vs
南玻集团（CSGS）与STEPAN CO（SCL）财务数据对比。点击上方公司名可切换其他公司
STEPAN CO的季度营收约是南玻集团的1.9倍（$604.5M vs $323.1M），STEPAN CO净利率更高（3.3% vs 2.2%，领先1.1%），南玻集团同比增速更快（2.0% vs 1.9%），过去两年南玻集团的营收复合增速更高（4.6% vs 4.2%）
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。
斯特潘公司是一家美国特种化学品制造商，总部位于伊利诺伊州诺斯布鲁克，1932年由小阿尔弗雷德·C·斯特潘创立，现有约2000名员工，目前由创始人的孙子小F·奎因·斯特潘执掌。该公司是全球最大的阴离子表面活性剂商品生产商，产品用于提升洗涤剂、洗发水、牙膏及化妆品的起泡与清洁能力。
CSGS vs SCL — 直观对比
营收规模更大
SCL
是对方的1.9倍
$323.1M
营收增速更快
CSGS
高出0.1%
1.9%
净利率更高
SCL
高出1.1%
2.2%
两年增速更快
CSGS
近两年复合增速
4.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $604.5M |
| 净利润 | $7.0M | $19.7M |
| 毛利率 | 50.0% | 10.7% |
| 营业利润率 | 9.0% | 4.7% |
| 净利率 | 2.2% | 3.3% |
| 营收同比 | 2.0% | 1.9% |
| 净利润同比 | -79.7% | — |
| 每股收益（稀释后） | $0.24 | $0.86 |
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CSGSSCL
| Q1 26 | — | $604.5M | ||
| Q4 25 | $323.1M | $553.9M | ||
| Q3 25 | $303.6M | $590.3M | ||
| Q2 25 | $297.1M | $594.7M | ||
| Q1 25 | $299.5M | $593.3M | ||
| Q4 24 | $316.7M | $525.6M | ||
| Q3 24 | $295.1M | $546.8M | ||
| Q2 24 | $290.3M | $556.4M |
净利润CSGSSCL
| Q1 26 | — | $19.7M | ||
| Q4 25 | $7.0M | $5.0M | ||
| Q3 25 | $20.5M | $10.8M | ||
| Q2 25 | $12.3M | $11.3M | ||
| Q1 25 | $16.1M | $19.7M | ||
| Q4 24 | $34.5M | $3.4M | ||
| Q3 24 | $19.1M | $23.6M | ||
| Q2 24 | $13.8M | $9.5M |
毛利率CSGSSCL
| Q1 26 | — | 10.7% | ||
| Q4 25 | 50.0% | 9.3% | ||
| Q3 25 | 48.1% | 12.0% | ||
| Q2 25 | 49.5% | 12.1% | ||
| Q1 25 | 48.4% | 12.7% | ||
| Q4 24 | 51.3% | 10.8% | ||
| Q3 24 | 49.4% | 13.8% | ||
| Q2 24 | 47.3% | 12.5% |
营业利润率CSGSSCL
| Q1 26 | — | 4.7% | ||
| Q4 25 | 9.0% | 1.9% | ||
| Q3 25 | 10.0% | 3.7% | ||
| Q2 25 | 10.0% | 3.0% | ||
| Q1 25 | 9.8% | 4.8% | ||
| Q4 24 | 13.4% | 1.5% | ||
| Q3 24 | 10.8% | 4.4% | ||
| Q2 24 | 8.8% | 3.4% |
净利率CSGSSCL
| Q1 26 | — | 3.3% | ||
| Q4 25 | 2.2% | 0.9% | ||
| Q3 25 | 6.7% | 1.8% | ||
| Q2 25 | 4.1% | 1.9% | ||
| Q1 25 | 5.4% | 3.3% | ||
| Q4 24 | 10.9% | 0.6% | ||
| Q3 24 | 6.5% | 4.3% | ||
| Q2 24 | 4.8% | 1.7% |
每股收益（稀释后）CSGSSCL
| Q1 26 | — | $0.86 | ||
| Q4 25 | $0.24 | $0.22 | ||
| Q3 25 | $0.73 | $0.47 | ||
| Q2 25 | $0.44 | $0.50 | ||
| Q1 25 | $0.57 | $0.86 | ||
| Q4 24 | $1.20 | $0.14 | ||
| Q3 24 | $0.67 | $1.03 | ||
| Q2 24 | $0.48 | $0.42 |
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 | $328.4M |
| 股东权益账面价值 | $283.7M | $1.2B |
| 总资产 | $1.5B | $2.3B |
| 负债/权益比越低杠杆越低 | 1.90× | 0.28× |
8季度趋势，按日历期对齐
现金及短期投资CSGSSCL
| Q1 26 | — | — | ||
| Q4 25 | $180.0M | $132.7M | ||
| Q3 25 | $158.4M | $118.5M | ||
| Q2 25 | $145.9M | $88.9M | ||
| Q1 25 | $136.0M | $107.5M | ||
| Q4 24 | $161.8M | $99.7M | ||
