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南玻集团（CSGS）与MARTIN MIDSTREAM PARTNERS L.P.（MMLP）财务数据对比。点击上方公司名可切换其他公司
南玻集团的季度营收约是MARTIN MIDSTREAM PARTNERS L.P.的1.7倍（$323.1M vs $187.7M），南玻集团净利率更高（2.2% vs 1.7%，领先0.5%），南玻集团同比增速更快（2.0% vs -2.5%），南玻集团自由现金流更多（$55.8M vs $-6.0M），过去两年南玻集团的营收复合增速更高（4.6% vs 0.8%）
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。
Martin Midstream Partners L.P.是美国中游能源服务提供商，主营原油、天然气液、精炼石油产品及特种化学品的存储、运输、分销与加工服务，主要服务北美能源及工业领域客户。
CSGS vs MMLP — 直观对比
营收规模更大
CSGS
是对方的1.7倍
$187.7M
营收增速更快
CSGS
高出4.6%
-2.5%
净利率更高
CSGS
高出0.5%
1.7%
自由现金流更多
CSGS
多$61.8M
$-6.0M
两年增速更快
CSGS
近两年复合增速
0.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $187.7M |
| 净利润 | $7.0M | $3.2M |
| 毛利率 | 50.0% | — |
| 营业利润率 | 9.0% | 4.1% |
| 净利率 | 2.2% | 1.7% |
| 营收同比 | 2.0% | -2.5% |
| 净利润同比 | -79.7% | -37.1% |
| 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CSGSMMLP
| Q1 26 | — | $187.7M | ||
| Q4 25 | $323.1M | $174.2M | ||
| Q3 25 | $303.6M | $168.7M | ||
| Q2 25 | $297.1M | $180.7M | ||
| Q1 25 | $299.5M | $192.5M | ||
| Q4 24 | $316.7M | $171.3M | ||
| Q3 24 | $295.1M | $170.9M | ||
| Q2 24 | $290.3M | $184.5M |
净利润CSGSMMLP
| Q1 26 | — | $3.2M | ||
| Q4 25 | $7.0M | $-2.9M | ||
| Q3 25 | $20.5M | $-8.4M | ||
| Q2 25 | $12.3M | $-2.4M | ||
| Q1 25 | $16.1M | $-1.0M | ||
| Q4 24 | $34.5M | $-8.9M | ||
| Q3 24 | $19.1M | $-3.3M | ||
| Q2 24 | $13.8M | $3.8M |
毛利率CSGSMMLP
| Q1 26 | — | — | ||
| Q4 25 | 50.0% | 57.1% | ||
| Q3 25 | 48.1% | 55.1% | ||
| Q2 25 | 49.5% | 56.5% | ||
| Q1 25 | 48.4% | 53.5% | ||
| Q4 24 | 51.3% | 58.2% | ||
| Q3 24 | 49.4% | 58.5% | ||
| Q2 24 | 47.3% | 58.4% |
营业利润率CSGSMMLP
| Q1 26 | — | 4.1% | ||
| Q4 25 | 9.0% | 7.3% | ||
| Q3 25 | 10.0% | 4.1% | ||
| Q2 25 | 10.0% | 8.2% | ||
| Q1 25 | 9.8% | 7.5% | ||
| Q4 24 | 13.4% | 4.0% | ||
| Q3 24 | 10.8% | 7.4% | ||
| Q2 24 | 8.8% | 10.8% |
净利率CSGSMMLP
| Q1 26 | — | 1.7% | ||
| Q4 25 | 2.2% | -1.7% | ||
| Q3 25 | 6.7% | -5.0% | ||
| Q2 25 | 4.1% | -1.3% | ||
| Q1 25 | 5.4% | -0.5% | ||
| Q4 24 | 10.9% | -5.2% | ||
| Q3 24 | 6.5% | -1.9% | ||
| Q2 24 | 4.8% | 2.0% |
每股收益（稀释后）CSGSMMLP
| 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 | — |
| 总债务越低越好 | $539.5M | — |
| 股东权益账面价值 | $283.7M | — |
| 总资产 | $1.5B | $537.1M |
| 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CSGSMMLP
| Q1 26 | — | — | ||
| Q4 25 | $180.0M | — | ||
| Q3 25 | $158.4M | — | ||
| Q2 25 | $145.9M | — | ||
| Q1 25 | $136.0M | — | ||
| Q4 24 | $161.8M | — | ||
| Q3 24 | $118.4M | — | ||
