||
| Q2 25 | 10.0% | 5.7% | ||
| Q1 25 | 9.8% | — | ||
| Q4 24 | 13.4% | 3.3% | ||
| Q3 24 | 10.8% | 5.5% | ||
| Q2 24 | 8.8% | 5.9% | ||
| Q1 24 | 10.8% | — |
净利率CSGSPLUS
| Q4 25 | 2.2% | 5.7% | ||
| Q3 25 | 6.7% | 5.7% | ||
| Q2 25 | 4.1% | 5.9% | ||
| Q1 25 | 5.4% | — | ||
| Q4 24 | 10.9% | 4.9% | ||
| Q3 24 | 6.5% | 6.3% | ||
| Q2 24 | 4.8% | 5.1% | ||
| Q1 24 | 6.6% | — |
每股收益（稀释后）CSGSPLUS
| Q4 25 | $0.24 | $1.33 | ||
| Q3 25 | $0.73 | $1.32 | ||
| Q2 25 | $0.44 | $1.43 | ||
| Q1 25 | $0.57 | — | ||
| Q4 24 | $1.20 | $0.91 | ||
| Q3 24 | $0.67 | $1.17 | ||
| Q2 24 | $0.48 | $1.02 | ||
| Q1 24 | $0.68 | — |
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 | $326.3M |
| 总债务越低越好 | $539.5M | — |
| 股东权益账面价值 | $283.7M | $1.1B |
| 总资产 | $1.5B | $1.8B |
| 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CSGSPLUS
| Q4 25 | $180.0M | $326.3M | ||
| Q3 25 | $158.4M | $402.2M | ||
| Q2 25 | $145.9M | $480.2M | ||
| Q1 25 | $136.0M | — | ||
| Q4 24 | $161.8M | $253.1M | ||
| Q3 24 | $118.4M | $187.5M | ||
| Q2 24 | $110.4M | $349.9M | ||
| Q1 24 | $120.8M | — |
总债务CSGSPLUS
| 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CSGSPLUS
| Q4 25 | $283.7M | $1.1B | ||
| Q3 25 | $289.5M | $1.0B | ||
| Q2 25 | $290.7M | $1.0B | ||
| Q1 25 | $283.1M | — | ||
| Q4 24 | $282.6M | $962.3M | ||
| Q3 24 | $288.4M | $947.0M | ||
| Q2 24 | $273.3M | $921.9M | ||
| Q1 24 | $269.3M | — |
总资产CSGSPLUS
| Q4 25 | $1.5B | $1.8B | ||
| Q3 25 | $1.5B | $1.8B | ||
| Q2 25 | $1.4B | $1.8B | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.5B | $1.8B | ||
| Q3 24 | $1.4B | $1.7B | ||
| Q2 24 | $1.4B | $1.7B | ||
| Q1 24 | $1.3B | — |
负债/权益比CSGSPLUS
| 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 | $-87.4M |
| 自由现金流经营现金流 - 资本支出 | $55.8M | — |
| 自由现金流率自由现金流/营收 | 17.3% | — |
| 资本支出强度资本支出/营收 | 1.1% | — |
| 现金转化率经营现金流/净利润 | 8.46× | -2.49× |
| 过去12个月自由现金流最近4个季度 | $141.4M | — |
8季度趋势，按日历期对齐
经营现金流CSGSPLUS
| Q4 25 | $59.2M | $-87.4M | ||
| Q3 25 | $47.9M | $-34.8M | ||
| Q2 25 | $37.3M | $-99.0M | ||
| Q1 25 | $11.5M | — | ||
| Q4 24 | $82.5M | $65.7M | ||
| Q3 24 | $39.5M | $-21.6M | ||
| Q2 24 | $43.1M | $97.1M | ||
| Q1 24 | $-29.4M | — |
自由现金流CSGSPLUS
| Q4 25 | $55.8M | — | ||
| Q3 25 | $43.9M | — | ||
| Q2 25 | $34.6M | — | ||
| Q1 25 | $7.1M | — | ||
| Q4 24 | $76.6M | — | ||
| Q3 24 | $32.0M | — | ||
| Q2 24 | $38.8M | — | ||
| Q1 24 | $-34.1M | — |
自由现金流率CSGSPLUS
| Q4 25 | 17.3% | — | ||
| Q3 25 | 14.5% | — | ||
| Q2 25 | 11.6% | — | ||
| Q1 25 | 2.4% | — | ||
| Q4 24 | 24.2% | — | ||
| Q3 24 | 10.8% | — | ||
| Q2 24 | 13.4% | — | ||
| Q1 24 | -11.6% | — |
资本支出强度CSGSPLUS
| Q4 25 | 1.1% | — | ||
| Q3 25 | 1.3% | — | ||
| Q2 25 | 0.9% | — | ||
| Q1 25 | 1.5% | — | ||
| Q4 24 | 1.9% | — | ||
| Q3 24 | 2.5% | — | ||
| Q2 24 | 1.5% | — | ||
| Q1 24 | 1.6% | — |
现金转化率CSGSPLUS
| Q4 25 | 8.46× | -2.49× | ||
| Q3 25 | 2.34× | -1.00× | ||
| Q2 25 | 3.04× | -2.63× | ||
| Q1 25 | 0.71× | — | ||
| Q4 24 | 2.39× | 2.72× | ||
| Q3 24 | 2.07× | -0.69× | ||
| Q2 24 | 3.12× | 3.55× | ||
| 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% |
PLUS
| All Others Customer End Market | $107.0M | 17% |
| Technology Customer End Market | $89.4M | 15% |
| Health Care Customer End Market | $81.5M | 13% |
| Financial Services Customer End Market | $66.1M | 11% |
| Professional Services Reporting Unit | $64.1M | 10% |
| Security | $61.1M | 10% |
| State And Local Government And Educational Institutions | $59.9M | 10% |
| Managed Services Reporting Unit | $48.8M | 8% |
| Other Product | $21.1M | 3% |
| Collaboration | $13.4M | 2% |
