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南玻集团（CSGS）与边疆航空（SNCY）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边疆航空的1.1倍（$323.1M vs $281.0M），边疆航空净利率更高（2.9% vs 2.2%，领先0.7%），边疆航空同比增速更快（7.9% vs 2.0%），南玻集团自由现金流更多（$55.8M vs $34.9M），过去两年南玻集团的营收复合增速更高（4.6% vs -5.0%）
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。
边疆航空是美国主流超低成本航空公司，总部位于科罗拉多州丹佛市。该航司运营飞往美国本土、加勒比地区、墨西哥及中美洲共120余个目的地的航线，员工规模超过5000人，目前为公开上市企业，枢纽基地覆盖丹佛国际机场、奥兰多国际机场，以及美国本土和波多黎各的另外11座城市。
CSGS vs SNCY — 直观对比
营收规模更大
CSGS
是对方的1.1倍
$281.0M
营收增速更快
SNCY
高出5.9%
2.0%
净利率更高
SNCY
高出0.7%
2.2%
自由现金流更多
CSGS
多$20.9M
$34.9M
两年增速更快
CSGS
近两年复合增速
-5.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $281.0M |
| 净利润 | $7.0M | $8.1M |
| 毛利率 | 50.0% | — |
| 营业利润率 | 9.0% | 6.5% |
| 净利率 | 2.2% | 2.9% |
| 营收同比 | 2.0% | 7.9% |
| 净利润同比 | -79.7% | -39.4% |
| 每股收益（稀释后） | $0.24 | $0.15 |
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CSGSSNCY
| Q4 25 | $323.1M | $281.0M | ||
| Q3 25 | $303.6M | $255.5M | ||
| Q2 25 | $297.1M | $263.6M | ||
| Q1 25 | $299.5M | $326.6M | ||
| Q4 24 | $316.7M | $260.4M | ||
| Q3 24 | $295.1M | $249.5M | ||
| Q2 24 | $290.3M | $254.4M | ||
| Q1 24 | $295.1M | $311.5M |
净利润CSGSSNCY
| Q4 25 | $7.0M | $8.1M | ||
| Q3 25 | $20.5M | $1.6M | ||
| Q2 25 | $12.3M | $6.6M | ||
| Q1 25 | $16.1M | $36.5M | ||
| Q4 24 | $34.5M | $13.4M | ||
| Q3 24 | $19.1M | $2.3M | ||
| Q2 24 | $13.8M | $1.8M | ||
| Q1 24 | $19.5M | $35.3M |
毛利率CSGSSNCY
| 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CSGSSNCY
| Q4 25 | 9.0% | 6.5% | ||
| Q3 25 | 10.0% | 3.9% | ||
| Q2 25 | 10.0% | 6.2% | ||
| Q1 25 | 9.8% | 17.2% | ||
| Q4 24 | 13.4% | 10.0% | ||
| Q3 24 | 10.8% | 5.0% | ||
| Q2 24 | 8.8% | 4.9% | ||
| Q1 24 | 10.8% | 17.7% |
净利率CSGSSNCY
| Q4 25 | 2.2% | 2.9% | ||
| Q3 25 | 6.7% | 0.6% | ||
| Q2 25 | 4.1% | 2.5% | ||
| Q1 25 | 5.4% | 11.2% | ||
| Q4 24 | 10.9% | 5.2% | ||
| Q3 24 | 6.5% | 0.9% | ||
| Q2 24 | 4.8% | 0.7% | ||
| Q1 24 | 6.6% | 11.3% |
每股收益（稀释后）CSGSSNCY
| Q4 25 | $0.24 | $0.15 | ||
| Q3 25 | $0.73 | $0.03 | ||
| Q2 25 | $0.44 | $0.12 | ||
| Q1 25 | $0.57 | $0.66 | ||
| Q4 24 | $1.20 | $0.25 | ||
| Q3 24 | $0.67 | $0.04 | ||
| Q2 24 | $0.48 | $0.03 | ||
| Q1 24 | $0.68 | $0.64 |
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 | $234.3M |
| 总债务越低越好 | $539.5M | $323.3M |
| 股东权益账面价值 | $283.7M | $625.2M |
| 总资产 | $1.5B | $1.7B |
| 负债/权益比越低杠杆越低 | 1.90× | 0.52× |
8季度趋势，按日历期对齐
现金及短期投资CSGSSNCY
| Q4 25 | $180.0M | $234.3M | ||
| Q3 25 | $158.4M | $176.2M | ||
| Q2 25 | $145.9M | $138.3M | ||
| Q1 25 | $136.0M | $158.8M | ||
| Q4 24 | $161.8M | $187.3M | ||
| Q3 24 | $118.4M | $146.5M | ||
| Q2 24 | $110.4M | $135.2M | ||
| Q1 24 | $120.8M | $161.2M |
总债务CSGSSNCY
| Q4 25 | $539.5M | $323.3M | ||
