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One of China's largest server makers, supplying x86 and AI-accelerator servers to cloud, telecom and government data centers.
One of China's largest server makers, supplying x86 and AI-accelerator servers to cloud, telecom and government data centers.
Sells servers in large orders to the big Chinese internet and cloud companies, telecom carriers and government buyers, buying processors and accelerators from chip vendors, so the supply of those chips largely shapes what it can ship. It is controlled by the state-owned Inspur Group.
In one line: China's Dell/Supermicro for servers.
Moat: narrow (scale, customer qualification). Large domestic manufacturing scale and long-standing state-enterprise procurement relationships.
Headquarters: Jinan, China · Founded: 1945 · Employees: 6,896
Size IEIT SYSTEMS Co., Ltd.Class A (000977.SZ) is a China Information Technology company (Computer Processing Hardware) with a market value of $12.1B, the 204th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥55.12 on 6 Nov 2026.
Performance Over six months the shares fell 21.0%, against +7.5% for the median peer and -16.4% for the China market (cap-weighted) — 6th lowest of 20 in its peer set.
Growth Revenue grew 13.9% over the last twelve months (peer median +32.0%); the operating margin is 2.6% (peer median 3.8%).
Valuation It trades at 14.3× forward earnings against a peer median of 13.2× (8th most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 8% a year for seven years (Req g). Recent delivered growth is +21%, so the hurdle is -14 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.1 points above its cost of capital (9.7% WACC).
Next results Next results expected around 19 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥173B | CN¥165B | CN¥115B | CN¥65.8B | CN¥69.5B |
| Revenue growth | — | +43% | +75% | -5% | — |
| Gross profit | CN¥13.9B | CN¥8.02B | CN¥7.92B | CN¥6.54B | CN¥7.67B |
| EBITDA | n/a | CN¥3.22B | CN¥2.35B | CN¥1.72B | CN¥2.35B |
| Net income | CN¥4.86B | CN¥2.41B | CN¥2.29B | CN¥1.78B | CN¥2.09B |
| Free cash flow | CN¥11.5B | CN¥5.23B | -CN¥172M | CN¥218M | CN¥702M |
| Capital expenditure | CN¥152M | CN¥225M | CN¥248M | CN¥307M | CN¥1.13B |
| Total debt | CN¥21.1B | CN¥14.1B | CN¥13.3B | CN¥16.6B | CN¥11.5B |
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 |
|---|---|---|---|---|---|---|
| IEIT SYSTEMS Co., Ltd.Class A 000977.SZ | $12.1B | -21% | +14% | 3% | 14.3× | 7.7% |
| Dawning Information Industry 603019.SS | $16.8B | -17% | +32% | 13% | 38.4× | 31.2% |
| Lenovo 0992.HK | $30.8B | +50% | +26% | 5% | 8.2× | -15.0% |
| Supermicro SMCI | $18.9B | -19% | +156% | 9% | 4.8× | n/a |
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 | 000977.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -14.6% | -14.6% | 11th highest of 21 |
| 6-month return | -21.0% | +7.5% | 6th lowest of 20 |
| Distance from 52-week high | -42.8% | -36.1% | 9th lowest of 21 |
| Revenue growth (TTM) | +13.9% | +32.0% | 6th lowest of 20 |
| Operating margin | 2.6% | 3.8% | 10th lowest of 20 |
| Forward P/E | 14.3× | 13.2× | 8th most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 7.7% | 9.5% | 3rd least demanding of 6 |
| Growth delivered (Del g) | +21.2% | +6.8% | highest of 6 |
| Hurdle (Req g minus delivered) | -13.5 pp | +2.7 pp | 2nd least demanding of 6 |
| ROIC minus cost of capital | +1.1 pp | +1.1 pp | 10th lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| IEIT SYSTEMS Co., Ltd.Class A 000977.SZ | China | $12.1B | -21% | +14% | 3% | 14.3× | 7.7% | +21.2% |
| Sharetronic Data Technology 300857.SZ | China | $11.4B | -40% | +127% | 21% | 39.5× | n/a | n/a |
| GoerTek 002241.SZ | China | $13.1B | 0% | -3% | 2% | 25.5× | n/a | n/a |
| IonQ IONQ | United States | $14.0B | -34% | +371% | -392% | n/a | n/a | n/a |
| Lingyi iTech (Guangdong) 002600.SZ | China | $14.2B | -17% | +9% | 6% | 30.9× | n/a | n/a |
| Advantech 2395.TW | Taiwan | $14.5B | +39% | +40% | 19% | 22.5× | 9.5% | +6.8% |
| Quantinuum QNT | United States | $9.89B | n/a | +35% | -644% | n/a | n/a | n/a |
| Zebra Technologies ZBRA | United States | $15.2B | +42% | +17% | 17% | 14.9× | 14.8% | +4.1% |
| Wistron 3231.TW | Taiwan | $16.3B | +13% | +107% | 4% | 8.1× | n/a | n/a |
| Dawning Information Industry 603019.SS | China | $16.8B | -17% | +32% | 13% | 38.4× | 31.2% | +8.0% |
| Supermicro SMCI | United States | $18.9B | -19% | +156% | 9% | 4.8× | n/a | n/a |
| Asustek Computer 2357.TW | Taiwan | $19.3B | +55% | +32% | 6% | 11.4× | n/a | n/a |
| Pegatron 4938.TW | Taiwan | $7.52B | +14% | -6% | 1% | 13.1× | n/a | n/a |
| SeeYA Technology 688781.SS | China | $7.11B | +17% | n/a | n/a | n/a | n/a | n/a |
| Inventec 2356.TW | Taiwan | $5.71B | +12% | +16% | 2% | 13.2× | n/a | n/a |
| China Greatwall Technology 000066.SZ | China | $5.40B | -42% | +28% | -1% | 81.7× | n/a | n/a |
| Lenovo 0992.HK | Hong Kong | $30.8B | +50% | +26% | 5% | 8.2× | -15.0% | +6.6% |
| Guangzhou Shiyuan Electronic Technology 002841.SZ | China | $4.37B | +13% | +35% | 8% | 11.2× | -2.7% | +7.3% |
| Compal Electronics 2324.TW | Taiwan | $4.15B | +8% | -4% | 1% | 12.9× | n/a | n/a |
| QBTS QBTS | United States | $4.05B | -25% | -44% | -1,373% | n/a | n/a | n/a |
| RGTI RGTI | United States | $3.92B | -38% | +68% | -728% | n/a | n/a | n/a |