DDM Analysis: 002768.SZ

Valuation Snapshot

Stable Growth	$530.68 - $625.23	$585.93
Multi-Stage	$145.80 - $159.84	$152.69
Blended Fair Value	$369.31
Current Price	$49.16
Upside	651.24%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	21.98%	41.32%	0.69	0.76	0.66	0.53	0.25	0.26	0.23	0.18	0.08	0.01
YoY Growth	-	-	-8.19%	14.08%	24.51%	112.65%	-2.62%	12.62%	28.23%	114.59%	484.84%	-35.06%
Dividend Yield	-	-	2.83%	3.63%	2.40%	2.37%	0.91%	0.58%	0.82%	0.69%	0.34%	0.04%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	833.28
(-) Cash Dividends Paid (M)	184.78
(=) Cash Retained (M)	648.51

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	166.66	104.16	62.50
Cash Retained (M)	648.51	648.51	648.51
(-) Cash Required (M)	-166.66	-104.16	-62.50
(=) Excess Retained (M)	481.85	544.35	586.01
(/) Shares Outstanding (M)	265.05	265.05	265.05
(=) Excess Retained per Share	1.82	2.05	2.21
LTM Dividend per Share	0.70	0.70	0.70
(+) Excess Retained per Share	1.82	2.05	2.21
(=) Adjusted Dividend	2.52	2.75	2.91
WACC / Discount Rate	5.23%	5.23%	5.23%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$530.68	$585.93	$625.23
Upside / Downside	979.49%	1,091.89%	1,171.83%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	833.28	887.45	945.13	1,006.57	1,071.99	1,141.67	1,175.92
Payout Ratio	22.17%	35.74%	49.30%	62.87%	76.43%	90.00%	92.50%
Projected Dividends (M)	184.78	317.17	465.99	632.83	819.38	1,027.50	1,087.73

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.23%	5.23%	5.23%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	298.57	301.40	304.23
Year 2 PV (M)	412.93	420.80	428.74
Year 3 PV (M)	527.88	543.03	558.47
Year 4 PV (M)	643.40	668.15	693.60
Year 5 PV (M)	759.51	796.19	834.28
PV of Terminal Value (M)	36,002.79	37,741.74	39,547.24
Equity Value (M)	38,645.08	40,471.30	42,366.55
Shares Outstanding (M)	265.05	265.05	265.05
Fair Value	$145.80	$152.69	$159.84
Upside / Downside	196.58%	210.60%	225.15%

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Qingdao Gon Technology Co., Ltd. (002768.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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