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南玻集团（CSGS）与沃茨水工业（WTS）财务数据对比。点击上方公司名可切换其他公司
沃茨水工业的季度营收约是南玻集团的1.9倍（$625.1M vs $323.1M），沃茨水工业净利率更高（13.4% vs 2.2%，领先11.2%），沃茨水工业同比增速更快（15.7% vs 2.0%），沃茨水工业自由现金流更多（$140.3M vs $55.8M），过去两年沃茨水工业的营收复合增速更高（4.6% 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。
沃茨水工业旗下AERCO是暖通管道领域的商用冷凝锅炉、高效热水设备及能量回收系统供应商，服务覆盖教育、住宿、政府、办公楼、医疗、工业、多户型住宅等多元市场，1949年推出行业首款半即热式无罐蒸汽热水器，1988年推出首款冷凝全调制设备。
CSGS vs WTS — 直观对比
营收规模更大
WTS
是对方的1.9倍
$323.1M
营收增速更快
WTS
高出13.6%
2.0%
净利率更高
WTS
高出11.2%
2.2%
自由现金流更多
WTS
多$84.5M
$55.8M
两年增速更快
WTS
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $625.1M |
| 净利润 | $7.0M | $83.7M |
| 毛利率 | 50.0% | 49.5% |
| 营业利润率 | 9.0% | 18.2% |
| 净利率 | 2.2% | 13.4% |
| 营收同比 | 2.0% | 15.7% |
| 净利润同比 | -79.7% | 24.0% |
| 每股收益（稀释后） | $0.24 | $2.50 |
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CSGSWTS
| Q4 25 | $323.1M | $625.1M | ||
| Q3 25 | $303.6M | $611.7M | ||
| Q2 25 | $297.1M | $643.7M | ||
| Q1 25 | $299.5M | $558.0M | ||
| Q4 24 | $316.7M | $540.4M | ||
| Q3 24 | $295.1M | $543.6M | ||
| Q2 24 | $290.3M | $597.3M | ||
| Q1 24 | $295.1M | $570.9M |
净利润CSGSWTS
| Q4 25 | $7.0M | $83.7M | ||
| Q3 25 | $20.5M | $82.2M | ||
| Q2 25 | $12.3M | $100.9M | ||
| Q1 25 | $16.1M | $74.0M | ||
| Q4 24 | $34.5M | $67.5M | ||
| Q3 24 | $19.1M | $69.1M | ||
| Q2 24 | $13.8M | $82.0M | ||
| Q1 24 | $19.5M | $72.6M |
毛利率CSGSWTS
| Q4 25 | 50.0% | 49.5% | ||
| Q3 25 | 48.1% | 48.8% | ||
| Q2 25 | 49.5% | 50.6% | ||
| Q1 25 | 48.4% | 48.8% | ||
| Q4 24 | 51.3% | 46.7% | ||
| Q3 24 | 49.4% | 47.3% | ||
| Q2 24 | 47.3% | 47.7% | ||
| Q1 24 | 46.5% | 46.9% |
营业利润率CSGSWTS
| Q4 25 | 9.0% | 18.2% | ||
| Q3 25 | 10.0% | 18.2% | ||
| Q2 25 | 10.0% | 21.0% | ||
| Q1 25 | 9.8% | 15.7% | ||
| Q4 24 | 13.4% | 16.5% | ||
| Q3 24 | 10.8% | 17.1% | ||
| Q2 24 | 8.8% | 18.7% | ||
| Q1 24 | 10.8% | 16.9% |
净利率CSGSWTS
| Q4 25 | 2.2% | 13.4% | ||
| Q3 25 | 6.7% | 13.4% | ||
| Q2 25 | 4.1% | 15.7% | ||
| Q1 25 | 5.4% | 13.3% | ||
| Q4 24 | 10.9% | 12.5% | ||
| Q3 24 | 6.5% | 12.7% | ||
| Q2 24 | 4.8% | 13.7% | ||
| Q1 24 | 6.6% | 12.7% |
每股收益（稀释后）CSGSWTS
| Q4 25 | $0.24 | $2.50 | ||
| Q3 25 | $0.73 | $2.45 | ||
| Q2 25 | $0.44 | $3.01 | ||
| Q1 25 | $0.57 | $2.21 | ||
| Q4 24 | $1.20 | $2.02 | ||
| Q3 24 | $0.67 | $2.06 | ||
| Q2 24 | $0.48 | $2.44 | ||
| Q1 24 | $0.68 | $2.17 |
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 | $405.5M |
| 总债务越低越好 | $539.5M | — |
| 股东权益账面价值 | $283.7M | $2.0B |
| 总资产 | $1.5B | $2.9B |
| 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CSGSWTS
| Q4 25 | $180.0M | $405.5M | ||
| Q3 25 | $158.4M | $457.7M | ||
| Q2 25 | $145.9M | $369.3M | ||
