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600685.SH CSSC Defense: naval & specialty ship platform

CSSC Defense CSSC naval/specialty platform; smaller than merged CSSC, more defense-tilted.

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Snapshot

Price (~)
CNY 27.44
Market cap (~)
CNY 38.8B
Revenue (latest FY/cum)
CNY 20.5B
Latest NI (attr.)
CNY 836.6M
As of 2026-09-25

As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)

Thesis

CSSC Defense CSSC naval/specialty platform; smaller than merged CSSC, more defense-tilted. Price ~¥27.44, mkt ~¥388B; PE-TTM 23.2x.

Business

Model: naval & specialty ships. Edge: yards + quals. Strategy: defense deliveries + civil mix.

Value chain

Naval yard; upstream suppliers; PLA. Risks: induction pace; costs; group allocation.

Corporate events

Events

Events
DateEventDetailNote
持续军船平台黄埔文冲等偏军
As of 2026-09-25

Valuation

Mid-cap naval; backlog and margins.

Valuation snapshot

Valuation snapshot
MetricValueNote
现价27.44东方财富行情
总市值387.87 亿f116
PE-TTM23.2x亏损则为 null
PB2.04x行情字段
As of 2026-09-25

Valuation · ~3y QE

Interactive chart available in the reader.

QE close×shares/TTM NI; div yield null without source · As of 2026-09-25

Price · ~3y QE

Interactive chart available in the reader.

Eastmoney monthly K aligned to quarter-end · As of 2026-09-25

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.

Eastmoney cumulative revenue differenced; null when missing · As of 2026-09-25

Gross margin · reported

Interactive chart available in the reader.

Eastmoney reported GM (period) · As of 2026-09-25

Quarterly NI · 8Q

Interactive chart available in the reader.

Eastmoney cumulative NI differenced; PE null if TTM≤0 · As of 2026-09-25

Financial health

Financial health
ItemValueNote
经营现金流（约，每股×股本）52.53 亿MGJYXJJE×股本估算，非审计
资产负债率62.9%最新报告期
ROE（加权）4.62%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
As of 2026-09-25

Operations

Deliveries/defense ASP/steel-labor.

Operating snapshot

Operating snapshot
ItemValueYoY/noteNote
最新报告期2026-Q2—东方财富 MAINFINADATA
单季营收54.35 亿见收入图 YoY累计拆单季
单季归母净利4.40 亿见利润图累计拆单季
毛利率（报告期披露）10.7%—销售毛利率字段
赛道航海装备—申万国防军工二级语境
As of 2026-09-25

Competition

Defense market share is usually undisclosed; share charts use nulls.

Market share

Interactive chart available in the reader.

Usually undisclosed for defense — nulls · As of 2026-09-25

Peer share

Interactive chart available in the reader.

Null without named source · As of 2026-09-25

Peers

Peers
NameRoleNoteStrengthWeakness
中船防务军船中偏军体量
中国船舶军民高规模周期
松发/恒力民船高订单非军
As of 2026-09-25

Management

Management / control

Management / control
RoleNameSince24m change
控股股东中国船舶集团持续央企
经营层以最新年报披露为准持续—
As of 2026-09-25

Stability: CSSC Group-controlled.

Outlook

Watch revenue, GM, 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

Orders; costs; valuation; group reorg.

Tracking

  1. Quarterly revenue/NI YoY and contract liabilities
  2. Gross margin, inventory, receivables
  3. OCF vs CapEx
  4. Material reorg/program disclosures
  5. Defense index relative performance / crowding

References

  1. CNINFO — https://www.cninfo.com.cn/new/disclosure/stock?stockCode=600685
  2. Eastmoney quotes & MAINFINADATA
  3. Other: IR

Not investment advice.

Disclaimer: For research information only. Not investment advice or a recommendation to buy or sell.

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