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南玻集团（CSGS）与Tecnoglass Inc.（TGLS）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Tecnoglass Inc.的1.3倍（$323.1M vs $245.3M），Tecnoglass Inc.净利率更高（10.6% vs 2.2%，领先8.5%），Tecnoglass Inc.同比增速更快（2.4% vs 2.0%），南玻集团自由现金流更多（$55.8M vs $11.4M），过去两年Tecnoglass Inc.的营收复合增速更高（12.8% 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。
Tecnoglass Inc.是一家领先的建筑玻璃、铝制门窗及相关建材生产商，主要服务北美及拉美地区的住宅和商业建筑领域，为新建及翻新项目提供定制化、高能效的建筑解决方案。
CSGS vs TGLS — 直观对比
营收规模更大
CSGS
是对方的1.3倍
$245.3M
营收增速更快
TGLS
高出0.4%
2.0%
净利率更高
TGLS
高出8.5%
2.2%
自由现金流更多
CSGS
多$44.4M
$11.4M
两年增速更快
TGLS
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $245.3M |
| 净利润 | $7.0M | $26.1M |
| 毛利率 | 50.0% | 40.0% |
| 营业利润率 | 9.0% | 18.3% |
| 净利率 | 2.2% | 10.6% |
| 营收同比 | 2.0% | 2.4% |
| 净利润同比 | -79.7% | -44.5% |
| 每股收益（稀释后） | $0.24 | $0.57 |
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CSGSTGLS
| Q4 25 | $323.1M | $245.3M | ||
| Q3 25 | $303.6M | $260.5M | ||
| Q2 25 | $297.1M | $255.5M | ||
| Q1 25 | $299.5M | $222.3M | ||
| Q4 24 | $316.7M | $239.6M | ||
| Q3 24 | $295.1M | $238.3M | ||
| Q2 24 | $290.3M | $219.7M | ||
| Q1 24 | $295.1M | $192.6M |
净利润CSGSTGLS
| Q4 25 | $7.0M | $26.1M | ||
| Q3 25 | $20.5M | $47.2M | ||
| Q2 25 | $12.3M | $44.1M | ||
| Q1 25 | $16.1M | $42.2M | ||
| Q4 24 | $34.5M | $47.0M | ||
| Q3 24 | $19.1M | $49.5M | ||
| Q2 24 | $13.8M | $35.0M | ||
| Q1 24 | $19.5M | $29.7M |
毛利率CSGSTGLS
| Q4 25 | 50.0% | 40.0% | ||
| Q3 25 | 48.1% | 42.7% | ||
| Q2 25 | 49.5% | 44.7% | ||
| Q1 25 | 48.4% | 43.9% | ||
| Q4 24 | 51.3% | 44.5% | ||
| Q3 24 | 49.4% | 45.8% | ||
| Q2 24 | 47.3% | 40.8% | ||
| Q1 24 | 46.5% | 38.8% |
营业利润率CSGSTGLS
| Q4 25 | 9.0% | 18.3% | ||
| Q3 25 | 10.0% | 25.1% | ||
| Q2 25 | 10.0% | 24.0% | ||
| Q1 25 | 9.8% | 26.7% | ||
| Q4 24 | 13.4% | 28.0% | ||
| Q3 24 | 10.8% | 28.4% | ||
| Q2 24 | 8.8% | 23.3% | ||
| Q1 24 | 10.8% | 21.3% |
净利率CSGSTGLS
| Q4 25 | 2.2% | 10.6% | ||
| Q3 25 | 6.7% | 18.1% | ||
| Q2 25 | 4.1% | 17.3% | ||
| Q1 25 | 5.4% | 19.0% | ||
| Q4 24 | 10.9% | 19.6% | ||
| Q3 24 | 6.5% | 20.8% | ||
| Q2 24 | 4.8% | 15.9% | ||
| Q1 24 | 6.6% | 15.4% |
每股收益（稀释后）CSGSTGLS
| Q4 25 | $0.24 | $0.57 | ||
| Q3 25 | $0.73 | $1.01 | ||
| Q2 25 | $0.44 | $0.94 | ||
| Q1 25 | $0.57 | $0.90 | ||
| Q4 24 | $1.20 | $1.00 | ||
| Q3 24 | $0.67 | $1.05 | ||
| Q2 24 | $0.48 | $0.75 | ||
| Q1 24 | $0.68 | $0.63 |
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 | $104.1M |
| 总债务越低越好 | $539.5M | $174.4M |
| 股东权益账面价值 | $283.7M | $713.1M |
| 总资产 | $1.5B | $1.3B |
| 负债/权益比越低杠杆越低 | 1.90× | 0.24× |
8季度趋势，按日历期对齐
现金及短期投资CSGSTGLS
| Q4 25 | $180.0M | $104.1M | ||
| Q3 25 | $158.4M | $127.1M | ||
| Q2 25 | $145.9M | $140.9M | ||
| Q1 25 | $136.0M | $160.2M | ||
| Q4 24 | $161.8M | $137.5M | ||
