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Chinese state shipyard (CSSC group) building offshore engineering platforms, naval and merchant vessels.
Chinese state shipyard (CSSC group) building offshore engineering platforms, naval and merchant vessels.
Is paid in instalments tied to milestones as a ship is built, under contracts signed one to three years ahead, so revenue follows the order book rather than the current ship price. It builds civilian ships and naval vessels, the latter for state buyers. The China State Shipbuilding group controls it, and it is also listed in Hong Kong as 0317.HK.
Moat: narrow (scale, regulatory licence). State-backed shipyard with naval licensing and CSSC group scale; limited pricing power on commercial hulls.
Headquarters: Guangzhou, China · Employees: 4,462
Size CSSC Offshore & Marine Engineering (Group) (600685.SS) is a China Industrials company (Trucks/Construction/Farm Machinery) with a market value of $4.16B, the 619th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥26.00 on 6 Nov 2026.
Performance Over six months the shares fell 19.1%, against -9.8% for the median peer and -16.4% for the China market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue grew 4.6% over the last twelve months (peer median +11.1%); the operating margin is 0.8% (peer median 7.0%).
Valuation It trades at 23.9× forward earnings against a peer median of 14.8× (5th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is -11 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.5 points below its cost of capital (5.0% WACC).
Next results Next results expected around 31 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥22.0B | CN¥20.5B | CN¥19.4B | CN¥16.1B | CN¥12.8B |
| Revenue growth | — | +6% | +20% | +26% | — |
| Gross profit | CN¥2.52B | CN¥2.01B | CN¥1.45B | CN¥1.02B | CN¥834M |
| EBITDA | n/a | CN¥662M | CN¥370M | CN¥133M | -CN¥39.7M |
| Net income | CN¥1.51B | CN¥1.01B | CN¥377M | CN¥48.1M | CN¥688M |
| Free cash flow | CN¥4.40B | -CN¥363M | -CN¥2.33B | CN¥2.80B | CN¥1.89B |
| Capital expenditure | CN¥1.02B | CN¥285M | CN¥203M | CN¥554M | CN¥241M |
| Total debt | CN¥4.67B | CN¥8.24B | CN¥8.25B | CN¥9.18B | CN¥9.72B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| CSSC Offshore & Marine Engineering (Group) 600685.SS | $4.16B | -19% | +5% | 1% | 23.9× | 1.1% |
| China CSSC 600150.SS | $39.7B | -16% | +80% | 8% | 13.3× | -7.8% |
| Hd Hyundai Heavy Industries 329180.KS | $20.3B | -62% | +41% | 15% | 9.5× | -7.0% |
| SamsungHvyInd 010140.KS | $10.2B | -50% | +30% | 27% | 13.3× | -20.3% |
| Yangzijiang Shipbuilding (Holdings) BS6.SI | $13.5B | +11% | +26% | 32% | 8.2× | -10.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 600685.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -10.9% | -0.1% | 6th lowest of 21 |
| 6-month return | -19.1% | -9.8% | 9th lowest of 21 |
| Distance from 52-week high | -32.6% | -27.6% | 9th lowest of 21 |
| Revenue growth (TTM) | +4.6% | +11.1% | 7th lowest of 21 |
| Operating margin | 0.8% | 7.0% | 2nd lowest of 21 |
| Forward P/E | 23.9× | 14.8× | 5th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 1.1% | 1.3% | 8th least demanding of 17 |
| Growth delivered (Del g) | +12.1% | +11.1% | 8th highest of 17 |
| Hurdle (Req g minus delivered) | -11.0 pp | -8.5 pp | 8th least demanding of 17 |
| ROIC minus cost of capital | -2.5 pp | -0.4 pp | 7th lowest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| CSSC Offshore & Marine Engineering (Group) 600685.SS | China | $4.16B | -19% | +5% | 1% | 23.9× | 1.1% | +12.1% |
| Bucher Industries BUCN.SW | Switzerland | $3.93B | +4% | -4% | 7% | 19.1× | -2.9% | +1.2% |
| Stadler Rail SRAIL.SW | Switzerland | $3.84B | +38% | +26% | 5% | 19.8× | 0.2% | +3.6% |
| Zhejiang Dingli Machinery 603338.SS | China | $4.57B | +9% | +29% | 22% | 14.8× | 1.6% | +23.7% |
| Doosan Bobcat 241560.KS | South Korea | $3.64B | -28% | +11% | 9% | 9.0× | -13.3% | +15.5% |
| Seatrium 5E2.SI | Singapore | $4.77B | -19% | +11% | 4% | 13.0× | 4.0% | +50.0% |
| Hiab HIAB.HE | Finland | $3.52B | -5% | +6% | 12% | 16.9× | 15.5% | -13.7% |
| Fincantieri FCT.MI | Italy | $4.98B | +3% | -1% | 0% | 21.5× | 1.2% | +9.1% |
| Cochin Shipyard COCHINSHIP.NS | India | $3.40B | -33% | -1% | 13% | 34.3× | n/a | n/a |
| Tiandi Science & Technology 600582.SS | China | $3.30B | -6% | -6% | 4% | 10.4× | n/a | n/a |
| China Railway Construction Heavy Industry 688425.SS | China | $3.29B | -13% | -1% | 12% | 12.4× | 1.9% | +5.7% |
| Kongsberg Maritime KMAR.OL | Norway | $5.43B | -1% | +6% | 13% | 21.8× | 0.9% | +6.3% |
| CITIC Heavy Industries 601608.SS | China | $3.15B | -24% | +5% | 4% | 45.9× | 14.5% | +5.1% |
| Alstom ALO.PA | France | $5.56B | -40% | +4% | 4% | n/a | 2.7% | +16.9% |
| TKMS AG & Co. KGaA TKMS.DE | Germany | $5.57B | +8% | +15% | 5% | 39.8× | n/a | n/a |
| Modec 6269.T | Japan | $3.03B | -46% | +17% | 9% | 7.7× | -21.3% | +18.6% |
| Hyundai Rotem 064350.KS | South Korea | $5.75B | -73% | +12% | 15% | 9.7× | -4.0% | +16.0% |
| Construcciones y Auxiliar de Ferrocarriles CAF.MC | Spain | $2.92B | +21% | +12% | 6% | 13.5× | 1.0% | +10.2% |
| Craftsman Automation CRAFTSMAN.NS | India | $2.90B | +21% | +36% | 10% | 44.5× | n/a | n/a |
| Sany Heavy Equipment International 0631.HK | Hong Kong | $2.82B | -46% | +19% | 6% | 8.9× | 1.4% | +26.1% |
| Terex TEX | United States | $6.18B | -14% | +40% | 7% | 9.9× | 12.1% | +12.0% |