DDM Analysis: 002239.SZ

Valuation Snapshot

Stable Growth	$6.42 - $7.56	$7.09
Multi-Stage	$5.16 - $5.66	$5.41
Blended Fair Value	$6.25
Current Price	$3.28
Upside	90.48%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	26.76%	31.81%	0.03	0.01	0.02	0.01	0.00	0.01	0.01	0.02	0.02	0.00
YoY Growth	-	-	116.20%	-24.56%	76.70%	164.45%	-57.06%	-37.92%	-30.00%	24.41%	402.65%	77.94%
Dividend Yield	-	-	0.97%	0.40%	0.64%	0.35%	0.10%	0.23%	0.53%	0.56%	0.34%	0.07%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	126.44
(-) Cash Dividends Paid (M)	33.80
(=) Cash Retained (M)	92.63

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	25.29	15.80	9.48
Cash Retained (M)	92.63	92.63	92.63
(-) Cash Required (M)	-25.29	-15.80	-9.48
(=) Excess Retained (M)	67.35	76.83	83.15
(/) Shares Outstanding (M)	3,324.94	3,324.94	3,324.94
(=) Excess Retained per Share	0.02	0.02	0.03
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.02	0.02	0.03
(=) Adjusted Dividend	0.03	0.03	0.04
WACC / Discount Rate	-1.11%	-1.11%	-1.11%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$6.42	$7.09	$7.56
Upside / Downside	95.70%	116.07%	130.56%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	126.44	134.65	143.41	152.73	162.65	173.23	178.42
Payout Ratio	26.73%	39.39%	52.04%	64.69%	77.35%	90.00%	92.50%
Projected Dividends (M)	33.80	53.04	74.63	98.80	125.81	155.90	165.04

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-1.11%	-1.11%	-1.11%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	53.13	53.63	54.14
Year 2 PV (M)	74.89	76.32	77.76
Year 3 PV (M)	99.33	102.18	105.08
Year 4 PV (M)	126.69	131.57	136.58
Year 5 PV (M)	157.28	164.87	172.76
PV of Terminal Value (M)	16,649.53	17,453.71	18,288.67
Equity Value (M)	17,160.85	17,982.28	18,834.98
Shares Outstanding (M)	3,324.94	3,324.94	3,324.94
Fair Value	$5.16	$5.41	$5.66
Upside / Downside	57.36%	64.89%	72.71%

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Aotecar New Energy Technology Co., Ltd. (002239.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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