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南玻集团（CSGS）与PROASSURANCE CORP（PRA）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PROASSURANCE CORP的1.2倍（$323.1M vs $269.6M），PROASSURANCE CORP净利率更高（12.4% vs 2.2%，领先10.2%），南玻集团同比增速更快（2.0% vs -7.1%），过去两年南玻集团的营收复合增速更高（4.6% vs -2.7%）
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。
保信集团（ProAssurance）总部位于美国阿拉巴马州伯明翰，是一家财产意外保险公司，主打面向医生的职业责任保险业务。公司前身为1976年成立的Mutual Assurance，1997年更名为Medical Assurance，2001年与Professionals Group合并后改为现名，目前是全美第四大医疗职业责任险承保机构，总资产超60亿美元。
CSGS vs PRA — 直观对比
营收规模更大
CSGS
是对方的1.2倍
$269.6M
营收增速更快
CSGS
高出9.1%
-7.1%
净利率更高
PRA
高出10.2%
2.2%
两年增速更快
CSGS
近两年复合增速
-2.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $269.6M |
| 净利润 | $7.0M | $33.4M |
| 毛利率 | 50.0% | — |
| 营业利润率 | 9.0% | 17.3% |
| 净利率 | 2.2% | 12.4% |
| 营收同比 | 2.0% | -7.1% |
| 净利润同比 | -79.7% | 106.4% |
| 每股收益（稀释后） | $0.24 | $0.65 |
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CSGSPRA
| Q4 25 | $323.1M | $269.6M | ||
| Q3 25 | $303.6M | $279.6M | ||
| Q2 25 | $297.1M | $276.8M | ||
| Q1 25 | $299.5M | $272.1M | ||
| Q4 24 | $316.7M | $290.1M | ||
| Q3 24 | $295.1M | $285.3M | ||
| Q2 24 | $290.3M | $290.4M | ||
| Q1 24 | $295.1M | $284.7M |
净利润CSGSPRA
| Q4 25 | $7.0M | $33.4M | ||
| Q3 25 | $20.5M | $1.4M | ||
| Q2 25 | $12.3M | $21.9M | ||
| Q1 25 | $16.1M | $-5.8M | ||
| Q4 24 | $34.5M | $16.2M | ||
| Q3 24 | $19.1M | $16.4M | ||
| Q2 24 | $13.8M | $15.5M | ||
| Q1 24 | $19.5M | $4.6M |
毛利率CSGSPRA
| Q4 25 | 50.0% | — | ||
| Q3 25 | 48.1% | — | ||
| Q2 25 | 49.5% | — | ||
| Q1 25 | 48.4% | — | ||
| Q4 24 | 51.3% | — | ||
| Q3 24 | 49.4% | — | ||
| Q2 24 | 47.3% | — | ||
| Q1 24 | 46.5% | — |
营业利润率CSGSPRA
| Q4 25 | 9.0% | 17.3% | ||
| Q3 25 | 10.0% | 1.6% | ||
| Q2 25 | 10.0% | 9.9% | ||
| Q1 25 | 9.8% | -2.3% | ||
| Q4 24 | 13.4% | 6.5% | ||
| Q3 24 | 10.8% | 7.4% | ||
| Q2 24 | 8.8% | 6.2% | ||
| Q1 24 | 10.8% | 1.9% |
净利率CSGSPRA
| Q4 25 | 2.2% | 12.4% | ||
| Q3 25 | 6.7% | 0.5% | ||
| Q2 25 | 4.1% | 7.9% | ||
| Q1 25 | 5.4% | -2.1% | ||
| Q4 24 | 10.9% | 5.6% | ||
| Q3 24 | 6.5% | 5.8% | ||
| Q2 24 | 4.8% | 5.3% | ||
| Q1 24 | 6.6% | 1.6% |
每股收益（稀释后）CSGSPRA
| Q4 25 | $0.24 | $0.65 | ||
| Q3 25 | $0.73 | $0.03 | ||
| Q2 25 | $0.44 | $0.42 | ||
| Q1 25 | $0.57 | $-0.11 | ||
| Q4 24 | $1.20 | $0.32 | ||
| Q3 24 | $0.67 | $0.32 | ||
| Q2 24 | $0.48 | $0.30 | ||
| Q1 24 | $0.68 | $0.09 |
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 | $36.5M |
| 总债务越低越好 | $539.5M | $420.4M |