| Q3 25 | $538.6M | $301.3M | ||
| Q2 25 | $537.8M | $282.1M | ||
| Q1 25 | $537.6M | $312.6M | ||
| Q4 24 | $538.5M | $327.1M | ||
| Q3 24 | $539.5M | $351.8M | ||
| Q2 24 | $540.5M | $365.5M | ||
| Q1 24 | $541.5M | $388.1M |
股东权益CSGSSNCY
| Q4 25 | $283.7M | $625.2M | ||
| Q3 25 | $289.5M | $610.2M | ||
| Q2 25 | $290.7M | $613.0M | ||
| Q1 25 | $283.1M | $603.0M | ||
| Q4 24 | $282.6M | $570.4M | ||
| Q3 24 | $288.4M | $552.5M | ||
| Q2 24 | $273.3M | $546.9M | ||
| Q1 24 | $269.3M | $541.0M |
总资产CSGSSNCY
| Q4 25 | $1.5B | $1.7B | ||
| Q3 25 | $1.5B | $1.6B | ||
| Q2 25 | $1.4B | $1.6B | ||
| Q1 25 | $1.4B | $1.6B | ||
| Q4 24 | $1.5B | $1.6B | ||
| Q3 24 | $1.4B | $1.6B | ||
| Q2 24 | $1.4B | $1.6B | ||
| Q1 24 | $1.3B | $1.6B |
负债/权益比CSGSSNCY
| Q4 25 | 1.90× | 0.52× | ||
| Q3 25 | 1.86× | 0.49× | ||
| Q2 25 | 1.85× | 0.46× | ||
| Q1 25 | 1.90× | 0.52× | ||
| Q4 24 | 1.91× | 0.57× | ||
| Q3 24 | 1.87× | 0.64× | ||
| Q2 24 | 1.98× | 0.67× | ||
| Q1 24 | 2.01× | 0.72× |
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 | $78.9M |
| 自由现金流经营现金流 - 资本支出 | $55.8M | $34.9M |
| 自由现金流率自由现金流/营收 | 17.3% | 12.4% |
| 资本支出强度资本支出/营收 | 1.1% | 15.7% |
| 现金转化率经营现金流/净利润 | 8.46× | 9.69× |
| 过去12个月自由现金流最近4个季度 | $141.4M | $84.0M |
8季度趋势，按日历期对齐
经营现金流CSGSSNCY
| Q4 25 | $59.2M | $78.9M | ||
| Q3 25 | $47.9M | $41.9M | ||
| Q2 25 | $37.3M | $19.8M | ||
| Q1 25 | $11.5M | $16.4M | ||
| Q4 24 | $82.5M | $90.6M | ||
| Q3 24 | $39.5M | $35.4M | ||
| Q2 24 | $43.1M | $8.2M | ||
| Q1 24 | $-29.4M | $30.7M |
自由现金流CSGSSNCY
| Q4 25 | $55.8M | $34.9M | ||
| Q3 25 | $43.9M | $34.0M | ||
| Q2 25 | $34.6M | $14.0M | ||
| Q1 25 | $7.1M | $1.0M | ||
| Q4 24 | $76.6M | $85.8M | ||
| Q3 24 | $32.0M | $31.0M | ||
| Q2 24 | $38.8M | $-382.0K | ||
| Q1 24 | $-34.1M | $1.0M |
自由现金流率CSGSSNCY
| Q4 25 | 17.3% | 12.4% | ||
| Q3 25 | 14.5% | 13.3% | ||
| Q2 25 | 11.6% | 5.3% | ||
| Q1 25 | 2.4% | 0.3% | ||
| Q4 24 | 24.2% | 33.0% | ||
| Q3 24 | 10.8% | 12.4% | ||
| Q2 24 | 13.4% | -0.2% | ||
| Q1 24 | -11.6% | 0.3% |
资本支出强度CSGSSNCY
| Q4 25 | 1.1% | 15.7% | ||
| Q3 25 | 1.3% | 3.1% | ||
| Q2 25 | 0.9% | 2.2% | ||
| Q1 25 | 1.5% | 4.7% | ||
| Q4 24 | 1.9% | 1.8% | ||
| Q3 24 | 2.5% | 1.8% | ||
| Q2 24 | 1.5% | 3.4% | ||
| Q1 24 | 1.6% | 9.5% |
现金转化率CSGSSNCY
| Q4 25 | 8.46× | 9.69× | ||
| Q3 25 | 2.34× | 27.03× | ||
| Q2 25 | 3.04× | 3.01× | ||
| Q1 25 | 0.71× | 0.45× | ||
| Q4 24 | 2.39× | 6.74× | ||
| Q3 24 | 2.07× | 15.13× | ||
| Q2 24 | 3.12× | 4.50× | ||
| Q1 24 | -1.51× | 0.87× |
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% |
SNCY
| Scheduled Service | $95.6M | 34% |
| Ancillary | $69.3M | 25% |
| Charter Service | $56.6M | 20% |
| Cargo And Freight | $48.0M | 17% |
| Service Other | $11.4M | 4% |
