TacticScaleWhat CSSC Offshore & Marine Engineering (中船防务) Does & How It Makes Money (600685.SS)
Updated October 2026 · reflects CSSC Offshore & Marine Engineering's latest reported financials
Chinese state-backed shipbuilder making naval, commercial and offshore vessels. It earns money mainly from building and selling vessels under contract to government defense and law-enforcement customers and to commercial shipowners around the world.
How CSSC Offshore & Marine Engineering makes money
It earns money mainly from building and selling vessels under contract to government defense and law-enforcement customers and to commercial shipowners around the world. Additional revenue comes from offshore engineering, energy equipment, steel structures, machinery and industrial internet services.
What CSSC Offshore & Marine Engineering does
CSSC Offshore & Marine Engineering, formerly Guangzhou Shipyard International, is a Guangzhou-based shipbuilder founded in 1993. It reports three segments: Defense Industry, Shipbuilding and Marine Industry, and Emerging Industries. The defense segment builds military ships, coast guard vessels and official government ships. The marine segment focuses on mid-sized commercial vessels, including feeder container ships, bulk carriers, small and medium gas carriers and dredgers, as well as offshore engineering and wind power installation platforms. The Emerging Industries segment covers energy equipment, high-end steel structures, engineering machinery and industrial internet platforms. Customers are in China and in Asia, Europe, Oceania, the Americas and Africa, so the business depends on both Chinese defense spending and the global shipping and offshore energy cycles.
Products & services
- Military ships and coast guard vessels
- Feeder container ships
- Bulk carriers
- Small and medium-sized gas carriers
- Dredging ships
- Offshore engineering and wind power installation platforms
中船防务是做什么的？
中船海洋与防务装备股份有限公司（原广州广船国际股份有限公司，2015年6月更名）成立于1993年，总部位于广州。公司设有防务、船舶与海洋工程、新兴产业三大业务板块。防务板块建造军用舰船、海警装备和公务船；船舶与海洋工程板块以支线集装箱船、散货船、中小型气体运输船、挖泥船为主，并建造海洋工程平台和风电安装平台。 新兴产业板块涉及能源装备、高端钢结构、工程机械和工业互联网平台。公司客户分布在中国以及亚洲、欧洲、大洋洲、美洲和非洲，业绩既受国防需求影响，也受全球航运和海上能源行业景气度影响。
What is CSSC Offshore & Marine Engineering worth?
On an owner-earnings DCF, CSSC Offshore & Marine Engineering's most-likely value is about ¥34 versus a recent price near ¥28 (18% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~¥20) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
One company, two listings
CSSC Offshore & Marine Engineering trades in mainland China and in Hong Kong. Same business, same profits — but the two markets can price it at different multiples, because they have different investors, money and reference points.
| Market | Ticker | Price | P/E |
|---|---|---|---|
| Shanghai (A shares) | 600685.SS | ¥27.79 | 30.5× |
| Hong Kong (H shares) | 0317.HK | HK$14.15 | 13.8× |
As of 12 October 2026. Prices in each listing's own currency. Why one profit can carry two prices: Valuation Is Not a Property of the Company.
Related companies
China CSSC (600150.SS) · CSSC Science & Technology (600072.SS) · China Shipbuilding Industry Group Power (600482.SS)