vs
南玻集团（CSGS）与Cactus, Inc.（WHD）财务数据对比。点击上方公司名可切换其他公司
Cactus, Inc.的季度营收约是南玻集团的1.2倍（$388.3M vs $323.1M），Cactus, Inc.净利率更高（10.4% vs 2.2%，领先8.2%），Cactus, Inc.同比增速更快（38.5% vs 2.0%），过去两年Cactus, Inc.的营收复合增速更高（15.6% 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。
Cactus, Inc.旗下拥有Cactus Club Cafe，是源自加拿大不列颠哥伦比亚省北温哥华的高端休闲连锁餐饮品牌。目前品牌已在加拿大全境布局34家门店，覆盖不列颠哥伦比亚、阿尔伯塔、萨斯喀彻温、安大略等省份，同时在美国也设有门店，主打高品质休闲餐饮体验。
CSGS vs WHD — 直观对比
营收规模更大
WHD
是对方的1.2倍
$323.1M
营收增速更快
WHD
高出36.5%
2.0%
净利率更高
WHD
高出8.2%
2.2%
两年增速更快
WHD
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $388.3M |
| 净利润 | $7.0M | $40.2M |
| 毛利率 | 50.0% | — |
| 营业利润率 | 9.0% | 9.9% |
| 净利率 | 2.2% | 10.4% |
| 营收同比 | 2.0% | 38.5% |
| 净利润同比 | -79.7% | -25.7% |
| 每股收益（稀释后） | $0.24 | — |
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CSGSWHD
| Q1 26 | — | $388.3M | ||
| Q4 25 | $323.1M | $261.2M | ||
| Q3 25 | $303.6M | $264.0M | ||
| Q2 25 | $297.1M | $273.6M | ||
| Q1 25 | $299.5M | $280.3M | ||
| Q4 24 | $316.7M | $272.1M | ||
| Q3 24 | $295.1M | $293.2M | ||
| Q2 24 | $290.3M | $290.4M |
净利润CSGSWHD
| Q1 26 | — | $40.2M | ||
| Q4 25 | $7.0M | $39.8M | ||
| Q3 25 | $20.5M | $41.6M | ||
| Q2 25 | $12.3M | $40.3M | ||
| Q1 25 | $16.1M | $44.2M | ||
| Q4 24 | $34.5M | $46.7M | ||
| Q3 24 | $19.1M | $49.9M | ||
| Q2 24 | $13.8M | $49.8M |
毛利率CSGSWHD
| Q1 26 | — | — | ||
| Q4 25 | 50.0% | 36.2% | ||
| Q3 25 | 48.1% | 36.8% | ||
| Q2 25 | 49.5% | 36.6% | ||
| Q1 25 | 48.4% | 38.4% | ||
| Q4 24 | 51.3% | 37.8% | ||
| Q3 24 | 49.4% | 39.0% | ||
| Q2 24 | 47.3% | 39.2% |
营业利润率CSGSWHD
| Q1 26 | — | 9.9% | ||
| Q4 25 | 9.0% | 22.9% | ||
| Q3 25 | 10.0% | 23.2% | ||
| Q2 25 | 10.0% | 22.2% | ||
| Q1 25 | 9.8% | 24.5% | ||
| Q4 24 | 13.4% | 25.9% | ||
| Q3 24 | 10.8% | 26.2% | ||
| Q2 24 | 8.8% | 27.5% |
净利率CSGSWHD
| Q1 26 | — | 10.4% | ||
| Q4 25 | 2.2% | 15.3% | ||
| Q3 25 | 6.7% | 15.8% | ||
| Q2 25 | 4.1% | 14.7% | ||
| Q1 25 | 5.4% | 15.8% | ||
| Q4 24 | 10.9% | 17.2% | ||
| Q3 24 | 6.5% | 17.0% | ||
| Q2 24 | 4.8% | 17.2% |
每股收益（稀释后）CSGSWHD
| Q1 26 | — | — | ||
| Q4 25 | $0.24 | — | ||
| Q3 25 | $0.73 | — | ||
| Q2 25 | $0.44 | — | ||
| Q1 25 | $0.57 | — | ||
| Q4 24 | $1.20 | — | ||
| Q3 24 | $0.67 | — | ||
| Q2 24 | $0.48 | — |
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 | $291.6M |
| 总债务越低越好 | $539.5M | — |
| 股东权益账面价值 | $283.7M | $1.4B |
