vs
南玻集团（CSGS）与RBC Bearings INC（RBC）财务数据对比。点击上方公司名可切换其他公司
RBC Bearings INC的季度营收约是南玻集团的1.4倍（$461.6M vs $323.1M），RBC Bearings INC净利率更高（14.6% vs 2.2%，领先12.4%），RBC Bearings INC同比增速更快（17.0% vs 2.0%），RBC Bearings INC自由现金流更多（$99.1M vs $55.8M），过去两年RBC Bearings INC的营收复合增速更高（5.6% 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。
该文本实际介绍的并非RBC Bearings，而是美国多佛公司。多佛是一家工业产品综合制造商，1955年成立，总部位于伊利诺伊州当纳斯格罗夫。2021年其业务分为五大板块：工程产品、清洁能源与加注、成像与识别、泵与工艺解决方案、气候与可持续技术，是标普500成分股，在纽约证券交易所上市。
CSGS vs RBC — 直观对比
营收规模更大
RBC
是对方的1.4倍
$323.1M
营收增速更快
RBC
高出15.0%
2.0%
净利率更高
RBC
高出12.4%
2.2%
自由现金流更多
RBC
多$43.3M
$55.8M
两年增速更快
RBC
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $461.6M |
| 净利润 | $7.0M | $67.4M |
| 毛利率 | 50.0% | 44.3% |
| 营业利润率 | 9.0% | 22.3% |
| 净利率 | 2.2% | 14.6% |
| 营收同比 | 2.0% | 17.0% |
| 净利润同比 | -79.7% | 16.4% |
| 每股收益（稀释后） | $0.24 | $2.13 |
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CSGSRBC
| Q4 25 | $323.1M | $461.6M | ||
| Q3 25 | $303.6M | $455.3M | ||
| Q2 25 | $297.1M | $436.0M | ||
| Q1 25 | $299.5M | $437.7M | ||
| Q4 24 | $316.7M | $394.4M | ||
| Q3 24 | $295.1M | $397.9M | ||
| Q2 24 | $290.3M | $406.3M | ||
| Q1 24 | $295.1M | $413.7M |
净利润CSGSRBC
| Q4 25 | $7.0M | $67.4M | ||
| Q3 25 | $20.5M | $60.0M | ||
| Q2 25 | $12.3M | $68.5M | ||
| Q1 25 | $16.1M | $72.7M | ||
| Q4 24 | $34.5M | $57.9M | ||
| Q3 24 | $19.1M | $54.2M | ||
| Q2 24 | $13.8M | $61.4M | ||
| Q1 24 | $19.5M | — |
毛利率CSGSRBC
| Q4 25 | 50.0% | 44.3% | ||
| Q3 25 | 48.1% | 44.1% | ||
| Q2 25 | 49.5% | 44.8% | ||
| Q1 25 | 48.4% | 44.2% | ||
| Q4 24 | 51.3% | 44.3% | ||
| Q3 24 | 49.4% | 43.7% | ||
| Q2 24 | 47.3% | 45.3% | ||
| Q1 24 | 46.5% | 43.1% |
营业利润率CSGSRBC
| Q4 25 | 9.0% | 22.3% | ||
| Q3 25 | 10.0% | 21.5% | ||
| Q2 25 | 10.0% | 23.2% | ||
| Q1 25 | 9.8% | 23.0% | ||
| Q4 24 | 13.4% | 21.7% | ||
| Q3 24 | 10.8% | 21.6% | ||
| Q2 24 | 8.8% | 24.0% | ||
| Q1 24 | 10.8% | 22.8% |
净利率CSGSRBC
| Q4 25 | 2.2% | 14.6% | ||
| Q3 25 | 6.7% | 13.2% | ||
| Q2 25 | 4.1% | 15.7% | ||
| Q1 25 | 5.4% | 16.6% | ||
| Q4 24 | 10.9% | 14.7% | ||
| Q3 24 | 6.5% | 13.6% | ||
| Q2 24 | 4.8% | 15.1% | ||
| Q1 24 | 6.6% | — |
每股收益（稀释后）CSGSRBC
| Q4 25 | $0.24 | $2.13 | ||
| Q3 25 | $0.73 | $1.90 | ||
| Q2 25 | $0.44 | $2.17 | ||
| Q1 25 | $0.57 | $2.33 | ||
| Q4 24 | $1.20 | $1.82 | ||
| Q3 24 | $0.67 | $1.65 | ||
| Q2 24 | $0.48 | $1.90 | ||
| Q1 24 | $0.68 | $1.92 |
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 | $107.6M |
| 总债务越低越好 | $539.5M | $990.2M |
| 股东权益账面价值 | $283.7M | $3.3B |
| 总资产 | $1.5B | $5.1B |
| 负债/权益比越低杠杆越低 | 1.90× | 0.30× |
8季度趋势，按日历期对齐
现金及短期投资CSGSRBC
| Q4 25 | $180.0M | $107.6M | ||
| Q3 25 | $158.4M | $91.2M | ||
| Q2 25 | $145.9M | $132.9M | ||
