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南玻集团（CSGS）与SLM Corp（SLM）财务数据对比。点击上方公司名可切换其他公司
SLM Corp的季度营收约是南玻集团的1.7倍（$560.0M vs $323.1M），SLM Corp净利率更高（55.0% vs 2.2%，领先52.8%），过去两年SLM Corp的营收复合增速更高（22.7% 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。
尼康旗下SLM Solutions AG总部位于德国吕贝克，是金属3D打印机领域的上市生产商，共同拥有SLM文字商标，集团股份自2014年5月9日起在法兰克福证券交易所高级市场板块挂牌交易。
CSGS vs SLM — 直观对比
营收规模更大
SLM
是对方的1.7倍
$323.1M
净利率更高
SLM
高出52.8%
2.2%
两年增速更快
SLM
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $560.0M |
| 净利润 | $7.0M | $308.0M |
| 毛利率 | 50.0% | — |
| 营业利润率 | 9.0% | 69.6% |
| 净利率 | 2.2% | 55.0% |
| 营收同比 | 2.0% | — |
| 净利润同比 | -79.7% | 1.0% |
| 每股收益（稀释后） | $0.24 | $1.54 |
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CSGSSLM
| Q1 26 | — | $560.0M | ||
| Q4 25 | $323.1M | $377.1M | ||
| Q3 25 | $303.6M | $373.0M | ||
| Q2 25 | $297.1M | $376.8M | ||
| Q1 25 | $299.5M | $375.0M | ||
| Q4 24 | $316.7M | $362.2M | ||
| Q3 24 | $295.1M | $359.4M | ||
| Q2 24 | $290.3M | $372.2M |
净利润CSGSSLM
| Q1 26 | — | $308.0M | ||
| Q4 25 | $7.0M | $233.2M | ||
| Q3 25 | $20.5M | $135.8M | ||
| Q2 25 | $12.3M | $71.3M | ||
| Q1 25 | $16.1M | $304.5M | ||
| Q4 24 | $34.5M | $111.6M | ||
| Q3 24 | $19.1M | $-45.2M | ||
| Q2 24 | $13.8M | $252.0M |
毛利率CSGSSLM
| Q1 26 | — | — | ||
| 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% | — |
营业利润率CSGSSLM
| Q1 26 | — | 69.6% | ||
| Q4 25 | 9.0% | 83.8% | ||
| Q3 25 | 10.0% | 49.8% | ||
| Q2 25 | 10.0% | 23.3% | ||
| Q1 25 | 9.8% | — | ||
| Q4 24 | 13.4% | 36.5% | ||
| Q3 24 | 10.8% | -16.6% | ||
| Q2 24 | 8.8% | 91.0% |
净利率CSGSSLM
| Q1 26 | — | 55.0% | ||
| Q4 25 | 2.2% | 61.8% | ||
| Q3 25 | 6.7% | 36.4% | ||
| Q2 25 | 4.1% | 18.9% | ||
| Q1 25 | 5.4% | 81.2% | ||
| Q4 24 | 10.9% | 30.8% | ||
| Q3 24 | 6.5% | -12.6% | ||
| Q2 24 | 4.8% | 67.7% |
每股收益（稀释后）CSGSSLM
| Q1 26 | — | $1.54 | ||
| Q4 25 | $0.24 | $1.11 | ||
| Q3 25 | $0.73 | $0.63 | ||
| Q2 25 | $0.44 | $0.32 | ||
| Q1 25 | $0.57 | $1.40 | ||
| Q4 24 | $1.20 | $0.53 | ||
| Q3 24 | $0.67 | $-0.23 | ||
| Q2 24 | $0.48 | $1.11 |
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 | $5.2B |
| 总债务越低越好 | $539.5M | $6.2B |
| 股东权益账面价值 | $283.7M | $2.4B |
| 总资产 | $1.5B | $29.4B |
| 负债/权益比越低杠杆越低 | 1.90× | 2.53× |
8季度趋势，按日历期对齐
现金及短期投资CSGSSLM
| Q1 26 | — | $5.2B | ||
| Q4 25 | $180.0M | $4.2B | ||
| Q3 25 | $158.4M | $3.5B | ||
| Q2 25 | $145.9M | $4.1B | ||
| Q1 25 | $136.0M | $3.7B | ||
| Q4 24 | $161.8M | $4.7B | ||
| Q3 24 | $118.4M | $4.5B | ||
| Q2 24 | $110.4M | $5.3B |
总债务CSGSSLM
| Q1 26 | — | $6.2B | ||
| Q4 25 | $539.5M | $5.4B | ||
| Q3 25 | $538.6M | $6.8B | ||
| Q2 25 | $537.8M | $6.4B | ||
| Q1 25 | $537.6M | $6.1B | ||
| Q4 24 | $538.5M | $6.4B | ||
| Q3 24 | $539.5M | $6.0B | ||
| Q2 24 | $540.5M | $5.4B |
股东权益CSGSSLM
| Q1 26 | — | $2.4B | ||
| Q4 25 | $283.7M | $2.5B | ||
| Q3 25 | $289.5M | $2.3B | ||
| Q2 25 | $290.7M | $2.4B | ||
| Q1 25 | $283.1M | $2.4B | ||
| Q4 24 | $282.6M | $2.2B | ||
| Q3 24 | $288.4M | $2.1B | ||
| Q2 24 | $273.3M | $2.3B |
总资产CSGSSLM
| Q1 26 | — | $29.4B | ||
| Q4 25 | $1.5B | $29.7B | ||
| Q3 25 | $1.5B | $29.6B | ||
| Q2 25 | $1.4B | $29.6B | ||
| Q1 25 | $1.4B | $28.9B | ||
| Q4 24 | $1.5B | $30.1B | ||
| Q3 24 | $1.4B | $30.0B | ||
| Q2 24 | $1.4B | $28.8B |
负债/权益比CSGSSLM
| Q1 26 | — | 2.53× | ||
| Q4 25 | 1.90× | 2.19× | ||
| Q3 25 | 1.86× | 2.92× | ||
| Q2 25 | 1.85× | 2.70× | ||
| Q1 25 | 1.90× | 2.56× | ||
| Q4 24 | 1.91× | 2.98× | ||
| Q3 24 | 1.87× | 2.83× | ||
| Q2 24 | 1.98× | 2.37× |
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CSGSSLM
| Q1 26 | — | — | ||
| Q4 25 | $59.2M | $-64.5M | ||
| Q3 25 | $47.9M | $-49.3M | ||
| Q2 25 | $37.3M | $-138.7M | ||
| Q1 25 | $11.5M | $-146.1M | ||
| Q4 24 | $82.5M | $4.5M | ||
| Q3 24 | $39.5M | $-113.4M | ||
| Q2 24 | $43.1M | $-143.8M |
自由现金流CSGSSLM
| Q1 26 | — | — | ||
| 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 | — |
自由现金流率CSGSSLM
| Q1 26 | — | — | ||
| 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% | — |
资本支出强度CSGSSLM
| Q1 26 | — | — | ||
| 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% | — |
现金转化率CSGSSLM
| Q1 26 | — | — | ||
| Q4 25 | 8.46× | -0.28× | ||
| Q3 25 | 2.34× | -0.36× | ||
| Q2 25 | 3.04× | -1.95× | ||
| Q1 25 | 0.71× | -0.48× | ||
| Q4 24 | 2.39× | 0.04× | ||
| Q3 24 | 2.07× | — | ||
| Q2 24 | 3.12× | -0.57× |
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% |
SLM
| Net Interest Income | $375.0M | 67% |
| Noninterest Income | $185.0M | 33% |
