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南玻集团（CSGS）与Rocket Lab Corp（RKLB）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Rocket Lab Corp的1.8倍（$323.1M vs $179.7M），南玻集团净利率更高（2.2% vs -29.5%，领先31.6%），Rocket Lab Corp同比增速更快（35.7% vs 2.0%），南玻集团自由现金流更多（$55.8M vs $-114.2M），过去两年Rocket Lab Corp的营收复合增速更高（39.2% 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。
Rocket Lab是公开上市的航空航天制造商及发射服务提供商，旗下Electron轨道火箭主打小型卫星发射，截至2026年1月已成功完成超75次任务，是全球现役发射次数最多的小型运载火箭。公司还开发了Electron的亚轨道改型HASTE用作高超音速技术测试平台，下一代可复用中型运载火箭Neutron目前也在研发中。
CSGS vs RKLB — 直观对比
营收规模更大
CSGS
是对方的1.8倍
$179.7M
营收增速更快
RKLB
高出33.7%
2.0%
净利率更高
CSGS
高出31.6%
-29.5%
自由现金流更多
CSGS
多$170.0M
$-114.2M
两年增速更快
RKLB
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $179.7M |
| 净利润 | $7.0M | $-52.9M |
| 毛利率 | 50.0% | 38.0% |
| 营业利润率 | 9.0% | -28.4% |
| 净利率 | 2.2% | -29.5% |
| 营收同比 | 2.0% | 35.7% |
| 净利润同比 | -79.7% | -1.1% |
| 每股收益（稀释后） | $0.24 | $-0.09 |
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CSGSRKLB
| Q4 25 | $323.1M | $179.7M | ||
| Q3 25 | $303.6M | $155.1M | ||
| Q2 25 | $297.1M | $144.5M | ||
| Q1 25 | $299.5M | $122.6M | ||
| Q4 24 | $316.7M | $132.4M | ||
| Q3 24 | $295.1M | $104.8M | ||
| Q2 24 | $290.3M | $106.3M | ||
| Q1 24 | $295.1M | $92.8M |
净利润CSGSRKLB
| Q4 25 | $7.0M | $-52.9M | ||
| Q3 25 | $20.5M | $-18.3M | ||
| Q2 25 | $12.3M | $-66.4M | ||
| Q1 25 | $16.1M | $-60.6M | ||
| Q4 24 | $34.5M | $-52.3M | ||
| Q3 24 | $19.1M | $-51.9M | ||
| Q2 24 | $13.8M | $-41.6M | ||
| Q1 24 | $19.5M | $-44.3M |
毛利率CSGSRKLB
| Q4 25 | 50.0% | 38.0% | ||
| Q3 25 | 48.1% | 37.0% | ||
| Q2 25 | 49.5% | 32.1% | ||
| Q1 25 | 48.4% | 28.8% | ||
| Q4 24 | 51.3% | 27.8% | ||
| Q3 24 | 49.4% | 26.7% | ||
| Q2 24 | 47.3% | 25.6% | ||
| Q1 24 | 46.5% | 26.1% |
营业利润率CSGSRKLB
| Q4 25 | 9.0% | -28.4% | ||
| Q3 25 | 10.0% | -38.0% | ||
| Q2 25 | 10.0% | -41.3% | ||
| Q1 25 | 9.8% | -48.3% | ||
| Q4 24 | 13.4% | -38.9% | ||
| Q3 24 | 10.8% | -49.5% | ||
| Q2 24 | 8.8% | -40.7% | ||
| Q1 24 | 10.8% | -46.4% |
净利率CSGSRKLB
| Q4 25 | 2.2% | -29.5% | ||
| Q3 25 | 6.7% | -11.8% | ||
| Q2 25 | 4.1% | -46.0% | ||
| Q1 25 | 5.4% | -49.5% | ||
| Q4 24 | 10.9% | -39.5% | ||
| Q3 24 | 6.5% | -49.6% | ||
| Q2 24 | 4.8% | -39.2% | ||
| Q1 24 | 6.6% | -47.7% |
每股收益（稀释后）CSGSRKLB
| Q4 25 | $0.24 | $-0.09 | ||
| Q3 25 | $0.73 | $-0.03 | ||
| Q2 25 | $0.44 | $-0.13 | ||
| Q1 25 | $0.57 | $-0.12 | ||
| Q4 24 | $1.20 | $-0.11 | ||
| Q3 24 | $0.67 | $-0.10 | ||
| Q2 24 | $0.48 | $-0.08 | ||
| 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 | $1.0B |
| 总债务越低越好 | $539.5M | $152.4M |
| 股东权益账面价值 | $283.7M | $1.7B |
| 总资产 | $1.5B | $2.3B |
| 负债/权益比越低杠杆越低 | 1.90× | 0.09× |
8季度趋势，按日历期对齐
现金及短期投资CSGSRKLB
| Q4 25 | $180.0M | $1.0B | ||
| Q3 25 | $158.4M | $976.7M | ||
| Q2 25 | $145.9M | $688.1M | ||
