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南玻集团（CSGS）与USA Compression Partners, LP（USAC）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USA Compression Partners, LP的1.3倍（$323.1M vs $252.5M），USA Compression Partners, LP净利率更高（11.0% vs 2.2%，领先8.8%），USA Compression Partners, LP同比增速更快（2.7% vs 2.0%），USA Compression Partners, LP自由现金流更多（$87.7M vs $55.8M），过去两年USA Compression Partners, LP的营收复合增速更高（4.9% vs 4.6%）
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。
USA Compression Partners, LP是一家总部位于美国的天然气压缩服务供应商，服务覆盖油气行业上游、中游及下游领域，提供定制化压缩系统、设备维护与运营支持，助力天然气生产、加工和运输环节高效运转。
CSGS vs USAC — 直观对比
营收规模更大
CSGS
是对方的1.3倍
$252.5M
营收增速更快
USAC
高出0.6%
2.0%
净利率更高
USAC
高出8.8%
2.2%
自由现金流更多
USAC
多$31.9M
$55.8M
两年增速更快
USAC
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $252.5M |
| 净利润 | $7.0M | $27.8M |
| 毛利率 | 50.0% | — |
| 营业利润率 | 9.0% | 30.3% |
| 净利率 | 2.2% | 11.0% |
| 营收同比 | 2.0% | 2.7% |
| 净利润同比 | -79.7% | 9.1% |
| 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CSGSUSAC
| Q4 25 | $323.1M | $252.5M | ||
| Q3 25 | $303.6M | $250.3M | ||
| Q2 25 | $297.1M | $250.1M | ||
| Q1 25 | $299.5M | $245.2M | ||
| Q4 24 | $316.7M | $245.9M | ||
| Q3 24 | $295.1M | $240.0M | ||
| Q2 24 | $290.3M | $235.3M | ||
| Q1 24 | $295.1M | $229.3M |
净利润CSGSUSAC
| Q4 25 | $7.0M | $27.8M | ||
| Q3 25 | $20.5M | $34.5M | ||
| Q2 25 | $12.3M | $28.6M | ||
| Q1 25 | $16.1M | $20.5M | ||
| Q4 24 | $34.5M | $25.4M | ||
| Q3 24 | $19.1M | $19.3M | ||
| Q2 24 | $13.8M | $31.2M | ||
| Q1 24 | $19.5M | $23.6M |
毛利率CSGSUSAC
| Q4 25 | 50.0% | — | ||
| Q3 25 | 48.1% | — | ||
| Q2 25 | 49.5% | — | ||
| Q1 25 | 48.4% | — | ||
| Q4 24 | 51.3% | — | ||
| Q3 24 | 49.4% | — | ||
| Q2 24 | 47.3% | — | ||
| Q1 24 | 46.5% | — |
营业利润率CSGSUSAC
| Q4 25 | 9.0% | 30.3% | ||
| Q3 25 | 10.0% | 33.5% | ||
| Q2 25 | 10.0% | 30.6% | ||
| Q1 25 | 9.8% | 28.3% | ||
| Q4 24 | 13.4% | 30.3% | ||
| Q3 24 | 10.8% | 31.5% | ||
| Q2 24 | 8.8% | 32.9% | ||
| Q1 24 | 10.8% | 29.2% |
净利率CSGSUSAC
| Q4 25 | 2.2% | 11.0% | ||
| Q3 25 | 6.7% | 13.8% | ||
| Q2 25 | 4.1% | 11.4% | ||
| Q1 25 | 5.4% | 8.4% | ||
| Q4 24 | 10.9% | 10.3% | ||
| Q3 24 | 6.5% | 8.1% | ||
| Q2 24 | 4.8% | 13.3% | ||
| Q1 24 | 6.6% | 10.3% |
每股收益（稀释后）CSGSUSAC
| 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 | — | ||
| Q1 24 | $0.68 | — |
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 | $8.6M |
| 总债务越低越好 | $539.5M | $2.5B |
| 股东权益账面价值 | $283.7M | — |
| 总资产 | $1.5B | $2.6B |
| 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CSGSUSAC
| Q4 25 | $180.0M | $8.6M | ||
| Q3 25 | $158.4M | — | ||
