DDM Analysis: 002993.SZ

Valuation Snapshot

Stable Growth	$33.42 - $71.98	$47.72
Multi-Stage	$151.14 - $166.89	$158.85
Blended Fair Value	$103.28
Current Price	$45.79
Upside	125.56%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.00%	0.00%	1.22	0.60	0.18	0.20	0.01	0.00	0.00	0.26	0.17	0.00
YoY Growth	-	-	102.40%	239.25%	-10.02%	2,492.68%	0.00%	0.00%	-100.00%	52.83%	0.00%	0.00%
Dividend Yield	-	-	2.94%	1.86%	0.53%	0.71%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	522.92
(-) Cash Dividends Paid (M)	416.04
(=) Cash Retained (M)	106.88

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	104.58	65.36	39.22
Cash Retained (M)	106.88	106.88	106.88
(-) Cash Required (M)	-104.58	-65.36	-39.22
(=) Excess Retained (M)	2.29	41.51	67.66
(/) Shares Outstanding (M)	277.36	277.36	277.36
(=) Excess Retained per Share	0.01	0.15	0.24
LTM Dividend per Share	1.50	1.50	1.50
(+) Excess Retained per Share	0.01	0.15	0.24
(=) Adjusted Dividend	1.51	1.65	1.74
WACC / Discount Rate	2.42%	2.42%	2.42%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$33.42	$47.72	$71.98
Upside / Downside	-27.01%	4.21%	57.21%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	522.92	517.69	512.51	507.38	502.31	497.29	512.21
Payout Ratio	79.56%	81.65%	83.74%	85.82%	87.91%	90.00%	92.50%
Projected Dividends (M)	416.04	422.69	429.16	435.46	441.59	447.56	473.79

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.42%	2.42%	2.42%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	408.52	412.69	416.86
Year 2 PV (M)	400.88	409.10	417.40
Year 3 PV (M)	393.13	405.29	417.69
Year 4 PV (M)	385.30	401.27	417.73
Year 5 PV (M)	377.42	397.07	417.54
PV of Terminal Value (M)	39,954.12	42,034.62	44,200.90
Equity Value (M)	41,919.36	44,060.04	46,288.13
Shares Outstanding (M)	277.36	277.36	277.36
Fair Value	$151.14	$158.85	$166.89
Upside / Downside	230.06%	246.92%	264.46%

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Dongguan Aohai Technology Co., Ltd. (002993.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener