HKEX: 2121 - Qingdao AInnovation Technology Group Co., Ltd.

Price = Avg Price + (Avg Price * CAGR EPS% / 100)
EPS = Earning Per Share
CAGR EPS = CAGR 5 EPS
Key Rate — 关键利率
Excess Key Rate — 期望超出关键利率
EPS = -1.03
CAGR EPS = 82.37%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 7.78 + (7.78 * 82.37% / 100) = 14.19

Price = (Terminal Value + Company Value) / Count shares
Price - 价格公道
Terminal Value — 预测后期间的成本
Company Value — 预测期内的成本
Count shares - 股份数量
Terminal Value = Discount Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = -0.3713
Ebitda Yield = 0.041
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - 偿债成本
Debt - 责任
Weight Debt - 相对于债务的资本权重
Weight Cost Debt - 债务权重相对于资本总额
Tax - 税
Interest Expense = 0.0086
Debt = 0.1676
Market Cap = 9.57
Weight Debt = Market Cap / (Market Cap + Debt) = 9.57 / (9.57 + 0.1676) = 0.9828
Weight Cost Debt = 100% - 0.9828 = 0.0172
Tax = 0.25
Cost Of Equity — 贴现率
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — 无风险回报率
β (beta) — 确定股票（资产）相对于市场的风险度量，并显示股票盈利能力变化相对于市场盈利能力变化的敏感性。
Risk Premium — 风险溢价——投资股票的风险溢价
Country Premium - 国家风险
k(f) = 0.2
β = 2.69
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.2 + 2.69 * 18.88 + 0.91 = 0.5191
WACC = (0.0086 / 0.1676) * (100% - 0.9828) * (1 - 0.25) + 0.5191 + 0.9828 = 4.31
Terminal Value = Discount (-0.3713 * (1 + 0.041) / (4.31 - 0.041)) = -149.87
Company Value = ∑ (-0.3713 / (1 + 4.31) ^ 5) = -1.51
Price = (Terminal Value + Company Value) / Count shares = (-149.87 + -1.51) / 565050000 = -267.91

Price = (Terminal Value + Company Value) / Count shares
Price - 价格公道
Terminal Value — 预测后期间的成本
Company Value — 预测期内的成本
Count shares - 股份数量
Terminal Value = Discount FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = -0.1628
FCF Yield = -0.0269
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - 偿债成本
Debt - 责任
Weight Debt - 相对于债务的资本权重
Weight Cost Debt - 债务权重相对于资本总额
Tax - 税
Interest Expense = 0.0086
Debt = 0.1676
Market Cap = 9.57
Weight Debt = Market Cap / (Market Cap + Debt) = 9.57 / (9.57 + 0.1676) = 0.9828
Weight Cost Debt = 100% - 0.9828 = 0.0172
Tax = 0.25
Cost Of Equity — 贴现率
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — 无风险回报率
β (beta) — 确定股票（资产）相对于市场的风险度量，并显示股票盈利能力变化相对于市场盈利能力变化的敏感性。
Risk Premium — 风险溢价——投资股票的风险溢价
Country Premium - 国家风险
k(f) = 0.2
β = 2.69
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.2 + 2.69 * 18.88 + 0.91 = 0.5191
WACC = (0.0086 / 0.1676) * (100% - 0.9828) * (1 - 0.25) + 0.5191 + 0.9828 = 4.31
Terminal Value = Discount (-0.1628 * (1 + -0.0269) / (4.31 - -0.0269)) = -1.83
Company Value = ∑ (-0.1628 / (1 + 4.31) ^ 5) = -0.7612
Price = (Terminal Value + Company Value) / Count shares = (-1.83 + -0.7612) / 565050000 = -4.59