| Q1 25 | $136.0M | $336.8M | ||
| Q4 24 | $161.8M | $386.9M | ||
| Q3 24 | $118.4M | $303.9M | ||
| Q2 24 | $110.4M | $279.4M | ||
| Q1 24 | $120.8M | $237.1M |
总债务CSGSWTS
| Q4 25 | $539.5M | — | ||
| Q3 25 | $538.6M | — | ||
| Q2 25 | $537.8M | — | ||
| Q1 25 | $537.6M | — | ||
| Q4 24 | $538.5M | — | ||
| Q3 24 | $539.5M | — | ||
| Q2 24 | $540.5M | — | ||
| Q1 24 | $541.5M | — |
股东权益CSGSWTS
| Q4 25 | $283.7M | $2.0B | ||
| Q3 25 | $289.5M | $2.0B | ||
| Q2 25 | $290.7M | $1.9B | ||
| Q1 25 | $283.1M | $1.8B | ||
| Q4 24 | $282.6M | $1.7B | ||
| Q3 24 | $288.4M | $1.7B | ||
| Q2 24 | $273.3M | $1.6B | ||
| Q1 24 | $269.3M | $1.6B |
总资产CSGSWTS
| Q4 25 | $1.5B | $2.9B | ||
| Q3 25 | $1.5B | $2.7B | ||
| Q2 25 | $1.4B | $2.6B | ||
| Q1 25 | $1.4B | $2.5B | ||
| Q4 24 | $1.5B | $2.4B | ||
| Q3 24 | $1.4B | $2.4B | ||
| Q2 24 | $1.4B | $2.4B | ||
| Q1 24 | $1.3B | $2.3B |
负债/权益比CSGSWTS
| Q4 25 | 1.90× | — | ||
| Q3 25 | 1.86× | — | ||
| Q2 25 | 1.85× | — | ||
| Q1 25 | 1.90× | — | ||
| Q4 24 | 1.91× | — | ||
| Q3 24 | 1.87× | — | ||
| Q2 24 | 1.98× | — | ||
| Q1 24 | 2.01× | — |
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 | $154.7M |
| 自由现金流经营现金流 - 资本支出 | $55.8M | $140.3M |
| 自由现金流率自由现金流/营收 | 17.3% | 22.4% |
| 资本支出强度资本支出/营收 | 1.1% | 2.3% |
| 现金转化率经营现金流/净利润 | 8.46× | 1.85× |
| 过去12个月自由现金流最近4个季度 | $141.4M | $356.3M |
8季度趋势，按日历期对齐
经营现金流CSGSWTS
| Q4 25 | $59.2M | $154.7M | ||
| Q3 25 | $47.9M | $122.4M | ||
| Q2 25 | $37.3M | $69.7M | ||
| Q1 25 | $11.5M | $55.2M | ||
| Q4 24 | $82.5M | $139.5M | ||
| Q3 24 | $39.5M | $90.7M | ||
| Q2 24 | $43.1M | $85.3M | ||
| Q1 24 | $-29.4M | $45.6M |
自由现金流CSGSWTS
| Q4 25 | $55.8M | $140.3M | ||
| Q3 25 | $43.9M | $110.9M | ||
| Q2 25 | $34.6M | $59.5M | ||
| Q1 25 | $7.1M | $45.6M | ||
| Q4 24 | $76.6M | $127.5M | ||
| Q3 24 | $32.0M | $84.3M | ||
| Q2 24 | $38.8M | $78.5M | ||
| Q1 24 | $-34.1M | $35.5M |
自由现金流率CSGSWTS
| Q4 25 | 17.3% | 22.4% | ||
| Q3 25 | 14.5% | 18.1% | ||
| Q2 25 | 11.6% | 9.2% | ||
| Q1 25 | 2.4% | 8.2% | ||
| Q4 24 | 24.2% | 23.6% | ||
| Q3 24 | 10.8% | 15.5% | ||
| Q2 24 | 13.4% | 13.1% | ||
| Q1 24 | -11.6% | 6.2% |
资本支出强度CSGSWTS
| Q4 25 | 1.1% | 2.3% | ||
| Q3 25 | 1.3% | 1.9% | ||
| Q2 25 | 0.9% | 1.6% | ||
| Q1 25 | 1.5% | 1.7% | ||
| Q4 24 | 1.9% | 2.2% | ||
| Q3 24 | 2.5% | 1.2% | ||
| Q2 24 | 1.5% | 1.1% | ||
| Q1 24 | 1.6% | 1.8% |
现金转化率CSGSWTS
| Q4 25 | 8.46× | 1.85× | ||
| Q3 25 | 2.34× | 1.49× | ||
| Q2 25 | 3.04× | 0.69× | ||
| Q1 25 | 0.71× | 0.75× | ||
| Q4 24 | 2.39× | 2.07× | ||
| Q3 24 | 2.07× | 1.31× | ||
| Q2 24 | 3.12× | 1.04× | ||
| Q1 24 | -1.51× | 0.63× |
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% |
WTS
暂无分部数据
