DDM Analysis: 002232.SZ

Valuation Snapshot

Stable Growth	$0.10 - $0.13	$0.12
Multi-Stage	$0.18 - $0.20	$0.19
Blended Fair Value	$0.16
Current Price	$20.90
Upside	-99.26%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-5.11%	17.95%	0.01	0.05	0.05	0.04	0.02	0.01	0.05	0.10	0.00	0.00
YoY Growth	-	-	-80.00%	0.00%	19.05%	147.06%	30.77%	-74.00%	-50.00%	10,224.55%	-48.69%	-1.61%
Dividend Yield	-	-	0.05%	0.32%	0.31%	0.27%	0.15%	0.15%	0.47%	0.96%	0.01%	0.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	9.46
(-) Cash Dividends Paid (M)	4.09
(=) Cash Retained (M)	5.38

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1.89	1.18	0.71
Cash Retained (M)	5.38	5.38	5.38
(-) Cash Required (M)	-1.89	-1.18	-0.71
(=) Excess Retained (M)	3.48	4.19	4.67
(/) Shares Outstanding (M)	408.79	408.79	408.79
(=) Excess Retained per Share	0.01	0.01	0.01
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.01	0.01	0.01
(=) Adjusted Dividend	0.02	0.02	0.02
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-7.11%	-6.11%	-5.11%
Fair Value	$0.10	$0.12	$0.13
Upside / Downside	-99.52%	-99.44%	-99.36%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	9.46	8.88	8.34	7.83	7.35	6.90	7.11
Payout Ratio	43.17%	52.54%	61.90%	71.27%	80.63%	90.00%	92.50%
Projected Dividends (M)	4.09	4.67	5.16	5.58	5.93	6.21	6.58

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-7.11%	-6.11%	-5.11%
Year 1 PV (M)	4.20	4.24	4.29
Year 2 PV (M)	4.18	4.27	4.36
Year 3 PV (M)	4.06	4.19	4.33
Year 4 PV (M)	3.88	4.05	4.23
Year 5 PV (M)	3.66	3.86	4.07
PV of Terminal Value (M)	55.32	58.36	61.54
Equity Value (M)	75.29	78.98	82.81
Shares Outstanding (M)	408.79	408.79	408.79
Fair Value	$0.18	$0.19	$0.20
Upside / Downside	-99.12%	-99.08%	-99.03%

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Qiming Information Technology Co.,Ltd (002232.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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