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Chinese electronics manufacturing services (EMS) provider assembling consumer and industrial electronics for OEMs.
Chinese electronics manufacturing services (EMS) provider assembling consumer and industrial electronics for OEMs.
Is paid per unit assembled, either on materials the customer supplies or on materials it buys and passes through, so thin margins depend on factory utilisation and the pace of customers' product launches.
In one line: A smaller, China-based Foxconn/Flex EMS peer.
Moat: none. EMS is a low-margin, scale-driven business with limited differentiation.
Headquarters: Dongguan, China · Employees: 19,380
Size DBG Technology (300735.SZ) is a China Information Technology company (Electronic Production Equipment) with a market value of $1.81B, the 1384th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥15.06 on 6 Nov 2026.
Performance Over six months the shares fell 27.6%, against -25.7% for the median peer and -16.4% for the China market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 17.5% over the last twelve months (peer median +9.0%); the operating margin is 1.9% (peer median 7.6%).
Valuation It trades at 26.0× forward earnings against a peer median of 29.3× (9th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is +32%, so the hurdle is -28 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.7 points above its cost of capital (9.7% WACC).
Next results Next results expected around 27 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥9.35B | CN¥8.97B | CN¥6.86B | CN¥5.37B | CN¥4.15B |
| Revenue growth | — | +31% | +28% | +29% | — |
| Gross profit | CN¥1.55B | CN¥1.00B | CN¥795M | CN¥857M | CN¥693M |
| EBITDA | n/a | CN¥1.06B | CN¥827M | CN¥878M | CN¥804M |
| Net income | CN¥159M | CN¥289M | CN¥276M | CN¥397M | CN¥301M |
| Free cash flow | CN¥1.90B | -CN¥114M | CN¥313M | CN¥237M | CN¥733M |
| Capital expenditure | CN¥1.25B | CN¥1.45B | CN¥1.14B | CN¥693M | CN¥488M |
| Total debt | CN¥1.63B | CN¥1.56B | CN¥804M | CN¥489M | CN¥204M |
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 |
|---|---|---|---|---|---|---|
| DBG Technology 300735.SZ | $1.81B | -28% | +17% | 2% | 26.0× | 3.5% |
| Hon Hai Precision Industry 2317.TW | $95.6B | -3% | +25% | 4% | 10.5× | n/a |
| BYD Electronic 0285.HK | $6.15B | -24% | +4% | 1% | 19.5× | -0.8% |
| Flex FLEX | $25.8B | -51% | +18% | 6% | 11.2× | 15.9% |
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 | 300735.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -10.6% | -18.2% | 6th highest of 21 |
| 6-month return | -27.6% | -25.7% | 10th lowest of 21 |
| Distance from 52-week high | -52.5% | -50.8% | 9th lowest of 21 |
| Revenue growth (TTM) | +17.5% | +9.0% | 6th highest of 21 |
| Operating margin | 1.9% | 7.6% | 6th lowest of 21 |
| Forward P/E | 26.0× | 29.3× | 9th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 3.5% | 13.1% | 4th least demanding of 12 |
| Growth delivered (Del g) | +31.6% | +7.9% | 2nd highest of 12 |
| Hurdle (Req g minus delivered) | -28.2 pp | +0.9 pp | least demanding of 12 |
| ROIC minus cost of capital | +0.7 pp | -2.0 pp | 8th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| DBG Technology 300735.SZ | China | $1.81B | -28% | +17% | 2% | 26.0× | 3.5% | +31.6% |
| Visual Photonics Epitaxy 2455.TW | Taiwan | $1.80B | -17% | +34% | 26% | 34.1× | 38.7% | +5.0% |
| Shenzhen Microgate Technology 300319.SZ | China | $1.86B | +12% | +11% | 8% | 30.5× | 22.5% | +10.3% |
| Aehr Test Systems AEHR | United States | $1.75B | -45% | -15% | -28% | n/a | n/a | n/a |
| Sichuan Injet Electric 300820.SZ | China | $1.71B | +4% | -12% | 13% | 35.8× | 29.9% | +29.0% |
| Shenzhen Bluetrum Technology 688332.SS | China | $1.71B | -17% | +6% | 7% | 37.6× | n/a | n/a |
| Beijing Relpow Technology 300593.SZ | China | $1.68B | -27% | +16% | -14% | 286.9× | n/a | n/a |
| CTS CTS | United States | $1.65B | -6% | +7% | 16% | 20.3× | 8.5% | +5.0% |
| Kitron KIT.OL | Norway | $2.02B | -20% | +54% | 10% | 22.0× | -0.6% | +16.9% |
| Plug Power PLUG | United States | $2.03B | -54% | +11% | -68% | n/a | n/a | n/a |
| Shenzhen SED Industry 000032.SZ | China | $2.03B | -36% | +5% | 1% | 42.9× | 7.0% | +8.9% |
| Photronics PLAB | United States | $1.61B | -49% | +1% | 22% | 13.3× | 1.9% | +6.9% |
| Shenzhen Sinexcel Electric 300693.SZ | China | $1.57B | -28% | +27% | 15% | 17.2× | 13.1% | +35.0% |
| Xiamen Intretech 002925.SZ | China | $2.16B | -3% | +39% | 9% | 32.1× | n/a | n/a |
| Benchmark Electronics BHE | United States | $2.16B | -29% | +13% | 4% | 17.7× | 13.8% | +5.3% |
| XiaMen HongXin Electron-tech 300657.SZ | China | $2.21B | -18% | +4% | 8% | 28.2× | n/a | n/a |
| Foxconn Technology 2354.TW | Taiwan | $2.23B | -11% | +13% | 2% | 13.3× | n/a | n/a |
| Shenzhen H&T Intelligent Control 002402.SZ | China | $2.23B | -49% | +2% | 6% | 41.3× | n/a | n/a |
| Alps Alpine 6770.T | Japan | $2.23B | -24% | +5% | 3% | 10.8× | -3.8% | +7.3% |
| Universal Microwave Technology 3491.TWO | Taiwan | $2.26B | -36% | +36% | 27% | 42.9× | n/a | n/a |
| VECO VECO | United States | $2.27B | -37% | -3% | 4% | 13.3× | 37.1% | +7.9% |