|
截至 3 个月 |
2026年3月31日 |
|
2025年12月31日 |
|
2025年9月30日 |
|
2025年6月30日 |
|
2025年3月31日 |
|
2024年12月31日 |
|
2024年9月30日 |
|
2024年6月30日 |
|
2024年3月31日 |
|
2023年12月31日 |
|
2023年9月30日 |
|
2023年6月30日 |
|
2023年3月31日 |
|
2022年12月31日 |
|
2022年9月30日 |
|
2022年6月30日 |
|
2022年3月31日 |
|
2021年12月31日 |
|
2021年9月30日 |
|
2021年6月30日 |
|
2021年3月31日 |
|
|
|
服务业 |
56.40% | |
54.96% | |
57.71% | |
62.33% | |
63.20% | |
63.31% | |
63.77% | |
64.58% | |
65.19% | |
64.77% | |
68.82% | |
68.69% | |
68.95% | |
69.11% | |
68.92% | |
69.87% | |
70.82% | |
69.25% | |
68.75% | |
67.25% | |
66.67% | |
|
|
产品销售 |
43.60% | |
45.04% | |
42.29% | |
37.67% | |
36.80% | |
36.69% | |
36.23% | |
35.42% | |
34.81% | |
35.23% | |
31.18% | |
31.31% | |
31.05% | |
30.89% | |
31.08% | |
30.13% | |
29.18% | |
30.75% | |
31.25% | |
32.75% | |
33.33% | |
|
|
收入 |
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
|
|
服务费用 |
-46.43% | |
-43.17% | |
-45.64% | |
-49.46% | |
-50.13% | |
-47.87% | |
-48.75% | |
-49.49% | |
-50.71% | |
-49.54% | |
-52.47% | |
-52.94% | |
-53.37% | |
-52.68% | |
-53.16% | |
-54.92% | |
-56.81% | |
-56.88% | |
-57.02% | |
-57.21% | |
-58.03% | |
|
|
销售成本 |
-38.31% | |
-39.07% | |
-36.91% | |
-31.68% | |
-30.95% | |
-31.01% | |
-30.27% | |
-29.97% | |
-29.77% | |
-30.47% | |
-26.86% | |
-27.34% | |
-27.87% | |
-27.36% | |
-27.64% | |
-27.28% | |
-27.27% | |
-25.64% | |
-26.13% | |
-27.42% | |
-28.20% | |
|
|
收入成本 |
-84.74% |
|
-82.24% |
|
-82.55% |
|
-81.14% |
|
-81.08% |
|
-78.88% |
|
-79.02% |
|
-79.46% |
|
-80.48% |
|
-80.01% |
|
-79.33% |
|
-80.28% |
|
-81.24% |
|
-80.05% |
|
-80.81% |
|
-82.21% |
|
-84.08% |
|
-82.52% |
|
-83.15% |
|
-84.63% |
|
-86.23% |
|
|
|
毛利率 |
15.26% |
|
17.76% |
|
17.45% |
|
18.86% |
|
18.92% |
|
21.12% |
|
20.98% |
|
20.54% |
|
19.52% |
|
19.99% |
|
20.67% |
|
19.72% |
|
18.76% |
|
19.95% |
|
19.19% |
|
17.79% |
|
15.92% |
|
17.48% |
|
16.85% |
|
15.37% |
|
13.77% |
|
|
|
研究与工程 |
-1.88% | |
-1.92% | |
-1.90% | |
-2.11% | |
-2.03% | |
-2.07% | |
-2.04% | |
-2.06% | |
-2.09% | |
-2.09% | |
-2.24% | |
-2.01% | |
-2.25% | |
-2.27% | |
-2.14% | |
-2.27% | |
-2.36% | |
-2.33% | |
-2.39% | |
-2.38% | |
-2.58% | |
|
|
一般与行政 |
-1.11% | |
-0.87% | |
-0.81% | |
-1.02% | |
-1.13% | |
-0.86% | |
-0.98% | |
-1.03% | |
-1.39% | |
-1.07% | |
-0.97% | |
-1.19% | |
-1.18% | |
-1.26% | |
-1.26% | |
-1.27% | |
-1.63% | |
-1.73% | |
-1.37% | |
-1.24% | |
-1.55% | |
|
|
重组 |
0.00% | |
-0.56% | |
-1.22% | |
-1.58% | |
-1.86% | |
-2.40% | |
-0.71% | |
-1.21% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
|
|
损伤 |
0.00% | |
-3.40% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
|
|
合并与整合 |
-0.47% | |
-0.78% | |
-1.60% | |
-0.41% | |
-0.57% | |
-0.68% | |
-0.36% | |
-0.18% | |
-0.13% | |
-0.50% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
|
|
营业收入 |
11.80% |
|
10.23% |
|
11.92% |
|
13.75% |
|
13.33% |
|
15.11% |
|
16.89% |
|
16.06% |
|
15.92% |
|
16.33% |
|
17.46% |
|
16.52% |
|
15.33% |
|
16.42% |
|
15.80% |
|
14.25% |
|
11.93% |
|
13.41% |
|
13.08% |
|
11.75% |
|
9.63% |
|
|
|
利息和其他收入 |
0.49% | |
0.75% | |
0.87% | |
2.95% | |
0.92% | |
1.24% | |
1.05% | |
0.93% | |
0.96% | |
1.06% | |
0.88% | |
1.01% | |
1.19% | |
2.21% | |
1.00% | |
4.59% | |
0.84% | |
0.92% | |
0.96% | |
0.28% | |
0.36% | |
|
|
利息支出 |
-1.33% | |
-1.30% | |
-1.59% | |
-1.66% | |
-1.73% | |
-1.41% | |
-1.48% | |
-1.44% | |
-1.30% | |
-1.45% | |
-1.55% | |
-1.57% | |
-1.51% | |
-1.54% | |
-1.63% | |
-1.83% | |
-2.06% | |
-2.20% | |
-2.22% | |
-2.41% | |
-2.60% | |
|
|
税前利润 |
10.96% |
|
9.68% |
|
11.20% |
|
15.04% |
|
12.52% |
|
14.94% |
|
16.45% |
|
15.55% |
|
15.59% |
|
15.94% |
|
16.79% |
|
15.96% |
|
15.01% |
|
17.10% |
|
15.17% |
|
17.01% |
|
10.70% |
|
12.13% |
|
11.82% |
|
9.62% |
|
7.39% |
|
|
|
税费费用 |
-2.24% | |
-1.47% | |
-2.53% | |
-2.77% | |
-2.76% | |
-2.90% | |
-3.16% | |
-3.02% | |
-2.97% | |
-3.17% | |
-3.12% | |
-3.04% | |
-2.81% | |
-3.35% | |
-2.88% | |
-2.69% | |
-1.98% | |
-2.31% | |
-2.21% | |
-1.76% | |
-1.42% | |
|
|
净收入 |
8.73% |
|
8.21% |
|
8.67% |
|
12.26% |
|
9.76% |
|
12.04% |
|
13.30% |
|
12.53% |
|
12.61% |
|
12.77% |
|
13.67% |
|
12.93% |
|
12.20% |
|
13.75% |
|
12.29% |
|
14.32% |
|
8.72% |
|
9.82% |
|
9.61% |
|
7.86% |
|
5.97% |
|
|
|
归属于非控制性权益的净利润 |
-0.10% | |
0.25% | |
-0.39% | |
-0.40% | |
-0.38% | |
-0.25% | |
-0.35% | |
-0.36% | |
-0.34% | |
-0.39% | |
-0.16% | |
-0.17% | |
-0.13% | |
-0.23% | |
-0.16% | |
-0.16% | |
-0.17% | |
-0.16% | |
-0.21% | |
-0.21% | |
-0.25% | |
|
|
归因于SLB的净收入 |
8.62% |
|
8.46% |
|
8.28% |
|
11.87% |
|
9.39% |
|
11.79% |
|
12.95% |
|
12.17% |
|
12.27% |
|
12.38% |
|
13.51% |
|
12.75% |
|
12.07% |
|
13.52% |
|
12.13% |
|
14.16% |
|
8.55% |
|
9.65% |
|
9.41% |
|
7.65% |
|
5.72% |
|
根据报告：
10-Q (报告日期： 2026-03-31), 10-K (报告日期： 2025-12-31), 10-Q (报告日期： 2025-09-30), 10-Q (报告日期： 2025-06-30), 10-Q (报告日期： 2025-03-31), 10-K (报告日期： 2024-12-31), 10-Q (报告日期： 2024-09-30), 10-Q (报告日期： 2024-06-30), 10-Q (报告日期： 2024-03-31), 10-K (报告日期： 2023-12-31), 10-Q (报告日期： 2023-09-30), 10-Q (报告日期： 2023-06-30), 10-Q (报告日期： 2023-03-31), 10-K (报告日期： 2022-12-31), 10-Q (报告日期： 2022-09-30), 10-Q (报告日期： 2022-06-30), 10-Q (报告日期： 2022-03-31), 10-K (报告日期： 2021-12-31), 10-Q (报告日期： 2021-09-30), 10-Q (报告日期： 2021-06-30), 10-Q (报告日期： 2021-03-31).
收入结构在分析周期内发生了显著偏移。服务业收入占比在2022年第一季度达到70.82%的峰值后进入长期下降通道，至2025年第四季度降至54.96%。与此同时，产品销售收入占比呈现反向增长趋势，从2022年第一季度的29.18%低点稳步攀升，在2025年第四季度达到45.04%的高点。
- 收入组合演变
- 服务业占比从初始的66.67%波动下降至最终的56.4%
- 产品销售占比从初始的33.33%增加至最终的43.6%
毛利率在观察期内经历了先升后降的周期性波动。毛利率从2021年第一季度的13.77%持续提升，在2023年第四季度达到21.12%的最高水平。随后，毛利率开始回落，至2026年第一季度降至15.26%。这一趋势与成本结构的变动密切相关，特别是销售成本在2025年之后显著增加，从此前约30%的水平上升至2025年第二季度的39.07%。
- 成本与利润率趋势
- 服务费用占收入比重总体呈下降趋势，从-58.03%改善至-46.43%
- 销售成本在2025年后出现明显上升，直接压低了整体毛利率
- 总收入成本在80%至86%之间波动，近期呈现上升压力
营业利润率在2023年第三季度达到17.46%的峰值，随后逐渐走低。这种下滑部分归因于新型费用的出现，包括2024年后开始记录的重组费用、合并与整合费用以及偶发性的损伤费用。其中，重组费用在2025年第三季度达到-2.4%的峰值。尽管研究与工程费用以及一般与行政费用保持在相对稳定的低水平，但新增的非经常性支出削弱了营业利润。
- 运营效率与净利分析
- 营业收入百分比从2023年的高点回落至2026年第一季度的11.8%
- 税前利润率在2022年波动上升后，于2025年第四季度跌至9.68%
- 归因于母公司的净收入百分比在2022年第二季度达到14.16%的峰值，随后在2024-2026年间维持在8%至12%的区间
