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阿特斯（CSIQ）与第一太阳能（FSLR）财务数据对比。点击上方公司名可切换其他公司
阿特斯的季度营收约是第一太阳能的2.7倍（$4.5B vs $1.7B），第一太阳能净利率更高（31.0% vs 1.3%，领先29.7%）
阿特斯是全球领先的可再生能源企业，总部位于加拿大安大略省基奇纳。核心业务涵盖光伏组件制造、电池储能解决方案供应，以及大型公用事业级太阳能电站与储能项目的开发，业务布局覆盖全球主要能源市场。
第一太阳能是美国上市光伏面板制造商，1990年成立时名为Solar Cells, Inc.，1999年被True North Partners收购后改为现名。公司采用碲化镉（CdTe）半导体技术生产刚性薄膜光伏面板，旗下所有生产基地均提供退役面板回收服务。
CSIQ vs FSLR — 直观对比
营收规模更大
CSIQ
是对方的2.7倍
$1.7B
净利率更高
FSLR
高出29.7%
1.3%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.5B | $1.7B |
| 净利润 | $57.6M | $520.9M |
| 毛利率 | 17.5% | 39.5% |
| 营业利润率 | 2.2% | 32.6% |
| 净利率 | 1.3% | 31.0% |
| 营收同比 | — | 11.1% |
| 净利润同比 | — | 32.5% |
| 每股收益（稀释后） | — | $4.84 |
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CSIQFSLR
| Q4 25 | — | $1.7B | ||
| Q3 25 | $4.5B | $1.6B | ||
| Q2 25 | $3.0B | $1.1B | ||
| Q1 25 | $1.3B | $844.6M | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | $5.9B | $887.7M | ||
| Q2 24 | $4.1B | $1.0B | ||
| Q1 24 | — | $794.1M |
净利润CSIQFSLR
| Q4 25 | — | $520.9M | ||
| Q3 25 | $57.6M | $455.9M | ||
| Q2 25 | $63.6M | $341.9M | ||
| Q1 25 | $36.2M | $209.5M | ||
| Q4 24 | — | $393.1M | ||
| Q3 24 | $366.8M | $313.0M | ||
| Q2 24 | $304.4M | $349.4M | ||
| Q1 24 | — | $236.6M |
毛利率CSIQFSLR
| Q4 25 | — | 39.5% | ||
| Q3 25 | 17.5% | 38.3% | ||
| Q2 25 | 18.0% | 45.6% | ||
| Q1 25 | 19.0% | 40.8% | ||
| Q4 24 | — | 37.5% | ||
| Q3 24 | 18.0% | 50.2% | ||
| Q2 24 | 18.7% | 49.4% | ||
| Q1 24 | — | 43.6% |
营业利润率CSIQFSLR
| Q4 25 | — | 32.6% | ||
| Q3 25 | 2.2% | 29.2% | ||
| Q2 25 | 3.3% | 33.0% | ||
| Q1 25 | 3.7% | 26.2% | ||
| Q4 24 | — | 30.2% | ||
| Q3 24 | 7.7% | 36.3% | ||
| Q2 24 | 9.1% | 36.9% | ||
| Q1 24 | — | 30.6% |
净利率CSIQFSLR
| Q4 25 | — | 31.0% | ||
| Q3 25 | 1.3% | 28.6% | ||
| Q2 25 | 2.1% | 31.2% | ||
| Q1 25 | 2.7% | 24.8% | ||
| Q4 24 | — | 26.0% | ||
| Q3 24 | 6.2% | 35.3% | ||
| Q2 24 | 7.5% | 34.6% | ||
| Q1 24 | — | 29.8% |
每股收益（稀释后）CSIQFSLR
| Q4 25 | — | $4.84 | ||
| Q3 25 | — | $4.24 | ||
| Q2 25 | — | $3.18 | ||
| Q1 25 | — | $1.95 | ||
| Q4 24 | — | $3.66 | ||
| Q3 24 | — | $2.91 | ||
| Q2 24 | — | $3.25 | ||
| Q1 24 | — | $2.20 |
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 | $1.7B | $2.8B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.9B | $9.5B |
