Dawning Information Industry Co Ltd (603019) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Dawning Information Industry Co Ltd stock ¥35.54, price ¥77.40, that is 54.1% below the price, quality 59 out of 100. Rating: strongly overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 3, 2026.
How to read this chart
60‑month range ¥20.48 – ¥125.50 · fair‑value band ¥19.89 – ¥46.20 · the ¥77.40 price screens above the ¥35.54 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 3, 2026.
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Dawning Information Industry Co., Ltd. engages in research, development, and manufacturing of computers, storage, security, and data center products.
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It offers high-end computer products that include rack servers, high-density servers, blade servers, and hyper-converged all-in-one products; storage products, including distributed storage series, centralized all-flash storage series, and disk arrays; network security products, which include traffic analysis and network security platform; cloud computing services; and data center solutions, such as liquid cooling, high-density design, power management, large-scale computing power scheduling platform, and automated operation and maintenance services.
The company also provides big data platform, customized development of standard hardware systems to cloud data products, full-stack cloud services, and digital's cold plate products. Dawning Information Industry Co., Ltd. was founded in 2006 and is based in Beijing, China.
Stock analysis
Dawning Information Industry Co Ltd (603019) currently trades at ¥77.40, while our model-based Fair Value estimate is ¥35.54, 54% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of ¥40.43 per share, and 0 of the 26 models we run sit above the ¥77.40 price.
Bear case: the Dividend Discount group reads lowest at ¥4.69, and 26 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: ¥19.89 (bear) to ¥46.20 (bull), the price of ¥77.40 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 59/100 (solid quality), in the Technology sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Dawning Information Industry Co Ltd reported revenue of 15.0B CNY in FY2025 versus 11.3B CNY in FY2021, a compound +7.4%/yr. Reported net income was 2.1B CNY in FY2025, compounding +15.8%/yr from FY2021.
Key figures
Market cap 113B CNY (≈ $16.9B) Large · P/E ratio 46.9 · P/S ratio 6.80 · EPS (TTM) ¥1.65 · Dividend yield 0.5% · Net margin 14.6% · Return on equity 10.5% · Return on assets (EBIT) 6.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 51 out of 100 (low confidence).
What moves the price
The share trades about 32% below its 52-week high and 16% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at 1% fair-value upside, at −54%, 603019 screens richer than that median.
Fair Value models
Bear¥19.89Fair Value ¥35.54Bull¥46.20
Price ¥77.40 · Downside -54.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (¥1.08 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.61/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+13.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.1%
Start year 2020 (pandemic). Over 10 years: +15.1% a year
Revenue growth 14 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+18.3%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+19.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+18.5%
Dividend (yield on the price)0.5%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.18.5% vs 25.6%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.10% → 16%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+58.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+12.8%
Yearly sales growth analysts expect, extended to five years.
After inflation (China: IMF forecast 1.7% a year to 2030, 1.4% from 2016 to 2025) that is about +56.1% a year for the price and +11.0% for the forecasts.
AI conclusion: Solid revenue and profit growth from domestic demand for high-end servers and AI systems stands as the main strength, while the lack of evidence for a durable moat and low free cash flow relative to earnings form the chief weakness.
Main risk: US sanctions on the Entity List and export controls could block access to advanced chips from Nvidia and Intel, forcing reliance on domestic alternatives that might raise costs or limit performance in high-end servers and AI systems.
Bull case: Sugon could strengthen its position by accelerating full-stack domestic integration with partners like Hygon and scaling its 100,000-card AI superclusters to meet surging local AI demand despite sanctions.
Bear case: If sanctions tighten further and domestic chips lag, Sugon might struggle to deliver competitive high-performance systems, losing ground to rivals and seeing demand shift away from its core server and AI infrastructure products.
Dawning Information Industry continues to report solid revenue and profit growth driven by domestic demand for its high-end servers and AI systems. The chairman recently proposed a share repurchase using company funds for employee incentives. Our models see the stock as overvalued. Will moves into new areas like space-based computing build lasting advantages in compute infrastructure or stretch resources across too many fronts?
Compare Dawning Information Industry Co Ltd with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Computer Hardware · 213 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score59 · Above median
Fair Value upside−54.1% · Below median
Profitability
Return on equity (12 months)10.5% · Above median
Return on assets5.2% · Above median
Net margin (12 months)14.6% · Top 25%
Operating margin (12 months)11.5% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)30.7% · Above median
Dividend yield (12 months)0.5% · Bottom 25%
Balance sheet
Debt / equity0.00× · Lowest 25%
Valuation Multiplesvs Computer Hardware median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Dawning Information Industry Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/603019
Frequently asked questions
Is Dawning Information Industry Co Ltd (603019) overvalued or undervalued?
As of Nov 3, 2026, our model estimates a fair value of ¥35.54 versus a price of ¥77.40, about 54% lower (overvalued).
What is the fair value of 603019?
Our model-based fair value for Dawning Information Industry Co Ltd is ¥35.54 (as of Nov 3, 2026), built from audited fundamentals. The current price: ¥77.40.
What is the quality score of 603019?
Dawning Information Industry Co Ltd has a Quality Score of 59/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Dawning Information Industry Co Ltd (603019)?
Our model-based price target is the fair value of ¥35.54 (as of Nov 3, 2026) from 26 valuation models. Cautious scenario ¥19.89, optimistic scenario ¥46.20. It is a calculation from audited fundamentals, not an analyst target.
What is the Dawning Information Industry Co Ltd stock forecast for 2026?
Our models put fair value at ¥35.54, about 54% lower versus a price of ¥77.40 (overvalued). Cautious scenario ¥19.89, optimistic scenario ¥46.20. The calculation is refreshed regularly with new filings.
What is the revenue of Dawning Information Industry Co Ltd (603019)?
Dawning Information Industry Co Ltd reported trailing-twelve-month revenue of about 16.6B CNY (latest available figure, as of Nov 3, 2026).
Does Dawning Information Industry Co Ltd pay a dividend?
Dawning Information Industry Co Ltd currently shows a dividend yield of 0.49% relative to its recent price (as of Nov 3, 2026).
What growth is priced into Dawning Information Industry Co Ltd (603019)?
For today's price to be fair in a discounted-cash-flow model, Dawning Information Industry Co Ltd would have to grow free cash flow by +58.7 % per year for five years (discount rate 8.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +8.1 % per year. As of Nov 3, 2026.
What discount rate (WACC) does the fair value of 603019 use?
Our models discount Dawning Information Industry Co Ltd at 8.7 %: a base by market capitalisation (large), damped by beta 0.48, country premium for China. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Dawning Information Industry Co Ltd that is +58.7 % per year a year over ten years, using the same discount rate (8.7 %) and the same formula as our fair value.
How much growth has Dawning Information Industry Co Ltd (603019) delivered so far?
Over the past 5 years revenue at Dawning Information Industry Co Ltd grew +8.1 % a year. The price currently implies +58.7 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Dawning Information Industry Co Ltd (603019) growing?
The median revenue growth in the sector is +11.4 % a year. That is the yardstick for the growth priced into Dawning Information Industry Co Ltd (+58.7 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Dawning Information Industry Co Ltd (603019)?
The free-cash-flow yield on the price is 0.35 %: that much free cash flow Dawning Information Industry Co Ltd produces per unit of market value. When it exceeds the discount rate of our models (8.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Dawning Information Industry Co Ltd (603019)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Dawning Information Industry Co Ltd it is ¥35.54 per share (as of Nov 3, 2026), against a price of ¥77.40. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Dawning Information Industry Co Ltd stock overvalued or undervalued in 2026?
As of Nov 3, 2026, 603019 trades above its calculated fair value: price ¥77.40, fair value ¥35.54, a gap of about −54% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 603019?
No. The price is what the market pays today (¥77.40); the fair value is what the company's own numbers justify (¥35.54). For Dawning Information Industry Co Ltd the two are ¥41.86 per share apart. That gap is exactly why we show both numbers side by side.
How much is Dawning Information Industry Co Ltd worth?
The market values Dawning Information Industry Co Ltd at about 113B CNY (market capitalisation, as of Nov 3, 2026). Per share that is ¥77.40; our models calculate a fair value of ¥35.54 per share.
What do the bullish and bearish scenarios say about 603019?
Our models span a range for Dawning Information Industry Co Ltd: cautious scenario ¥19.89, base ¥35.54, optimistic ¥46.20 per share (as of Nov 3, 2026, price ¥77.40). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 603019?
Dawning Information Industry Co Ltd trades at a price-to-earnings ratio of 46.9 (as of Nov 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥35.54 is built from several models across several years. Median P/E at fiscal year-end, 6 fiscal years (2020 to 2025), reported earnings: 44.8. Other multiples: P/B 5.1, P/S 6.8, EV/EBITDA 42.9.
How solid is the balance sheet of Dawning Information Industry Co Ltd (603019)?
Balance-sheet figures for Dawning Information Industry Co Ltd (as of Nov 3, 2026): return on equity 10.5%, debt of 0.00 per unit of equity. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is 603019 from its 52-week high?
Dawning Information Industry Co Ltd trades at ¥77.40, about 32% below its 52-week high of ¥114.50 and 16% above the low of ¥66.99 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of ¥35.54 is for.
Which stocks are comparable to Dawning Information Industry Co Ltd?
From the same area (Technology) we also value Dell Technologies Inc, Arista Networks, Inc, Sandisk Corporation, Seagate Technology Holdings, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Dawning Information Industry Co Ltd stock attractive at the current price?
The data as of Nov 3, 2026: price ¥77.40, calculated fair value ¥35.54 (−54%), Quality Score 59/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 603019 calculated?
We run Dawning Information Industry Co Ltd through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ¥35.54, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. Dawning Information Industry Co Ltd itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Dawning Information Industry Co Ltd (603019)?
The closing price on Nov 6, 2026 was ¥77.40. Our model-based fair value is ¥35.54, about 54% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Dawning Information Industry Co Ltd right now?
The price sits above even our optimistic bull case (¥46.20). The favourable scenario is already priced in. Solid but not exceptional quality (59/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (¥19.89 to ¥46.20) leaves room in how you read the outcome.
Where does the earnings growth of Dawning Information Industry Co Ltd (603019) come from?
Earnings per share at Dawning Information Industry Co Ltd grew +27.1 % a year from 2014 to 2025. Broken into its drivers: revenue per share +13.0 %, EBIT margin +16.8 %, tax rate +0.0 %, residual (interest, one-offs) −3.7 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Dawning Information Industry Co Ltd
How large is the market capitalisation of Dawning Information Industry Co Ltd (603019)?
The market capitalisation of Dawning Information Industry Co Ltd is 113B CNY (≈ $16.9B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Dawning Information Industry Co Ltd (603019)?
The price-to-sales ratio of Dawning Information Industry Co Ltd is 6.80 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Dawning Information Industry Co Ltd (603019)?
Earnings per share at Dawning Information Industry Co Ltd are ¥1.65 (price ÷ EPS = P/E 46.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Dawning Information Industry Co Ltd (603019)?
The dividend yield of Dawning Information Industry Co Ltd is 0.5% (payout 23.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Dawning Information Industry Co Ltd (603019)?
The net margin of Dawning Information Industry Co Ltd is 14.6% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Dawning Information Industry Co Ltd (603019)?
The return on equity (ROE) of Dawning Information Industry Co Ltd is 10.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Dawning Information Industry Co Ltd (603019)?
On an EBIT basis the return on assets of Dawning Information Industry Co Ltd is 6.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Dawning Information Industry Co Ltd (603019)?
The operating margin of Dawning Information Industry Co Ltd is 11.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Dawning Information Industry Co Ltd (603019)?
Revenue at Dawning Information Industry Co Ltd is growing +30.7% versus a year earlier (3y avg +4.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Dawning Information Industry Co Ltd (603019)?
Earnings per share at Dawning Information Industry Co Ltd are growing +36.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Dawning Information Industry Co Ltd (603019) hold?
Dawning Information Industry Co Ltd holds more cash than debt, 6.4B CNY net (fiscal year 2024). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 3, 2026