| Q2 24 | $110.4M | — |
总债务CSGSMMLP
| Q1 26 | — | — | ||
| Q4 25 | $539.5M | $428.0M | ||
| Q3 25 | $538.6M | $441.3M | ||
| Q2 25 | $537.8M | $427.8M | ||
| Q1 25 | $537.6M | $451.4M | ||
| Q4 24 | $538.5M | $437.6M | ||
| Q3 24 | $539.5M | $469.3M | ||
| Q2 24 | $540.5M | $439.4M |
股东权益CSGSMMLP
| Q1 26 | — | — | ||
| Q4 25 | $283.7M | — | ||
| Q3 25 | $289.5M | — | ||
| Q2 25 | $290.7M | — | ||
| Q1 25 | $283.1M | — | ||
| Q4 24 | $282.6M | — | ||
| Q3 24 | $288.4M | — | ||
| Q2 24 | $273.3M | — |
总资产CSGSMMLP
| Q1 26 | — | $537.1M | ||
| Q4 25 | $1.5B | $522.4M | ||
| Q3 25 | $1.5B | $510.1M | ||
| Q2 25 | $1.4B | $515.6M | ||
| Q1 25 | $1.4B | $533.4M | ||
| Q4 24 | $1.5B | $538.5M | ||
| Q3 24 | $1.4B | $554.8M | ||
| Q2 24 | $1.4B | $535.1M |
负债/权益比CSGSMMLP
| Q1 26 | — | — | ||
| 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× | — |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $55.8M | $-6.0M |
| 自由现金流率自由现金流/营收 | 17.3% | -3.2% |
| 资本支出强度资本支出/营收 | 1.1% | 1.6% |
| 现金转化率经营现金流/净利润 | 8.46× | — |
| 过去12个月自由现金流最近4个季度 | $141.4M | $27.2M |
8季度趋势，按日历期对齐
经营现金流CSGSMMLP
| Q1 26 | — | — | ||
| Q4 25 | $59.2M | $22.4M | ||
| Q3 25 | $47.9M | $-1.2M | ||
| Q2 25 | $37.3M | $30.9M | ||
| Q1 25 | $11.5M | $-6.0M | ||
| Q4 24 | $82.5M | $42.2M | ||
| Q3 24 | $39.5M | $-15.8M | ||
| Q2 24 | $43.1M | $11.8M |
自由现金流CSGSMMLP
| Q1 26 | — | $-6.0M | ||
| Q4 25 | $55.8M | $15.6M | ||
| Q3 25 | $43.9M | $-7.9M | ||
| Q2 25 | $34.6M | $25.6M | ||
| Q1 25 | $7.1M | $-11.9M | ||
| Q4 24 | $76.6M | $34.2M | ||
| Q3 24 | $32.0M | $-25.6M | ||
| Q2 24 | $38.8M | $-696.0K |
自由现金流率CSGSMMLP
| Q1 26 | — | -3.2% | ||
| Q4 25 | 17.3% | 8.9% | ||
| Q3 25 | 14.5% | -4.7% | ||
| Q2 25 | 11.6% | 14.2% | ||
| Q1 25 | 2.4% | -6.2% | ||
| Q4 24 | 24.2% | 20.0% | ||
| Q3 24 | 10.8% | -15.0% | ||
| Q2 24 | 13.4% | -0.4% |
资本支出强度CSGSMMLP
| Q1 26 | — | 1.6% | ||
| Q4 25 | 1.1% | 3.9% | ||
| Q3 25 | 1.3% | 4.0% | ||
| Q2 25 | 0.9% | 3.0% | ||
| Q1 25 | 1.5% | 3.1% | ||
| Q4 24 | 1.9% | 4.6% | ||
| Q3 24 | 2.5% | 5.8% | ||
| Q2 24 | 1.5% | 6.8% |
现金转化率CSGSMMLP
| Q1 26 | — | — | ||
| Q4 25 | 8.46× | — | ||
| Q3 25 | 2.34× | — | ||
| Q2 25 | 3.04× | — | ||
| Q1 25 | 0.71× | — | ||
| Q4 24 | 2.39× | — | ||
| Q3 24 | 2.07× | — | ||
| Q2 24 | 3.12× | 3.13× |
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% |
MMLP
| Specialty products | $61.6M | 33% |
| Transportation * | $52.8M | 28% |
| Other | $46.5M | 25% |
| Terminalling and storage * | $22.4M | 12% |
| Sulfur services | $4.4M | 2% |
