DDM Analysis: 002935.SZ

Valuation Snapshot

Stable Growth	$1.32 - $2.00	$1.64
Multi-Stage	$2.19 - $2.41	$2.30
Blended Fair Value	$1.97
Current Price	$15.67
Upside	-87.45%
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	1.07%	-8.17%	0.07	0.10	0.07	0.12	0.08	0.06	0.01	0.04	0.04	0.00
YoY Growth	-	-	-30.67%	30.00%	-40.00%	62.50%	20.00%	658.02%	-77.96%	-14.47%	813.23%	-96.90%
Dividend Yield	-	-	0.43%	0.65%	0.45%	0.80%	0.74%	0.57%	0.07%	0.53%	0.62%	0.07%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	63.48
(-) Cash Dividends Paid (M)	21.09
(=) Cash Retained (M)	42.39

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.70	7.93	4.76
Cash Retained (M)	42.39	42.39	42.39
(-) Cash Required (M)	-12.70	-7.93	-4.76
(=) Excess Retained (M)	29.69	34.45	37.63
(/) Shares Outstanding (M)	423.26	423.26	423.26
(=) Excess Retained per Share	0.07	0.08	0.09
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.07	0.08	0.09
(=) Adjusted Dividend	0.12	0.13	0.14
WACC / Discount Rate	8.10%	8.10%	8.10%
Growth Rate	-0.93%	0.07%	1.07%
Fair Value	$1.32	$1.64	$2.00
Upside / Downside	-91.60%	-89.56%	-87.27%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	63.48	63.52	63.57	63.61	63.65	63.70	65.61
Payout Ratio	33.23%	44.58%	55.94%	67.29%	78.65%	90.00%	92.50%
Projected Dividends (M)	21.09	28.32	35.56	42.80	50.06	57.33	60.69

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.10%	8.10%	8.10%
Growth Rate	-0.93%	0.07%	1.07%
Year 1 PV (M)	25.94	26.20	26.46
Year 2 PV (M)	29.82	30.43	31.04
Year 3 PV (M)	32.88	33.89	34.91
Year 4 PV (M)	35.22	36.67	38.15
Year 5 PV (M)	36.94	38.84	40.82
PV of Terminal Value (M)	767.45	806.97	848.11
Equity Value (M)	928.25	973.00	1,019.50
Shares Outstanding (M)	423.26	423.26	423.26
Fair Value	$2.19	$2.30	$2.41
Upside / Downside	-86.00%	-85.33%	-84.63%

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Chengdu Spaceon Electronics Co., Ltd. (002935.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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