DDM Analysis: 002533.SZ

Valuation Snapshot

Stable Growth	$61.16 - $166.74	$156.26
Multi-Stage	$23.69 - $25.91	$24.78
Blended Fair Value	$90.52
Current Price	$11.75
Upside	670.39%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	40.90%	27.14%	0.64	0.41	0.39	0.33	0.30	0.11	0.10	0.12	0.08	0.08
YoY Growth	-	-	56.03%	4.87%	18.37%	11.15%	158.01%	14.88%	-13.91%	48.39%	2.02%	32.75%
Dividend Yield	-	-	6.10%	3.80%	5.27%	4.68%	5.22%	2.09%	1.61%	2.00%	0.82%	0.80%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	605.95
(-) Cash Dividends Paid (M)	306.54
(=) Cash Retained (M)	299.41

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	121.19	75.74	45.45
Cash Retained (M)	299.41	299.41	299.41
(-) Cash Required (M)	-121.19	-75.74	-45.45
(=) Excess Retained (M)	178.22	223.66	253.96
(/) Shares Outstanding (M)	722.72	722.72	722.72
(=) Excess Retained per Share	0.25	0.31	0.35
LTM Dividend per Share	0.42	0.42	0.42
(+) Excess Retained per Share	0.25	0.31	0.35
(=) Adjusted Dividend	0.67	0.73	0.78
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$61.16	$156.26	$166.74
Upside / Downside	420.55%	1,229.88%	1,319.07%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	605.95	645.33	687.28	731.95	779.53	830.20	855.11
Payout Ratio	50.59%	58.47%	66.35%	74.24%	82.12%	90.00%	92.50%
Projected Dividends (M)	306.54	377.33	456.03	543.37	640.13	747.18	790.97

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	350.46	353.78	357.10
Year 2 PV (M)	393.39	400.88	408.45
Year 3 PV (M)	435.35	447.85	460.58
Year 4 PV (M)	476.35	494.67	513.51
Year 5 PV (M)	516.41	541.35	567.25
PV of Terminal Value (M)	14,949.10	15,671.15	16,420.83
Equity Value (M)	17,121.06	17,909.68	18,727.72
Shares Outstanding (M)	722.72	722.72	722.72
Fair Value	$23.69	$24.78	$25.91
Upside / Downside	101.61%	110.90%	120.53%

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Gold cup Electric Apparatus Co.,Ltd. (002533.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener