DDM Analysis: 002006.SZ

Valuation Snapshot

Stable Growth	$8.54 - $18.85	$12.30
Multi-Stage	$6.71 - $7.35	$7.02
Blended Fair Value	$9.66
Current Price	$22.09
Upside	-56.27%
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	46.79%	5.27%	0.15	0.19	0.02	0.02	0.02	0.02	0.04	0.03	0.02	0.04
YoY Growth	-	-	-21.82%	973.15%	-18.19%	-9.02%	9.14%	-45.72%	12.79%	63.82%	-52.03%	-49.02%
Dividend Yield	-	-	0.90%	1.23%	0.07%	0.09%	0.37%	0.51%	0.64%	0.53%	0.23%	0.30%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	218.65
(-) Cash Dividends Paid (M)	5.76
(=) Cash Retained (M)	212.89

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	43.73	27.33	16.40
Cash Retained (M)	212.89	212.89	212.89
(-) Cash Required (M)	-43.73	-27.33	-16.40
(=) Excess Retained (M)	169.16	185.56	196.50
(/) Shares Outstanding (M)	499.85	499.85	499.85
(=) Excess Retained per Share	0.34	0.37	0.39
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.34	0.37	0.39
(=) Adjusted Dividend	0.35	0.38	0.40
WACC / Discount Rate	9.01%	9.01%	9.01%
Growth Rate	4.72%	5.72%	6.72%
Fair Value	$8.54	$12.30	$18.85
Upside / Downside	-61.34%	-44.34%	-14.68%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	218.65	231.17	244.40	258.38	273.17	288.80	297.47
Payout Ratio	2.63%	20.11%	37.58%	55.05%	72.53%	90.00%	92.50%
Projected Dividends (M)	5.76	46.48	91.84	142.25	198.12	259.92	275.16

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.01%	9.01%	9.01%
Growth Rate	4.72%	5.72%	6.72%
Year 1 PV (M)	42.23	42.64	43.04
Year 2 PV (M)	75.83	77.28	78.75
Year 3 PV (M)	106.71	109.80	112.94
Year 4 PV (M)	135.05	140.28	145.66
Year 5 PV (M)	160.99	168.82	176.96
PV of Terminal Value (M)	2,833.66	2,971.57	3,114.79
Equity Value (M)	3,354.48	3,510.39	3,672.15
Shares Outstanding (M)	499.85	499.85	499.85
Fair Value	$6.71	$7.02	$7.35
Upside / Downside	-69.62%	-68.21%	-66.74%

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Zhejiang Jinggong Science & Technology Co., Ltd (002006.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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