DDM Analysis: 002202.SZ

Valuation Snapshot

Stable Growth	$105.68 - $124.51	$116.68
Multi-Stage	$74.70 - $81.97	$78.27
Blended Fair Value	$97.47
Current Price	$14.97
Upside	551.13%
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	1.51%	1.51%	1.51%
Growth Rate	5.49%	6.49%	7.49%
Fair Value	$105.68	$116.68	$124.51
Upside / Downside	605.93%	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	1.51%	1.51%	1.51%
Growth Rate	5.49%	6.49%	7.49%
Year 1 PV (M)	1,255.64	1,267.54	1,279.45
Year 2 PV (M)	1,623.10	1,654.02	1,685.24
Year 3 PV (M)	2,017.42	2,075.34	2,134.35
Year 4 PV (M)	2,440.11	2,533.96	2,630.50
Year 5 PV (M)	2,892.81	3,032.55	3,177.65
PV of Terminal Value (M)	306,236.38	321,029.63	336,389.12
Equity Value (M)	316,465.46	331,593.05	347,296.30
Shares Outstanding (M)	4,236.68	4,236.68	4,236.68
Fair Value	$74.70	$78.27	$81.97
Upside / Downside	398.98%	422.83%	447.59%

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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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