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Chinese maker of servers and supercomputers, and a state-backed leader in high-performance computing (HPC) infrastructure.
Chinese maker of servers and supercomputers, and a state-backed leader in high-performance computing (HPC) infrastructure.
Sells servers and supercomputers to government labs, state firms and cloud operators, with large contracts decided by procurement, so revenue is lumpy and follows government spending. Many of its processors come from Hygon, a Chinese x86 chip designer built on licensed AMD technology, in which Sugon holds a stake.
In one line: A China-focused HPE/Cray for supercomputing and servers.
Moat: narrow (scale, customer qualification, IP / patents). Deep ties to Chinese Academy of Sciences and government HPC procurement; on the US Entity List, restricting Western chip access.
Headquarters: Beijing, China · Founded: 2003 · Employees: 6,025
Size Dawning Information Industry (603019.SS) is a China Information Technology company (Computer Processing Hardware) with a market value of $16.8B, the 135th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥77.40 on 6 Nov 2026.
Performance Over six months the shares fell 16.7%, against +12.7% for the median peer and -16.4% for the China market (cap-weighted) — 7th lowest of 18 in its peer set.
Growth Revenue grew 32.0% over the last twelve months (peer median +28.4%); the operating margin is 12.9% (peer median 4.9%).
Valuation It trades at 38.4× forward earnings against a peer median of 13.2× (3rd most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 31% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is +23 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.8 points below its cost of capital (11.2% WACC).
Next results Next results expected around 14 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥18.4B | CN¥14.9B | CN¥13.1B | CN¥14.3B | CN¥13.0B |
| Revenue growth | — | +14% | -8% | +10% | — |
| Gross profit | CN¥6.25B | CN¥4.31B | CN¥3.61B | CN¥3.33B | CN¥2.99B |
| EBITDA | n/a | CN¥2.41B | CN¥2.13B | CN¥1.87B | CN¥1.72B |
| Net income | CN¥2.93B | CN¥2.18B | CN¥1.91B | CN¥1.84B | CN¥1.54B |
| Free cash flow | CN¥1.51B | CN¥518M | CN¥1.95B | CN¥1.38B | -CN¥1.54B |
| Capital expenditure | CN¥1.52B | CN¥917M | CN¥860M | CN¥2.17B | CN¥2.69B |
| Total debt | CN¥9.37B | CN¥1.26B | CN¥1.86B | CN¥3.02B | CN¥3.05B |
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 |
|---|---|---|---|---|---|---|
| Dawning Information Industry 603019.SS | $16.8B | -17% | +32% | 13% | 38.4× | 31.2% |
| IEIT SYSTEMS Co., Ltd.Class A 000977.SZ | $12.1B | -21% | +14% | 3% | 14.3× | 7.7% |
| Lenovo 0992.HK | $30.8B | +50% | +26% | 5% | 8.2× | -15.0% |
| Hewlett Packard Enterprise HPE | $59.4B | +43% | +27% | 8% | 9.6× | 16.2% |
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 | 603019.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.8% | -15.1% | 5th highest of 19 |
| 6-month return | -16.7% | +12.7% | 7th lowest of 18 |
| Distance from 52-week high | -33.6% | -38.7% | 9th highest of 19 |
| Revenue growth (TTM) | +32.0% | +28.4% | 9th highest of 18 |
| Operating margin | 12.9% | 4.9% | 4th highest of 18 |
| Forward P/E | 38.4× | 13.2× | 3rd most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 31.2% | 8.6% | most demanding of 7 |
| Growth delivered (Del g) | +8.0% | +6.7% | 2nd highest of 7 |
| Hurdle (Req g minus delivered) | +23.1 pp | -3.7 pp | most demanding of 7 |
| ROIC minus cost of capital | -0.8 pp | +1.4 pp | 6th lowest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Dawning Information Industry 603019.SS | China | $16.8B | -17% | +32% | 13% | 38.4× | 31.2% | +8.0% |
| Wistron 3231.TW | Taiwan | $16.3B | +13% | +107% | 4% | 8.1× | n/a | n/a |
| Zebra Technologies ZBRA | United States | $15.2B | +42% | +17% | 17% | 14.9× | 14.8% | +4.1% |
| 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 |
| Advantech 2395.TW | Taiwan | $14.5B | +39% | +40% | 19% | 22.5× | 9.5% | +6.8% |
| Lingyi iTech (Guangdong) 002600.SZ | China | $14.2B | -17% | +9% | 6% | 30.9× | n/a | n/a |
| IonQ IONQ | United States | $14.0B | -34% | +371% | -392% | n/a | n/a | n/a |
| GoerTek 002241.SZ | China | $13.1B | 0% | -3% | 2% | 25.5× | n/a | n/a |
| 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 |
| Quantinuum QNT | United States | $9.89B | n/a | +35% | -644% | n/a | n/a | n/a |
| Lenovo 0992.HK | Hong Kong | $30.8B | +50% | +26% | 5% | 8.2× | -15.0% | +6.6% |
| 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 |
| Hewlett Packard Enterprise HPE | United States | $59.4B | +43% | +27% | 8% | 9.6× | 16.2% | +5.0% |
| Guangzhou Shiyuan Electronic Technology 002841.SZ | China | $4.37B | +13% | +35% | 8% | 11.2× | -2.7% | +7.3% |