600150.SH · A-shares
600150.SH CSSC: post-merger naval & commercial shipbuilding flagship
CSSC After the Sep-2025 share-swap absorption of CSIC, CSSC is the largest A-share shipbuilder; backlog conversion drives earnings. Heaviest cyclical weight in the defense theme.
Cite a section with a deep link, e.g. /en/r/cssc-600150-research#thesis
Snapshot
- Price (~)
- CNY 37.47
- Market cap (~)
- CNY 282.0B
- Revenue (latest FY/cum)
- CNY 152.0B
- Latest NI (attr.)
- CNY 10.0B
As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)
Thesis
CSSC After the Sep-2025 share-swap absorption of CSIC, CSSC is the largest A-share shipbuilder; backlog conversion drives earnings. Heaviest cyclical weight in the defense theme. Price ~¥37.47, mkt ~¥2820B; PE-TTM 14.2x.
Business
Model: naval & commercial shipbuilding/repair, offshore & machinery. Flagships: naval combatants; large commercial deliveries. Boundary: absorbed CSIC assets. Strategy: backlog conversion, capacity synergy, cost.
Value chain
Mid-stack shipyard; upstream steel/power/electronics; downstream navy & shipowners. Risks: steel/power supply; dock capacity; FX/financing.
Corporate events
Events
| Date | Event | Detail | Note |
|---|---|---|---|
| 2025-09 | 换股吸收合并中国重工 | 1:0.1339；重工终止上市 | 主体边界扩张 |
| 2025-09-16 | 新增股份上市 | 约 30.53 亿股 | 股本扩大 |
Valuation
Shipbuilders trade on backlog, margins, recognition pace; post-merger size ties valuation to commercial cycle.
Valuation snapshot
| Metric | Value | Note |
|---|---|---|
| 现价 | 37.47 | 东方财富行情 |
| 总市值 | 2819.85 亿 | f116 |
| PE-TTM | 14.2x | 亏损则为 null |
| PB | 1.85x | 行情字段 |
Valuation · ~3y QE
Interactive chart available in the reader.
Price · ~3y QE
Interactive chart available in the reader.
Financial trends (~24m)
Single-quarter revenue/NI from Eastmoney cumulative filings via differencing; gross margin is reported period GM. Null when missing.
Quarterly revenue · 8Q
Interactive chart available in the reader.
Gross margin · reported
Interactive chart available in the reader.
Quarterly NI · 8Q
Interactive chart available in the reader.
Financial health
| Item | Value | Note |
|---|---|---|
| 经营现金流（约，每股×股本） | 109.18 亿 | MGJYXJJE×股本估算，非审计 |
| 资产负债率 | 62.4% | 最新报告期 |
| ROE（加权） | 6.71% | 报告期 |
| 审计/持续经营 | 以最新年报审计意见为准 | 未在本包重审 |
Operations
Volume: backlog/new orders/deliveries; price: ship prices; cost: steel, labor, utilization.
Operating snapshot
| Item | Value | YoY/note | Note |
|---|---|---|---|
| 最新报告期 | 2026-Q2 | — | 东方财富 MAINFINADATA |
| 单季营收 | 482.17 亿 | 见收入图 YoY | 累计拆单季 |
| 单季归母净利 | 51.21 亿 | 见利润图 | 累计拆单季 |
| 毛利率（报告期披露） | 17.4% | — | 销售毛利率字段 |
| 赛道 | 航海装备 | — | 申万国防军工二级语境 |
Competition
Defense market share is usually undisclosed; share charts use nulls.
Peers
| Name | Role | Note | Strength | Weakness |
|---|---|---|---|---|
| 中国船舶 | 军民旗舰 | 看订单 | 规模+合并 | 周期波动 |
| 松发/恒力重工 | 民船新贵 | 高弹性 | 订单爆发 | 军品弱 |
| 中船防务 | 偏军 | 中 | 舰船平台 | 体量较小 |
| 中国动力 | 动力配套 | 中 | 动力链 | 非总装 |
Management
Management / control
| Role | Name | Since | 24m change |
|---|---|---|---|
| 控股股东 | 中国船舶集团 | 持续 | 央企控股 |
| 董事会/经营层 | 以最新年报披露为准 | 持续 | 勿用过时人名 |
Stability: SOE-controlled; post-merger appointments follow group.
Outlook
Watch merger synergies, commercial backlog margins, defense recognition, OCF.
Scenarios
| Scenario | Condition | Implication |
|---|---|---|
| Bull | Orders/deliveries beat | Earnings + multiple |
| Base | Steady production | Hold/watch recognition |
| Bear | Destock/budget slip | Theme + earnings drawdown |
Risks
Ship cycle; integration; defense schedule; input costs.
Tracking
- Quarterly revenue/NI YoY and contract liabilities
- Gross margin, inventory, receivables
- OCF vs CapEx
- Material reorg/program disclosures
- Defense index relative performance / crowding
References
- CNINFO — https://www.cninfo.com.cn/new/disclosure/stock?stockCode=600150
- Eastmoney quotes & MAINFINADATA
- Other: https://www.jiemian.com/article/13337505.html
Not investment advice.
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