DDM Analysis: 002202.SZ

Valuation Snapshot

Stable Growth	$50.18 - $124.51	$116.68
Multi-Stage	$18.09 - $19.80	$18.93
Blended Fair Value	$67.81
Current Price	$14.97
Upside	352.94%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-4.58%	7.49%	0.42	0.46	0.63	0.58	0.41	0.53	0.44	0.34	0.47	0.42
YoY Growth	-	-	-8.16%	-27.40%	8.18%	41.48%	-22.48%	18.93%	32.71%	-28.27%	10.97%	107.11%
Dividend Yield	-	-	4.71%	5.95%	5.69%	4.42%	2.90%	5.57%	3.05%	2.03%	4.16%	3.66%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,652.71
(-) Cash Dividends Paid (M)	913.56
(=) Cash Retained (M)	1,739.15

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	530.54	331.59	198.95
Cash Retained (M)	1,739.15	1,739.15	1,739.15
(-) Cash Required (M)	-530.54	-331.59	-198.95
(=) Excess Retained (M)	1,208.61	1,407.56	1,540.19
(/) Shares Outstanding (M)	4,236.68	4,236.68	4,236.68
(=) Excess Retained per Share	0.29	0.33	0.36
LTM Dividend per Share	0.22	0.22	0.22
(+) Excess Retained per Share	0.29	0.33	0.36
(=) Adjusted Dividend	0.50	0.55	0.58
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.49%	6.49%	7.49%
Fair Value	$50.18	$116.68	$124.51
Upside / Downside	235.19%	679.43%	731.70%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,652.71	2,824.78	3,008.01	3,203.13	3,410.90	3,632.15	3,741.12
Payout Ratio	34.44%	45.55%	56.66%	67.78%	78.89%	90.00%	92.50%
Projected Dividends (M)	913.56	1,286.72	1,704.44	2,170.94	2,690.78	3,268.94	3,460.53

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.49%	6.49%	7.49%
Year 1 PV (M)	1,196.39	1,207.73	1,219.08
Year 2 PV (M)	1,473.55	1,501.62	1,529.95
Year 3 PV (M)	1,745.10	1,795.20	1,846.26
Year 4 PV (M)	2,011.15	2,088.50	2,168.06
Year 5 PV (M)	2,271.76	2,381.50	2,495.44
PV of Terminal Value (M)	67,942.95	71,225.05	74,632.77
Equity Value (M)	76,640.90	80,199.60	83,891.56
Shares Outstanding (M)	4,236.68	4,236.68	4,236.68
Fair Value	$18.09	$18.93	$19.80
Upside / Downside	20.84%	26.45%	32.27%

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Goldwind Science&Technology Co., Ltd. (002202.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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