| Q1 25 | $136.0M | $36.8M | ||
| Q4 24 | $161.8M | — | ||
| Q3 24 | $118.4M | — | ||
| Q2 24 | $110.4M | $76.8M | ||
| Q1 24 | $120.8M | $63.5M |
总债务CSGSRBC
| Q4 25 | $539.5M | $990.2M | ||
| Q3 25 | $538.6M | $1.1B | ||
| Q2 25 | $537.8M | $915.6M | ||
| Q1 25 | $537.6M | $920.1M | ||
| Q4 24 | $538.5M | — | ||
| Q3 24 | $539.5M | — | ||
| Q2 24 | $540.5M | — | ||
| Q1 24 | $541.5M | $1.2B |
股东权益CSGSRBC
| Q4 25 | $283.7M | $3.3B | ||
| Q3 25 | $289.5M | $3.2B | ||
| Q2 25 | $290.7M | $3.1B | ||
| Q1 25 | $283.1M | $3.0B | ||
| Q4 24 | $282.6M | $2.9B | ||
| Q3 24 | $288.4M | $2.9B | ||
| Q2 24 | $273.3M | $2.8B | ||
| Q1 24 | $269.3M | $2.8B |
总资产CSGSRBC
| Q4 25 | $1.5B | $5.1B | ||
| Q3 25 | $1.5B | $5.1B | ||
| Q2 25 | $1.4B | $4.8B | ||
| Q1 25 | $1.4B | $4.7B | ||
| Q4 24 | $1.5B | $4.7B | ||
| Q3 24 | $1.4B | $4.7B | ||
| Q2 24 | $1.4B | $4.7B | ||
| Q1 24 | $1.3B | $4.7B |
负债/权益比CSGSRBC
| Q4 25 | 1.90× | 0.30× | ||
| Q3 25 | 1.86× | 0.34× | ||
| Q2 25 | 1.85× | 0.29× | ||
| Q1 25 | 1.90× | 0.30× | ||
| Q4 24 | 1.91× | — | ||
| Q3 24 | 1.87× | — | ||
| Q2 24 | 1.98× | — | ||
| Q1 24 | 2.01× | 0.43× |
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 | $122.1M |
| 自由现金流经营现金流 - 资本支出 | $55.8M | $99.1M |
| 自由现金流率自由现金流/营收 | 17.3% | 21.5% |
| 资本支出强度资本支出/营收 | 1.1% | 5.0% |
| 现金转化率经营现金流/净利润 | 8.46× | 1.81× |
| 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CSGSRBC
| Q4 25 | $59.2M | $122.1M | ||
| Q3 25 | $47.9M | $88.4M | ||
| Q2 25 | $37.3M | $120.0M | ||
| Q1 25 | $11.5M | — | ||
| Q4 24 | $82.5M | $84.0M | ||
| Q3 24 | $39.5M | — | ||
| Q2 24 | $43.1M | $97.4M | ||
| Q1 24 | $-29.4M | — |
自由现金流CSGSRBC
| Q4 25 | $55.8M | $99.1M | ||
| Q3 25 | $43.9M | $71.7M | ||
| Q2 25 | $34.6M | $104.3M | ||
| Q1 25 | $7.1M | — | ||
| Q4 24 | $76.6M | $73.6M | ||
| Q3 24 | $32.0M | — | ||
| Q2 24 | $38.8M | $88.4M | ||
| Q1 24 | $-34.1M | — |
自由现金流率CSGSRBC
| Q4 25 | 17.3% | 21.5% | ||
| Q3 25 | 14.5% | 15.7% | ||
| Q2 25 | 11.6% | 23.9% | ||
| Q1 25 | 2.4% | — | ||
| Q4 24 | 24.2% | 18.7% | ||
| Q3 24 | 10.8% | — | ||
| Q2 24 | 13.4% | 21.8% | ||
| Q1 24 | -11.6% | — |
资本支出强度CSGSRBC
| Q4 25 | 1.1% | 5.0% | ||
| Q3 25 | 1.3% | 3.7% | ||
| Q2 25 | 0.9% | 3.6% | ||
| Q1 25 | 1.5% | 3.2% | ||
| Q4 24 | 1.9% | 2.6% | ||
| Q3 24 | 2.5% | 4.1% | ||
| Q2 24 | 1.5% | 2.2% | ||
| Q1 24 | 1.6% | — |
现金转化率CSGSRBC
| Q4 25 | 8.46× | 1.81× | ||
| Q3 25 | 2.34× | 1.47× | ||
| Q2 25 | 3.04× | 1.75× | ||
| Q1 25 | 0.71× | — | ||
| Q4 24 | 2.39× | 1.45× | ||
| Q3 24 | 2.07× | — | ||
| Q2 24 | 3.12× | 1.59× | ||
| 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% |
RBC
| Domestic | $413.3M | 90% |
| Foreign | $48.3M | 10% |