| 股东权益账面价值 | $283.7M | $1.3B |
| 总资产 | $1.5B | $5.4B |
| 负债/权益比越低杠杆越低 | 1.90× | 0.31× |
8季度趋势，按日历期对齐
现金及短期投资CSGSPRA
| Q4 25 | $180.0M | $36.5M | ||
| Q3 25 | $158.4M | $54.5M | ||
| Q2 25 | $145.9M | $41.6M | ||
| Q1 25 | $136.0M | $43.5M | ||
| Q4 24 | $161.8M | $54.9M | ||
| Q3 24 | $118.4M | $45.3M | ||
| Q2 24 | $110.4M | $36.9M | ||
| Q1 24 | $120.8M | $65.4M |
总债务CSGSPRA
| Q4 25 | $539.5M | $420.4M | ||
| Q3 25 | $538.6M | $421.5M | ||
| Q2 25 | $537.8M | $422.6M | ||
| Q1 25 | $537.6M | $423.7M | ||
| Q4 24 | $538.5M | $424.9M | ||
| Q3 24 | $539.5M | $425.9M | ||
| Q2 24 | $540.5M | $426.9M | ||
| Q1 24 | $541.5M | $427.8M |
股东权益CSGSPRA
| Q4 25 | $283.7M | $1.3B | ||
| Q3 25 | $289.5M | $1.3B | ||
| Q2 25 | $290.7M | $1.3B | ||
| Q1 25 | $283.1M | $1.2B | ||
| Q4 24 | $282.6M | $1.2B | ||
| Q3 24 | $288.4M | $1.2B | ||
| Q2 24 | $273.3M | $1.1B | ||
| Q1 24 | $269.3M | $1.1B |
总资产CSGSPRA
| Q4 25 | $1.5B | $5.4B | ||
| Q3 25 | $1.5B | $5.6B | ||
| Q2 25 | $1.4B | $5.5B | ||
| Q1 25 | $1.4B | $5.5B | ||
| Q4 24 | $1.5B | $5.6B | ||
| Q3 24 | $1.4B | $5.7B | ||
| Q2 24 | $1.4B | $5.6B | ||
| Q1 24 | $1.3B | $5.7B |
负债/权益比CSGSPRA
| Q4 25 | 1.90× | 0.31× | ||
| Q3 25 | 1.86× | 0.32× | ||
| Q2 25 | 1.85× | 0.33× | ||
| Q1 25 | 1.90× | 0.34× | ||
| Q4 24 | 1.91× | 0.35× | ||
| Q3 24 | 1.87× | 0.35× | ||
| Q2 24 | 1.98× | 0.38× | ||
| Q1 24 | 2.01× | 0.38× |
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 | $-25.6M |
| 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× | -0.77× |
| 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CSGSPRA
| Q4 25 | $59.2M | $-25.6M | ||
| Q3 25 | $47.9M | $27.2M | ||
| Q2 25 | $37.3M | $-28.1M | ||
| Q1 25 | $11.5M | $-11.6M | ||
| Q4 24 | $82.5M | $-10.7M | ||
| Q3 24 | $39.5M | $14.0M | ||
| Q2 24 | $43.1M | $-12.8M | ||
| Q1 24 | $-29.4M | $-11.6M |
自由现金流CSGSPRA
| 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CSGSPRA
| 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CSGSPRA
| 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CSGSPRA
| Q4 25 | 8.46× | -0.77× | ||
| Q3 25 | 2.34× | 18.81× | ||
| Q2 25 | 3.04× | -1.28× | ||
| Q1 25 | 0.71× | — | ||
| Q4 24 | 2.39× | -0.66× | ||
| Q3 24 | 2.07× | 0.85× | ||
| Q2 24 | 3.12× | -0.83× | ||
| Q1 24 | -1.51× | -2.52× |
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% |
PRA
| Workers Compensation Insurance Segment | $164.4M | 61% |
| Other | $59.6M | 22% |
| Segregated Portfolio Cell Reinsurance | $45.7M | 17% |