| 总资产 | $1.5B | $2.5B |
| 负债/权益比越低杠杆越低 | 1.90× | — |
8季度趋势，按日历期对齐
现金及短期投资CSGSWHD
| Q1 26 | — | $291.6M | ||
| Q4 25 | $180.0M | $123.6M | ||
| Q3 25 | $158.4M | $445.6M | ||
| Q2 25 | $145.9M | $405.2M | ||
| Q1 25 | $136.0M | $347.7M | ||
| Q4 24 | $161.8M | $342.8M | ||
| Q3 24 | $118.4M | $303.4M | ||
| Q2 24 | $110.4M | $246.5M |
总债务CSGSWHD
| Q1 26 | — | — | ||
| Q4 25 | $539.5M | $0 | ||
| Q3 25 | $538.6M | $0 | ||
| Q2 25 | $537.8M | $0 | ||
| Q1 25 | $537.6M | $0 | ||
| Q4 24 | $538.5M | $0 | ||
| Q3 24 | $539.5M | $0 | ||
| Q2 24 | $540.5M | $0 |
股东权益CSGSWHD
| Q1 26 | — | $1.4B | ||
| Q4 25 | $283.7M | $1.2B | ||
| Q3 25 | $289.5M | $1.2B | ||
| Q2 25 | $290.7M | $1.1B | ||
| Q1 25 | $283.1M | $1.1B | ||
| Q4 24 | $282.6M | $1.1B | ||
| Q3 24 | $288.4M | $1.0B | ||
| Q2 24 | $273.3M | $954.7M |
总资产CSGSWHD
| Q1 26 | — | $2.5B | ||
| Q4 25 | $1.5B | $1.9B | ||
| Q3 25 | $1.5B | $1.9B | ||
| Q2 25 | $1.4B | $1.8B | ||
| Q1 25 | $1.4B | $1.8B | ||
| Q4 24 | $1.5B | $1.7B | ||
| Q3 24 | $1.4B | $1.7B | ||
| Q2 24 | $1.4B | $1.6B |
负债/权益比CSGSWHD
| Q1 26 | — | — | ||
| Q4 25 | 1.90× | 0.00× | ||
| Q3 25 | 1.86× | 0.00× | ||
| Q2 25 | 1.85× | 0.00× | ||
| Q1 25 | 1.90× | 0.00× | ||
| Q4 24 | 1.91× | 0.00× | ||
| Q3 24 | 1.87× | 0.00× | ||
| Q2 24 | 1.98× | 0.00× |
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 | $128.3M |
| 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% | 2.5% |
| 现金转化率经营现金流/净利润 | 8.46× | 3.19× |
| 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CSGSWHD
| Q1 26 | — | $128.3M | ||
| Q4 25 | $59.2M | $72.3M | ||
| Q3 25 | $47.9M | $61.8M | ||
| Q2 25 | $37.3M | $82.8M | ||
| Q1 25 | $11.5M | $41.5M | ||
| Q4 24 | $82.5M | $66.6M | ||
| Q3 24 | $39.5M | $85.3M | ||
| Q2 24 | $43.1M | $78.0M |
自由现金流CSGSWHD
| 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CSGSWHD
| 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CSGSWHD
| Q1 26 | — | 2.5% | ||
| 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CSGSWHD
| Q1 26 | — | 3.19× | ||
| Q4 25 | 8.46× | 1.81× | ||
| Q3 25 | 2.34× | 1.48× | ||
| Q2 25 | 3.04× | 2.05× | ||
| Q1 25 | 0.71× | 0.94× | ||
| Q4 24 | 2.39× | 1.43× | ||
| Q3 24 | 2.07× | 1.71× | ||
| Q2 24 | 3.12× | 1.56× |
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% |
WHD
| Revenue | $300.2M | 77% |
| Other | $88.2M | 23% |