| Q1 25 | $136.0M | $428.4M | ||
| Q4 24 | $161.8M | $419.0M | ||
| Q3 24 | $118.4M | $442.4M | ||
| Q2 24 | $110.4M | $496.8M | ||
| Q1 24 | $120.8M | $492.5M |
总债务CSGSRKLB
| Q4 25 | $539.5M | $152.4M | ||
| Q3 25 | $538.6M | $347.0M | ||
| Q2 25 | $537.8M | $346.5M | ||
| Q1 25 | $537.6M | $345.9M | ||
| Q4 24 | $538.5M | $345.4M | ||
| Q3 24 | $539.5M | $61.2M | ||
| Q2 24 | $540.5M | $64.2M | ||
| Q1 24 | $541.5M | $66.8M |
股东权益CSGSRKLB
| Q4 25 | $283.7M | $1.7B | ||
| Q3 25 | $289.5M | $1.3B | ||
| Q2 25 | $290.7M | $688.5M | ||
| Q1 25 | $283.1M | $431.3M | ||
| Q4 24 | $282.6M | $382.5M | ||
| Q3 24 | $288.4M | $419.8M | ||
| Q2 24 | $273.3M | $455.2M | ||
| Q1 24 | $269.3M | $478.9M |
总资产CSGSRKLB
| Q4 25 | $1.5B | $2.3B | ||
| Q3 25 | $1.5B | $2.2B | ||
| Q2 25 | $1.4B | $1.6B | ||
| Q1 25 | $1.4B | $1.3B | ||
| Q4 24 | $1.5B | $1.2B | ||
| Q3 24 | $1.4B | $1.2B | ||
| Q2 24 | $1.4B | $1.2B | ||
| Q1 24 | $1.3B | $1.2B |
负债/权益比CSGSRKLB
| Q4 25 | 1.90× | 0.09× | ||
| Q3 25 | 1.86× | 0.27× | ||
| Q2 25 | 1.85× | 0.50× | ||
| Q1 25 | 1.90× | 0.80× | ||
| Q4 24 | 1.91× | 0.90× | ||
| Q3 24 | 1.87× | 0.15× | ||
| Q2 24 | 1.98× | 0.14× | ||
| Q1 24 | 2.01× | 0.14× |
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 | $-64.5M |
| 自由现金流经营现金流 - 资本支出 | $55.8M | $-114.2M |
| 自由现金流率自由现金流/营收 | 17.3% | -63.6% |
| 资本支出强度资本支出/营收 | 1.1% | 27.6% |
| 现金转化率经营现金流/净利润 | 8.46× | — |
| 过去12个月自由现金流最近4个季度 | $141.4M | $-321.8M |
8季度趋势，按日历期对齐
经营现金流CSGSRKLB
| Q4 25 | $59.2M | $-64.5M | ||
| Q3 25 | $47.9M | $-23.5M | ||
| Q2 25 | $37.3M | $-23.2M | ||
| Q1 25 | $11.5M | $-54.2M | ||
| Q4 24 | $82.5M | $-2.4M | ||
| Q3 24 | $39.5M | $-30.9M | ||
| Q2 24 | $43.1M | $-13.0M | ||
| Q1 24 | $-29.4M | $-2.6M |
自由现金流CSGSRKLB
| Q4 25 | $55.8M | $-114.2M | ||
| Q3 25 | $43.9M | $-69.4M | ||
| Q2 25 | $34.6M | $-55.3M | ||
| Q1 25 | $7.1M | $-82.9M | ||
| Q4 24 | $76.6M | $-23.9M | ||
| Q3 24 | $32.0M | $-41.9M | ||
| Q2 24 | $38.8M | $-28.3M | ||
| Q1 24 | $-34.1M | $-21.8M |
自由现金流率CSGSRKLB
| Q4 25 | 17.3% | -63.6% | ||
| Q3 25 | 14.5% | -44.8% | ||
| Q2 25 | 11.6% | -38.3% | ||
| Q1 25 | 2.4% | -67.6% | ||
| Q4 24 | 24.2% | -18.1% | ||
| Q3 24 | 10.8% | -40.0% | ||
| Q2 24 | 13.4% | -26.7% | ||
| Q1 24 | -11.6% | -23.5% |
资本支出强度CSGSRKLB
| Q4 25 | 1.1% | 27.6% | ||
| Q3 25 | 1.3% | 29.6% | ||
| Q2 25 | 0.9% | 22.2% | ||
| Q1 25 | 1.5% | 23.4% | ||
| Q4 24 | 1.9% | 16.3% | ||
| Q3 24 | 2.5% | 10.5% | ||
| Q2 24 | 1.5% | 14.4% | ||
| Q1 24 | 1.6% | 20.7% |
现金转化率CSGSRKLB
| Q4 25 | 8.46× | — | ||
| Q3 25 | 2.34× | — | ||
| Q2 25 | 3.04× | — | ||
| Q1 25 | 0.71× | — | ||
| Q4 24 | 2.39× | — | ||
| Q3 24 | 2.07× | — | ||
| Q2 24 | 3.12× | — | ||
| 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% |
RKLB
| Products | $94.0M | 52% |
| Transferred Over Time | $87.3M | 49% |