| Q3 24 | $118.4M | $124.8M | ||
| Q2 24 | $110.4M | $129.5M | ||
| Q1 24 | $120.8M | $138.8M |
总债务CSGSTGLS
| Q4 25 | $539.5M | $174.4M | ||
| Q3 25 | $538.6M | $114.7M | ||
| Q2 25 | $537.8M | $110.6M | ||
| Q1 25 | $537.6M | $110.6M | ||
| Q4 24 | $538.5M | $111.1M | ||
| Q3 24 | $539.5M | $126.8M | ||
| Q2 24 | $540.5M | $144.7M | ||
| Q1 24 | $541.5M | $160.9M |
股东权益CSGSTGLS
| Q4 25 | $283.7M | $713.1M | ||
| Q3 25 | $289.5M | $764.0M | ||
| Q2 25 | $290.7M | $736.0M | ||
| Q1 25 | $283.1M | $685.1M | ||
| Q4 24 | $282.6M | $631.2M | ||
| Q3 24 | $288.4M | $613.3M | ||
| Q2 24 | $273.3M | $574.8M | ||
| Q1 24 | $269.3M | $573.6M |
总资产CSGSTGLS
| Q4 25 | $1.5B | $1.3B | ||
| Q3 25 | $1.5B | $1.2B | ||
| Q2 25 | $1.4B | $1.2B | ||
| Q1 25 | $1.4B | $1.1B | ||
| Q4 24 | $1.5B | $1.0B | ||
| Q3 24 | $1.4B | $996.3M | ||
| Q2 24 | $1.4B | $942.5M | ||
| Q1 24 | $1.3B | $981.6M |
负债/权益比CSGSTGLS
| Q4 25 | 1.90× | 0.24× | ||
| Q3 25 | 1.86× | 0.15× | ||
| Q2 25 | 1.85× | 0.15× | ||
| Q1 25 | 1.90× | 0.16× | ||
| Q4 24 | 1.91× | 0.18× | ||
| Q3 24 | 1.87× | 0.21× | ||
| Q2 24 | 1.98× | 0.25× | ||
| Q1 24 | 2.01× | 0.28× |
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 | $31.0M |
| 自由现金流经营现金流 - 资本支出 | $55.8M | $11.4M |
| 自由现金流率自由现金流/营收 | 17.3% | 4.7% |
| 资本支出强度资本支出/营收 | 1.1% | 8.0% |
| 现金转化率经营现金流/净利润 | 8.46× | 1.19× |
| 过去12个月自由现金流最近4个季度 | $141.4M | $34.5M |
8季度趋势，按日历期对齐
经营现金流CSGSTGLS
| Q4 25 | $59.2M | $31.0M | ||
| Q3 25 | $47.9M | $40.0M | ||
| Q2 25 | $37.3M | $17.9M | ||
| Q1 25 | $11.5M | $46.9M | ||
| Q4 24 | $82.5M | $61.1M | ||
| Q3 24 | $39.5M | $41.5M | ||
| Q2 24 | $43.1M | $34.5M | ||
| Q1 24 | $-29.4M | $33.4M |
自由现金流CSGSTGLS
| Q4 25 | $55.8M | $11.4M | ||
| Q3 25 | $43.9M | $21.2M | ||
| Q2 25 | $34.6M | $-14.7M | ||
| Q1 25 | $7.1M | $16.5M | ||
| Q4 24 | $76.6M | $35.4M | ||
| Q3 24 | $32.0M | $17.8M | ||
| Q2 24 | $38.8M | $14.2M | ||
| Q1 24 | $-34.1M | $23.6M |
自由现金流率CSGSTGLS
| Q4 25 | 17.3% | 4.7% | ||
| Q3 25 | 14.5% | 8.2% | ||
| Q2 25 | 11.6% | -5.7% | ||
| Q1 25 | 2.4% | 7.4% | ||
| Q4 24 | 24.2% | 14.8% | ||
| Q3 24 | 10.8% | 7.5% | ||
| Q2 24 | 13.4% | 6.5% | ||
| Q1 24 | -11.6% | 12.2% |
资本支出强度CSGSTGLS
| Q4 25 | 1.1% | 8.0% | ||
| Q3 25 | 1.3% | 7.2% | ||
| Q2 25 | 0.9% | 12.7% | ||
| Q1 25 | 1.5% | 13.7% | ||
| Q4 24 | 1.9% | 10.7% | ||
| Q3 24 | 2.5% | 9.9% | ||
| Q2 24 | 1.5% | 9.2% | ||
| Q1 24 | 1.6% | 5.1% |
现金转化率CSGSTGLS
| Q4 25 | 8.46× | 1.19× | ||
| Q3 25 | 2.34× | 0.85× | ||
| Q2 25 | 3.04× | 0.41× | ||
| Q1 25 | 0.71× | 1.11× | ||
| Q4 24 | 2.39× | 1.30× | ||
| Q3 24 | 2.07× | 0.84× | ||
| Q2 24 | 3.12× | 0.98× | ||
| Q1 24 | -1.51× | 1.13× |
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% |
TGLS
| Product Sales | $164.2M | 67% |
| Fixed Price Contracts | $81.1M | 33% |
| Related Party | $692.0K | 0% |