| Q3 24 | $118.4M | $147.3M | ||
| Q2 24 | $110.4M | $124.7M |
总债务CSGSSCL
| Q1 26 | — | $328.4M | ||
| Q4 25 | $539.5M | $626.7M | ||
| Q3 25 | $538.6M | $655.5M | ||
| Q2 25 | $537.8M | $658.0M | ||
| Q1 25 | $537.6M | $659.3M | ||
| Q4 24 | $538.5M | $625.4M | ||
| Q3 24 | $539.5M | $688.5M | ||
| Q2 24 | $540.5M | $657.1M |
股东权益CSGSSCL
| Q1 26 | — | $1.2B | ||
| Q4 25 | $283.7M | $1.2B | ||
| Q3 25 | $289.5M | $1.2B | ||
| Q2 25 | $290.7M | $1.2B | ||
| Q1 25 | $283.1M | $1.2B | ||
| Q4 24 | $282.6M | $1.2B | ||
| Q3 24 | $288.4M | $1.2B | ||
| Q2 24 | $273.3M | $1.2B |
总资产CSGSSCL
| Q1 26 | — | $2.3B | ||
| Q4 25 | $1.5B | $2.4B | ||
| Q3 25 | $1.5B | $2.4B | ||
| Q2 25 | $1.4B | $2.4B | ||
| Q1 25 | $1.4B | $2.4B | ||
| Q4 24 | $1.5B | $2.3B | ||
| Q3 24 | $1.4B | $2.4B | ||
| Q2 24 | $1.4B | $2.3B |
负债/权益比CSGSSCL
| Q1 26 | — | 0.28× | ||
| Q4 25 | 1.90× | 0.50× | ||
| Q3 25 | 1.86× | 0.53× | ||
| Q2 25 | 1.85× | 0.53× | ||
| Q1 25 | 1.90× | 0.55× | ||
| Q4 24 | 1.91× | 0.53× | ||
| Q3 24 | 1.87× | 0.56× | ||
| Q2 24 | 1.98× | 0.55× |
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 | — |
| 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× | — |
| 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CSGSSCL
| Q1 26 | — | — | ||
| Q4 25 | $59.2M | $60.0M | ||
| Q3 25 | $47.9M | $69.8M | ||
| Q2 25 | $37.3M | $11.2M | ||
| Q1 25 | $11.5M | $6.9M | ||
| Q4 24 | $82.5M | $68.3M | ||
| Q3 24 | $39.5M | $22.7M | ||
| Q2 24 | $43.1M | $29.5M |
自由现金流CSGSSCL
| Q1 26 | — | — | ||
| Q4 25 | $55.8M | $25.4M | ||
| Q3 25 | $43.9M | $40.2M | ||
| Q2 25 | $34.6M | $-14.4M | ||
| Q1 25 | $7.1M | $-25.8M | ||
| Q4 24 | $76.6M | $32.1M | ||
| Q3 24 | $32.0M | $-4.0M | ||
| Q2 24 | $38.8M | $-208.0K |
自由现金流率CSGSSCL
| Q1 26 | — | — | ||
| Q4 25 | 17.3% | 4.6% | ||
| Q3 25 | 14.5% | 6.8% | ||
| Q2 25 | 11.6% | -2.4% | ||
| Q1 25 | 2.4% | -4.3% | ||
| Q4 24 | 24.2% | 6.1% | ||
| Q3 24 | 10.8% | -0.7% | ||
| Q2 24 | 13.4% | -0.0% |
资本支出强度CSGSSCL
| Q1 26 | — | — | ||
| Q4 25 | 1.1% | 6.3% | ||
| Q3 25 | 1.3% | 5.0% | ||
| Q2 25 | 0.9% | 4.3% | ||
| Q1 25 | 1.5% | 5.5% | ||
| Q4 24 | 1.9% | 6.9% | ||
| Q3 24 | 2.5% | 4.9% | ||
| Q2 24 | 1.5% | 5.3% |
现金转化率CSGSSCL
| Q1 26 | — | — | ||
| Q4 25 | 8.46× | 11.99× | ||
| Q3 25 | 2.34× | 6.44× | ||
| Q2 25 | 3.04× | 0.99× | ||
| Q1 25 | 0.71× | 0.35× | ||
| Q4 24 | 2.39× | 20.38× | ||
| Q3 24 | 2.07× | 0.96× | ||
| Q2 24 | 3.12× | 3.10× |
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% |
SCL
| Surfactants | $453.7M | 75% |
| Polymers | $130.0M | 22% |
| Specialty Products | $20.8M | 3% |
