DDM Analysis: 300001.SZ

Valuation Snapshot

Stable Growth	$39.48 - $218.08	$76.02
Multi-Stage	$22.18 - $24.28	$23.21
Blended Fair Value	$49.61
Current Price	$27.16
Upside	82.67%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-8.03%	16.78%	0.22	0.14	0.24	0.23	0.21	0.33	0.29	0.17	0.07	0.07
YoY Growth	-	-	53.11%	-40.76%	5.61%	7.55%	-36.12%	14.12%	71.00%	141.96%	-1.62%	54.35%
Dividend Yield	-	-	0.90%	0.72%	1.36%	1.22%	0.83%	1.70%	1.25%	1.27%	0.43%	0.29%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,155.66
(-) Cash Dividends Paid (M)	66.94
(=) Cash Retained (M)	1,088.72

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	231.13	144.46	86.67
Cash Retained (M)	1,088.72	1,088.72	1,088.72
(-) Cash Required (M)	-231.13	-144.46	-86.67
(=) Excess Retained (M)	857.59	944.26	1,002.05
(/) Shares Outstanding (M)	1,053.90	1,053.90	1,053.90
(=) Excess Retained per Share	0.81	0.90	0.95
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.81	0.90	0.95
(=) Adjusted Dividend	0.88	0.96	1.01
WACC / Discount Rate	7.84%	7.84%	7.84%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$39.48	$76.02	$218.08
Upside / Downside	45.36%	179.88%	702.94%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,155.66	1,230.78	1,310.78	1,395.98	1,486.72	1,583.36	1,630.86
Payout Ratio	5.79%	22.63%	39.48%	56.32%	73.16%	90.00%	92.50%
Projected Dividends (M)	66.94	278.58	517.44	786.18	1,087.66	1,425.02	1,508.55

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.84%	7.84%	7.84%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	255.89	258.31	260.74
Year 2 PV (M)	436.59	444.90	453.30
Year 3 PV (M)	609.31	626.80	644.62
Year 4 PV (M)	774.32	804.09	834.72
Year 5 PV (M)	931.86	976.87	1,023.60
PV of Terminal Value (M)	20,363.88	21,347.46	22,368.69
Equity Value (M)	23,371.84	24,458.44	25,585.67
Shares Outstanding (M)	1,053.90	1,053.90	1,053.90
Fair Value	$22.18	$23.21	$24.28
Upside / Downside	-18.35%	-14.55%	-10.61%

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Qingdao TGOOD Electric Co., Ltd. (300001.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener