SSE: 688561 - Qi An Xin Technology Group Inc.

Price = EPS * (1 + CAGR EPS) / (Key Rate * Excess Key Rate)
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 = 0.1047
CAGR EPS = 16.24%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 0.1047 * (1 + 16.24%) / (0.0458 * 2) = 1.33

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) = -0.0903
Ebitda Yield = -0.1642
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 = 0.033
Debt = 1.12
Market Cap = 42.34
Weight Debt = Market Cap / (Market Cap + Debt) = 42.34 / (42.34 + 1.12) = 0.9742
Weight Cost Debt = 100% - 0.9742 = 0.0258
Tax = 0.21
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) = 2.75
β = 1.48
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1.48 * 5.94 + 0 = 0.1155
WACC = (0.033 / 1.12) * (100% - 0.9742) * (1 - 0.21) + 0.1155 + 0.9742 = 2.42
Terminal Value = Discount (-0.0903 * (1 + -0.1642) / (2.42 - -0.1642)) = -0.3553
Company Value = ∑ (-0.0903 / (1 + 2.42) ^ 5) = -0.6268
Price = (Terminal Value + Company Value) / Count shares = (-0.3553 + -0.6268) / 685170000 = -1.43

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) = -0.6227
FCF Yield = -0.069
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 = 0.033
Debt = 1.12
Market Cap = 42.34
Weight Debt = Market Cap / (Market Cap + Debt) = 42.34 / (42.34 + 1.12) = 0.9742
Weight Cost Debt = 100% - 0.9742 = 0.0258
Tax = 0.21
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) = 2.75
β = 1.48
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1.48 * 5.94 + 0 = 0.1155
WACC = (0.033 / 1.12) * (100% - 0.9742) * (1 - 0.21) + 0.1155 + 0.9742 = 2.42
Terminal Value = Discount (-0.6227 * (1 + -0.069) / (2.42 - -0.069)) = -5.52
Company Value = ∑ (-0.6227 / (1 + 2.42) ^ 5) = -3.37
Price = (Terminal Value + Company Value) / Count shares = (-5.52 + -3.37) / 685170000 = -12.98