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IPG PHOTONICS CORP（IPGP）与STANDARD MOTOR PRODUCTS, INC.（SMP）财务数据对比。点击上方公司名可切换其他公司
STANDARD MOTOR PRODUCTS, INC.的季度营收约是IPG PHOTONICS CORP的1.4倍（$385.1M vs $274.5M），IPG PHOTONICS CORP净利率更高（4.8% vs 2.0%，领先2.8%），IPG PHOTONICS CORP同比增速更快（17.1% vs 12.2%），IPG PHOTONICS CORP自由现金流更多（$10.9M vs $-37.6M），过去两年STANDARD MOTOR PRODUCTS, INC.的营收复合增速更高（7.8% vs 4.4%）
IPG光电是全球领先的光纤激光器制造商，率先实现光纤激光器的技术研发与商业化落地，产品广泛应用于材料加工、医疗、电信等多元领域，在美国、德国、俄罗斯、意大利均设有生产基地，为全球各行业客户提供高性能的激光解决方案。
标准汽车产品公司（SMP）是一家汽车零部件制造商与经销商，由埃利亚斯·法伊夫和拉尔夫·范艾伦于1919年合伙创立，1926年完成法人注册，总部位于纽约长岛市，在纽约证券交易所上市。公司目前设有车辆控制、温控、工程解决方案和尼森斯四大运营板块，为汽车售后市场供应相关零部件产品。
IPGP vs SMP — 直观对比
营收规模更大
SMP
是对方的1.4倍
$274.5M
营收增速更快
IPGP
高出5.0%
12.2%
净利率更高
IPGP
高出2.8%
2.0%
自由现金流更多
IPGP
多$48.5M
$-37.6M
两年增速更快
SMP
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $385.1M |
| 净利润 | $13.3M | $7.9M |
| 毛利率 | 36.1% | 31.7% |
| 营业利润率 | 1.2% | 5.6% |
| 净利率 | 4.8% | 2.0% |
| 营收同比 | 17.1% | 12.2% |
| 净利润同比 | 69.8% | 457.9% |
| 每股收益（稀释后） | $0.30 | $0.34 |
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IPGPSMP
| Q4 25 | $274.5M | $385.1M | ||
| Q3 25 | $250.8M | $498.8M | ||
| Q2 25 | $250.7M | $493.9M | ||
| Q1 25 | $227.8M | $413.4M | ||
| Q4 24 | $234.3M | $343.4M | ||
| Q3 24 | $233.1M | $399.3M | ||
| Q2 24 | $257.6M | $389.8M | ||
| Q1 24 | $252.0M | $331.4M |
净利润IPGPSMP
| Q4 25 | $13.3M | $7.9M | ||
| Q3 25 | $7.5M | $-4.3M | ||
| Q2 25 | $6.6M | $25.2M | ||
| Q1 25 | $3.8M | $12.6M | ||
| Q4 24 | $7.8M | $-2.2M | ||
| Q3 24 | $-233.6M | $3.8M | ||
| Q2 24 | $20.2M | $17.1M | ||
| Q1 24 | $24.1M | $8.8M |
毛利率IPGPSMP
| Q4 25 | 36.1% | 31.7% | ||
| Q3 25 | 39.5% | 32.4% | ||
| Q2 25 | 37.3% | 30.6% | ||
| Q1 25 | 39.4% | 30.2% | ||
| Q4 24 | 38.6% | 29.4% | ||
| Q3 24 | 23.2% | 30.4% | ||
| Q2 24 | 37.3% | 28.6% | ||
| Q1 24 | 38.7% | 27.0% |
营业利润率IPGPSMP
| Q4 25 | 1.2% | 5.6% | ||
| Q3 25 | 3.1% | 9.5% | ||
| Q2 25 | 0.0% | 8.7% | ||
| Q1 25 | 0.8% | 5.9% | ||
| Q4 24 | 6.0% | 1.1% | ||
| Q3 24 | -108.7% | 9.3% | ||
| Q2 24 | 4.7% | 6.4% | ||
| Q1 24 | 7.6% | 4.4% |
净利率IPGPSMP
| Q4 25 | 4.8% | 2.0% | ||
| Q3 25 | 3.0% | -0.9% | ||
| Q2 25 | 2.6% | 5.1% | ||
| Q1 25 | 1.6% | 3.0% | ||
| Q4 24 | 3.3% | -0.6% | ||
| Q3 24 | -100.2% | 1.0% | ||
| Q2 24 | 7.8% | 4.4% | ||
| Q1 24 | 9.6% | 2.7% |
每股收益（稀释后）IPGPSMP
| Q4 25 | $0.30 | $0.34 | ||
| Q3 25 | $0.18 | $-0.19 | ||
| Q2 25 | $0.16 | $1.13 | ||
| Q1 25 | $0.09 | $0.56 | ||
| Q4 24 | $0.27 | $-0.09 | ||
| Q3 24 | $-5.33 | $0.17 | ||
| Q2 24 | $0.45 | $0.77 | ||
| Q1 24 | $0.52 | $0.39 |
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 | $839.3M | — |
| 总债务越低越好 | — | $618.7M |
| 股东权益账面价值 | $2.1B | $683.7M |
| 总资产 | $2.4B | $2.0B |
| 负债/权益比越低杠杆越低 | — | 0.90× |
8季度趋势，按日历期对齐
现金及短期投资IPGPSMP
| Q4 25 | $839.3M | — | ||
| Q3 25 | $870.4M | $87.2M | ||
| Q2 25 | $899.6M | $58.8M | ||
| Q1 25 | $926.9M | $50.3M | ||
| Q4 24 | $930.2M | $44.4M | ||
| Q3 24 | $1.0B | $26.3M | ||
| Q2 24 | $1.1B | $26.2M | ||
| Q1 24 | $1.1B | $27.1M |
总债务IPGPSMP
| Q4 25 | — | $618.7M | ||
