DDM Analysis: 002655.SZ

Valuation Snapshot

Stable Growth	$39.11 - $46.07	$43.18
Multi-Stage	$29.05 - $31.88	$30.44
Blended Fair Value	$36.81
Current Price	$13.69
Upside	168.88%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.75%	8.74%	0.07	0.06	0.02	0.03	0.04	0.05	0.06	0.06	0.05	0.04
YoY Growth	-	-	11.97%	263.52%	-48.18%	-21.60%	-3.70%	-22.87%	-1.71%	19.67%	24.62%	28.42%
Dividend Yield	-	-	0.44%	0.57%	0.13%	0.30%	0.66%	0.49%	0.60%	0.54%	0.36%	0.22%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	83.61
(-) Cash Dividends Paid (M)	25.04
(=) Cash Retained (M)	58.56

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.72	10.45	6.27
Cash Retained (M)	58.56	58.56	58.56
(-) Cash Required (M)	-16.72	-10.45	-6.27
(=) Excess Retained (M)	41.84	48.11	52.29
(/) Shares Outstanding (M)	360.89	360.89	360.89
(=) Excess Retained per Share	0.12	0.13	0.14
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.12	0.13	0.14
(=) Adjusted Dividend	0.19	0.20	0.21
WACC / Discount Rate	0.49%	0.49%	0.49%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$39.11	$43.18	$46.07
Upside / Downside	185.65%	215.40%	236.55%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	83.61	89.04	94.83	100.99	107.56	114.55	117.99
Payout Ratio	29.95%	41.96%	53.97%	65.98%	77.99%	90.00%	92.50%
Projected Dividends (M)	25.04	37.36	51.18	66.64	83.89	103.10	109.14

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	0.49%	0.49%	0.49%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	36.83	37.18	37.53
Year 2 PV (M)	49.74	50.68	51.64
Year 3 PV (M)	63.83	65.67	67.53
Year 4 PV (M)	79.21	82.26	85.39
Year 5 PV (M)	95.97	100.60	105.42
PV of Terminal Value (M)	10,159.31	10,650.01	11,159.49
Equity Value (M)	10,484.90	10,986.41	11,507.01
Shares Outstanding (M)	360.89	360.89	360.89
Fair Value	$29.05	$30.44	$31.88
Upside / Downside	112.22%	122.37%	132.91%

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Gettop Acoustic Co., Ltd. (002655.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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