| 总资产 | $13.5B | $13.3B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资CSIQFSLR
| Q4 25 | — | $2.8B | ||
| Q3 25 | $1.7B | $2.0B | ||
| Q2 25 | $1.7B | $1.1B | ||
| Q1 25 | $1.7B | $837.6M | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | $1.9B | $1.0B | ||
| Q2 24 | $1.9B | $1.7B | ||
| Q1 24 | — | $1.7B |
股东权益CSIQFSLR
| Q4 25 | — | $9.5B | ||
| Q3 25 | $3.9B | $9.0B | ||
| Q2 25 | $3.9B | $8.5B | ||
| Q1 25 | $3.9B | $8.2B | ||
| Q4 24 | — | $8.0B | ||
| Q3 24 | $3.7B | $7.6B | ||
| Q2 24 | $3.7B | $7.3B | ||
| Q1 24 | — | $6.9B |
总资产CSIQFSLR
| Q4 25 | — | $13.3B | ||
| Q3 25 | $13.5B | $13.5B | ||
| Q2 25 | $13.5B | $12.9B | ||
| Q1 25 | $13.5B | $12.1B | ||
| Q4 24 | — | $12.1B | ||
| Q3 24 | $11.9B | $11.4B | ||
| Q2 24 | $11.9B | $11.0B | ||
| Q1 24 | — | $10.8B |
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 | $-187.7M | $1.2B |
| 自由现金流经营现金流 - 资本支出 | — | $1.1B |
| 自由现金流率自由现金流/营收 | — | 63.6% |
| 资本支出强度资本支出/营收 | — | 10.2% |
| 现金转化率经营现金流/净利润 | -3.26× | 2.38× |
| 过去12个月自由现金流最近4个季度 | — | $1.2B |
8季度趋势，按日历期对齐
经营现金流CSIQFSLR
| Q4 25 | — | $1.2B | ||
| Q3 25 | $-187.7M | $1.3B | ||
| Q2 25 | — | $149.6M | ||
| Q1 25 | — | $-608.0M | ||
| Q4 24 | — | $811.0M | ||
| Q3 24 | — | $-53.7M | ||
| Q2 24 | — | $193.0M | ||
| Q1 24 | — | $267.7M |
自由现金流CSIQFSLR
| Q4 25 | — | $1.1B | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | — | $-138.6M | ||
| Q1 25 | — | $-813.9M | ||
| Q4 24 | — | $497.5M | ||
| Q3 24 | — | $-487.7M | ||
| Q2 24 | — | $-172.1M | ||
| Q1 24 | — | $-145.7M |
自由现金流率CSIQFSLR
| Q4 25 | — | 63.6% | ||
| Q3 25 | — | 67.1% | ||
| Q2 25 | — | -12.6% | ||
| Q1 25 | — | -96.4% | ||
| Q4 24 | — | 32.9% | ||
| Q3 24 | — | -54.9% | ||
| Q2 24 | — | -17.0% | ||
| Q1 24 | — | -18.4% |
资本支出强度CSIQFSLR
| Q4 25 | — | 10.2% | ||
| Q3 25 | — | 12.8% | ||
| Q2 25 | — | 26.3% | ||
| Q1 25 | — | 24.4% | ||
| Q4 24 | — | 20.7% | ||
| Q3 24 | — | 48.9% | ||
| Q2 24 | — | 36.1% | ||
| Q1 24 | — | 52.1% |
现金转化率CSIQFSLR
| Q4 25 | — | 2.38× | ||
| Q3 25 | -3.26× | 2.79× | ||
| Q2 25 | — | 0.44× | ||
| Q1 25 | — | -2.90× | ||
| Q4 24 | — | 2.06× | ||
| Q3 24 | — | -0.17× | ||
| Q2 24 | — | 0.55× | ||
| Q1 24 | — | 1.13× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