| Q3 25 | — | $589.5M | ||
| Q2 25 | — | $636.6M | ||
| Q1 25 | — | $650.6M | ||
| Q4 24 | — | $562.3M | ||
| Q3 24 | — | $142.8M | ||
| Q2 24 | — | $208.2M | ||
| Q1 24 | — | $214.9M |
股东权益IPGPSMP
| Q4 25 | $2.1B | $683.7M | ||
| Q3 25 | $2.1B | $677.4M | ||
| Q2 25 | $2.1B | $688.6M | ||
| Q1 25 | $2.1B | $638.0M | ||
| Q4 24 | $2.0B | $615.7M | ||
| Q3 24 | $2.1B | $638.8M | ||
| Q2 24 | $2.3B | $640.0M | ||
| Q1 24 | $2.3B | $639.1M |
总资产IPGPSMP
| Q4 25 | $2.4B | $2.0B | ||
| Q3 25 | $2.4B | $2.0B | ||
| Q2 25 | $2.4B | $2.0B | ||
| Q1 25 | $2.3B | $1.9B | ||
| Q4 24 | $2.3B | $1.8B | ||
| Q3 24 | $2.4B | $1.4B | ||
| Q2 24 | $2.5B | $1.4B | ||
| Q1 24 | $2.6B | $1.4B |
负债/权益比IPGPSMP
| Q4 25 | — | 0.90× | ||
| Q3 25 | — | 0.87× | ||
| Q2 25 | — | 0.92× | ||
| Q1 25 | — | 1.02× | ||
| Q4 24 | — | 0.91× | ||
| Q3 24 | — | 0.22× | ||
| Q2 24 | — | 0.33× | ||
| Q1 24 | — | 0.34× |
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 | $28.8M | $-28.2M |
| 自由现金流经营现金流 - 资本支出 | $10.9M | $-37.6M |
| 自由现金流率自由现金流/营收 | 4.0% | -9.8% |
| 资本支出强度资本支出/营收 | 6.5% | 2.4% |
| 现金转化率经营现金流/净利润 | 2.17× | -3.59× |
| 过去12个月自由现金流最近4个季度 | $-3.5M | $18.7M |
8季度趋势，按日历期对齐
经营现金流IPGPSMP
| Q4 25 | $28.8M | $-28.2M | ||
| Q3 25 | $35.3M | $91.6M | ||
| Q2 25 | $-2.2M | $54.3M | ||
| Q1 25 | $13.4M | $-60.2M | ||
| Q4 24 | $73.8M | $-1.5M | ||
| Q3 24 | $66.1M | $88.3M | ||
| Q2 24 | $53.5M | $35.6M | ||
| Q1 24 | $54.6M | $-45.7M |
自由现金流IPGPSMP
| Q4 25 | $10.9M | $-37.6M | ||
| Q3 25 | $14.6M | $81.5M | ||
| Q2 25 | $-17.6M | $44.2M | ||
| Q1 25 | $-11.4M | $-69.4M | ||
| Q4 24 | $50.6M | $-11.4M | ||
| Q3 24 | $43.0M | $77.1M | ||
| Q2 24 | $29.2M | $22.7M | ||
| Q1 24 | $26.5M | $-55.8M |
自由现金流率IPGPSMP
| Q4 25 | 4.0% | -9.8% | ||
| Q3 25 | 5.8% | 16.3% | ||
| Q2 25 | -7.0% | 8.9% | ||
| Q1 25 | -5.0% | -16.8% | ||
| Q4 24 | 21.6% | -3.3% | ||
| Q3 24 | 18.4% | 19.3% | ||
| Q2 24 | 11.3% | 5.8% | ||
| Q1 24 | 10.5% | -16.8% |
资本支出强度IPGPSMP
| Q4 25 | 6.5% | 2.4% | ||
| Q3 25 | 8.3% | 2.0% | ||
| Q2 25 | 6.1% | 2.1% | ||
| Q1 25 | 10.9% | 2.2% | ||
| Q4 24 | 9.9% | 2.9% | ||
| Q3 24 | 9.9% | 2.8% | ||
| Q2 24 | 9.4% | 3.3% | ||
| Q1 24 | 11.1% | 3.0% |
现金转化率IPGPSMP
| Q4 25 | 2.17× | -3.59× | ||
| Q3 25 | 4.73× | — | ||
| Q2 25 | -0.34× | 2.15× | ||
| Q1 25 | 3.58× | -4.79× | ||
| Q4 24 | 9.44× | — | ||
| Q3 24 | — | 23.19× | ||
| Q2 24 | 2.65× | 2.09× | ||
| Q1 24 | 2.27× | -5.18× |
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
IPGP
| Materials Processing | $232.8M | 85% |
| Laser And Non Laser Systems | $38.8M | 14% |
| Transferred Over Time | $5.3M | 2% |
SMP
| Engineered Solutions | $66.1M | 17% |
| Electrical And Safety | $63.6M | 17% |
| Temperature Control | $61.5M | 16% |
| Europe Excluding Poland | $55.5M | 14% |
| Other Thermal Components | $30.7M | 8% |
| Air Conditioning | $22.7M | 6% |
| Commercial Vehicle | $19.7M | 5% |
| All Other | $18.9M | 5% |
| PL | $16.0M | 4% |
| Wire Sets And Other | $11.9M | 3% |
| Engine Efficiency | $10.0M | 3% |
| Construction Agriculture | $7.8M | 2% |