| Q2 25 | $145.9M | $2.0K | ||
| Q1 25 | $136.0M | $2.0K | ||
| Q4 24 | $161.8M | $14.0K | ||
| Q3 24 | $118.4M | $79.0K | ||
| Q2 24 | $110.4M | $9.0K | ||
| Q1 24 | $120.8M | $8.0K |
总债务CSGSUSAC
| Q4 25 | $539.5M | $2.5B | ||
| Q3 25 | $538.6M | $2.5B | ||
| Q2 25 | $537.8M | $2.5B | ||
| Q1 25 | $537.6M | $2.5B | ||
| Q4 24 | $538.5M | $2.5B | ||
| Q3 24 | $539.5M | $2.5B | ||
| Q2 24 | $540.5M | $2.5B | ||
| Q1 24 | $541.5M | $2.5B |
股东权益CSGSUSAC
| 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CSGSUSAC
| Q4 25 | $1.5B | $2.6B | ||
| Q3 25 | $1.5B | $2.7B | ||
| Q2 25 | $1.4B | $2.7B | ||
| Q1 25 | $1.4B | $2.7B | ||
| Q4 24 | $1.5B | $2.7B | ||
| Q3 24 | $1.4B | $2.8B | ||
| Q2 24 | $1.4B | $2.8B | ||
| Q1 24 | $1.3B | $2.8B |
负债/权益比CSGSUSAC
| 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 | $139.5M |
| 自由现金流经营现金流 - 资本支出 | $55.8M | $87.7M |
| 自由现金流率自由现金流/营收 | 17.3% | 34.8% |
| 资本支出强度资本支出/营收 | 1.1% | 20.5% |
| 现金转化率经营现金流/净利润 | 8.46× | 5.02× |
| 过去12个月自由现金流最近4个季度 | $141.4M | $277.0M |
8季度趋势，按日历期对齐
经营现金流CSGSUSAC
| Q4 25 | $59.2M | $139.5M | ||
| Q3 25 | $47.9M | $75.9M | ||
| Q2 25 | $37.3M | $124.2M | ||
| Q1 25 | $11.5M | $54.7M | ||
| Q4 24 | $82.5M | $130.2M | ||
| Q3 24 | $39.5M | $48.5M | ||
| Q2 24 | $43.1M | $96.7M | ||
| Q1 24 | $-29.4M | $65.9M |
自由现金流CSGSUSAC
| Q4 25 | $55.8M | $87.7M | ||
| Q3 25 | $43.9M | $51.9M | ||
| Q2 25 | $34.6M | $101.1M | ||
| Q1 25 | $7.1M | $36.3M | ||
| Q4 24 | $76.6M | $101.2M | ||
| Q3 24 | $32.0M | $19.8M | ||
| Q2 24 | $38.8M | $48.2M | ||
| Q1 24 | $-34.1M | $-32.7M |
自由现金流率CSGSUSAC
| Q4 25 | 17.3% | 34.8% | ||
| Q3 25 | 14.5% | 20.7% | ||
| Q2 25 | 11.6% | 40.4% | ||
| Q1 25 | 2.4% | 14.8% | ||
| Q4 24 | 24.2% | 41.1% | ||
| Q3 24 | 10.8% | 8.2% | ||
| Q2 24 | 13.4% | 20.5% | ||
| Q1 24 | -11.6% | -14.3% |
资本支出强度CSGSUSAC
| Q4 25 | 1.1% | 20.5% | ||
| Q3 25 | 1.3% | 9.6% | ||
| Q2 25 | 0.9% | 9.3% | ||
| Q1 25 | 1.5% | 7.5% | ||
| Q4 24 | 1.9% | 11.8% | ||
| Q3 24 | 2.5% | 12.0% | ||
| Q2 24 | 1.5% | 20.6% | ||
| Q1 24 | 1.6% | 43.0% |
现金转化率CSGSUSAC
| Q4 25 | 8.46× | 5.02× | ||
| Q3 25 | 2.34× | 2.20× | ||
| Q2 25 | 3.04× | 4.35× | ||
| Q1 25 | 0.71× | 2.66× | ||
| Q4 24 | 2.39× | 5.12× | ||
| Q3 24 | 2.07× | 2.51× | ||
| Q2 24 | 3.12× | 3.10× | ||
| Q1 24 | -1.51× | 2.80× |
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% |
USAC
| Revenue From Contract Operations Excluding Revenue From Related Party | $231.7M | 92% |
| Entities Affiliated With Energy Transfer LP | $16.6M | 7% |
| Transferred At Point In Time | $5.4M | 2% |
