vs
南玻集团（CSGS）与SUBURBAN PROPANE PARTNERS LP（SPH）财务数据对比。点击上方公司名可切换其他公司
SUBURBAN PROPANE PARTNERS LP的季度营收约是南玻集团的1.1倍（$370.4M vs $323.1M），SUBURBAN PROPANE PARTNERS LP净利率更高（12.4% vs 2.2%，领先10.2%），南玻集团同比增速更快（2.0% vs -0.8%），南玻集团自由现金流更多（$55.8M vs $-67.5M），过去两年南玻集团的营收复合增速更高（4.6% vs -13.8%）
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。
Suburban Propane Partners LP是美国领先的丙烷、天然气、取暖油及相关能源产品分销商，服务覆盖住宅、商业、工业、农业等各类客户，同时提供暖通空调系统的安装、维护与维修服务，业务范围遍布全美。
CSGS vs SPH — 直观对比
营收规模更大
SPH
是对方的1.1倍
$323.1M
营收增速更快
CSGS
高出2.8%
-0.8%
净利率更高
SPH
高出10.2%
2.2%
自由现金流更多
CSGS
多$123.3M
$-67.5M
两年增速更快
CSGS
近两年复合增速
-13.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $370.4M |
| 净利润 | $7.0M | $45.8M |
| 毛利率 | 50.0% | 64.7% |
| 营业利润率 | 9.0% | 18.3% |
| 净利率 | 2.2% | 12.4% |
| 营收同比 | 2.0% | -0.8% |
| 净利润同比 | -79.7% | 135.7% |
| 每股收益（稀释后） | $0.24 | $0.69 |
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CSGSSPH
| Q4 25 | $323.1M | $370.4M | ||
| Q3 25 | $303.6M | $211.4M | ||
| Q2 25 | $297.1M | $260.1M | ||
| Q1 25 | $299.5M | $587.7M | ||
| Q4 24 | $316.7M | $373.3M | ||
| Q3 24 | $295.1M | $208.6M | ||
| Q2 24 | $290.3M | $254.6M | ||
| Q1 24 | $295.1M | $498.1M |
净利润CSGSSPH
| Q4 25 | $7.0M | $45.8M | ||
| Q3 25 | $20.5M | $-35.1M | ||
| Q2 25 | $12.3M | $-14.8M | ||
| Q1 25 | $16.1M | $137.1M | ||
| Q4 24 | $34.5M | $19.4M | ||
| Q3 24 | $19.1M | $-44.6M | ||
| Q2 24 | $13.8M | $-17.2M | ||
| Q1 24 | $19.5M | $111.5M |
毛利率CSGSSPH
| Q4 25 | 50.0% | 64.7% | ||
| Q3 25 | 48.1% | 64.7% | ||
| Q2 25 | 49.5% | 61.7% | ||
| Q1 25 | 48.4% | 58.8% | ||
| Q4 24 | 51.3% | 60.6% | ||
| Q3 24 | 49.4% | 59.4% | ||
| Q2 24 | 47.3% | 62.9% | ||
| Q1 24 | 46.5% | 61.8% |
营业利润率CSGSSPH
| Q4 25 | 9.0% | 18.3% | ||
| Q3 25 | 10.0% | -7.9% | ||
| Q2 25 | 10.0% | 2.1% | ||
| Q1 25 | 9.8% | 27.0% | ||
| Q4 24 | 13.4% | 15.8% | ||
| Q3 24 | 10.8% | -10.8% | ||
| Q2 24 | 8.8% | 3.2% | ||
| Q1 24 | 10.8% | 27.5% |
净利率CSGSSPH
| Q4 25 | 2.2% | 12.4% | ||
| Q3 25 | 6.7% | -16.6% | ||
| Q2 25 | 4.1% | -5.7% | ||
| Q1 25 | 5.4% | 23.3% | ||
| Q4 24 | 10.9% | 5.2% | ||
| Q3 24 | 6.5% | -21.4% | ||
| Q2 24 | 4.8% | -6.8% | ||
| Q1 24 | 6.6% | 22.4% |
每股收益（稀释后）CSGSSPH
| Q4 25 | $0.24 | $0.69 | ||
| Q3 25 | $0.73 | $-0.55 | ||
| Q2 25 | $0.44 | $-0.23 | ||
| Q1 25 | $0.57 | $2.10 | ||
| Q4 24 | $1.20 | $0.30 | ||
| Q3 24 | $0.67 | $-0.69 | ||
| Q2 24 | $0.48 | $-0.27 | ||
| Q1 24 | $0.68 | $1.72 |
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 | $1.3M |
| 总债务越低越好 | $539.5M | $1.3B |
| 股东权益账面价值 | $283.7M | — |
| 总资产 | $1.5B | $2.4B |
| 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CSGSSPH
