DDM Analysis: 002452.SZ

Valuation Snapshot

Stable Growth	$36.30 - $88.88	$83.29
Multi-Stage	$12.79 - $14.01	$13.39
Blended Fair Value	$48.34
Current Price	$7.70
Upside	527.80%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	29.63%	13.92%	0.08	0.03	0.08	0.10	0.10	0.02	0.04	0.05	0.07	0.04
YoY Growth	-	-	151.82%	-61.82%	-18.37%	-4.36%	387.58%	-45.62%	-15.75%	-31.61%	59.44%	101.35%
Dividend Yield	-	-	1.03%	0.46%	1.26%	1.40%	1.85%	0.37%	0.85%	0.82%	0.82%	0.35%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	273.77
(-) Cash Dividends Paid (M)	53.20
(=) Cash Retained (M)	220.57

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	54.75	34.22	20.53
Cash Retained (M)	220.57	220.57	220.57
(-) Cash Required (M)	-54.75	-34.22	-20.53
(=) Excess Retained (M)	165.82	186.35	200.04
(/) Shares Outstanding (M)	612.57	612.57	612.57
(=) Excess Retained per Share	0.27	0.30	0.33
LTM Dividend per Share	0.09	0.09	0.09
(+) Excess Retained per Share	0.27	0.30	0.33
(=) Adjusted Dividend	0.36	0.39	0.41
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$36.30	$83.29	$88.88
Upside / Downside	371.45%	981.74%	1,054.29%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	273.77	291.56	310.52	330.70	352.19	375.09	386.34
Payout Ratio	19.43%	33.55%	47.66%	61.77%	75.89%	90.00%	92.50%
Projected Dividends (M)	53.20	97.81	147.99	204.28	267.27	337.58	357.36

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	90.94	91.80	92.66
Year 2 PV (M)	127.94	130.38	132.84
Year 3 PV (M)	164.21	168.93	173.73
Year 4 PV (M)	199.77	207.45	215.35
Year 5 PV (M)	234.61	245.94	257.71
PV of Terminal Value (M)	7,017.65	7,356.60	7,708.53
Equity Value (M)	7,835.12	8,201.10	8,580.82
Shares Outstanding (M)	612.57	612.57	612.57
Fair Value	$12.79	$13.39	$14.01
Upside / Downside	66.11%	73.87%	81.92%

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Changgao Electric Group Co., Ltd. (002452.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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