| Q4 25 | $180.0M | $1.3M | ||
| Q3 25 | $158.4M | $405.0K | ||
| Q2 25 | $145.9M | $1.3M | ||
| Q1 25 | $136.0M | $3.9M | ||
| Q4 24 | $161.8M | $4.4M | ||
| Q3 24 | $118.4M | $3.2M | ||
| Q2 24 | $110.4M | $4.9M | ||
| Q1 24 | $120.8M | $4.4M |
总债务CSGSSPH
| Q4 25 | $539.5M | $1.3B | ||
| Q3 25 | $538.6M | $1.2B | ||
| Q2 25 | $537.8M | $1.2B | ||
| Q1 25 | $537.6M | $1.3B | ||
| Q4 24 | $538.5M | $1.3B | ||
| Q3 24 | $539.5M | $1.2B | ||
| Q2 24 | $540.5M | $1.2B | ||
| Q1 24 | $541.5M | $1.2B |
股东权益CSGSSPH
| 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 | — | ||
| Q1 24 | $269.3M | — |
总资产CSGSSPH
| Q4 25 | $1.5B | $2.4B | ||
| Q3 25 | $1.5B | $2.3B | ||
| Q2 25 | $1.4B | $2.3B | ||
| Q1 25 | $1.4B | $2.4B | ||
| Q4 24 | $1.5B | $2.4B | ||
| Q3 24 | $1.4B | $2.3B | ||
| Q2 24 | $1.4B | $2.3B | ||
| Q1 24 | $1.3B | $2.3B |
负债/权益比CSGSSPH
| 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 | $-47.7M |
| 自由现金流经营现金流 - 资本支出 | $55.8M | $-67.5M |
| 自由现金流率自由现金流/营收 | 17.3% | -18.2% |
| 资本支出强度资本支出/营收 | 1.1% | 5.3% |
| 现金转化率经营现金流/净利润 | 8.46× | -1.04× |
| 过去12个月自由现金流最近4个季度 | $141.4M | $61.9M |
8季度趋势，按日历期对齐
经营现金流CSGSSPH
| Q4 25 | $59.2M | $-47.7M | ||
| Q3 25 | $47.9M | $41.8M | ||
| Q2 25 | $37.3M | $95.5M | ||
| Q1 25 | $11.5M | $40.1M | ||
| Q4 24 | $82.5M | $8.8M | ||
| Q3 24 | $39.5M | $36.8M | ||
| Q2 24 | $43.1M | $61.4M | ||
| Q1 24 | $-29.4M | $75.1M |
自由现金流CSGSSPH
| Q4 25 | $55.8M | $-67.5M | ||
| Q3 25 | $43.9M | $27.7M | ||
| Q2 25 | $34.6M | $80.9M | ||
| Q1 25 | $7.1M | $20.8M | ||
| Q4 24 | $76.6M | $-15.1M | ||
| Q3 24 | $32.0M | $17.7M | ||
| Q2 24 | $38.8M | $46.8M | ||
| Q1 24 | $-34.1M | $60.6M |
自由现金流率CSGSSPH
| Q4 25 | 17.3% | -18.2% | ||
| Q3 25 | 14.5% | 13.1% | ||
| Q2 25 | 11.6% | 31.1% | ||
| Q1 25 | 2.4% | 3.5% | ||
| Q4 24 | 24.2% | -4.0% | ||
| Q3 24 | 10.8% | 8.5% | ||
| Q2 24 | 13.4% | 18.4% | ||
| Q1 24 | -11.6% | 12.2% |
资本支出强度CSGSSPH
| Q4 25 | 1.1% | 5.3% | ||
| Q3 25 | 1.3% | 6.7% | ||
| Q2 25 | 0.9% | 5.6% | ||
| Q1 25 | 1.5% | 3.3% | ||
| Q4 24 | 1.9% | 6.4% | ||
| Q3 24 | 2.5% | 9.1% | ||
| Q2 24 | 1.5% | 5.8% | ||
| Q1 24 | 1.6% | 2.9% |
现金转化率CSGSSPH
| Q4 25 | 8.46× | -1.04× | ||
| Q3 25 | 2.34× | — | ||
| Q2 25 | 3.04× | — | ||
| Q1 25 | 0.71× | 0.29× | ||
| Q4 24 | 2.39× | 0.45× | ||
| Q3 24 | 2.07× | — | ||
| Q2 24 | 3.12× | — | ||
| Q1 24 | -1.51× | 0.67× |
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% |
SPH
| Propane | $326.4M | 88% |
| Other Sales Revenue Net | $19.9M | 5% |
| Fuel Oil And Refined Fuels | $18.2M | 5% |
| Natural Gas And Electricity | $5.9M | 2% |
| Wholesale | $4.1M | 1% |
