DDM Analysis: 002937.SZ

Valuation Snapshot

Stable Growth	$38.17 - $105.70	$99.05
Multi-Stage	$15.01 - $16.41	$15.70
Blended Fair Value	$57.38
Current Price	$19.14
Upside	199.77%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	14.22%	10.41%	0.37	0.26	0.18	0.18	0.12	0.19	0.16	0.15	0.10	0.10
YoY Growth	-	-	41.83%	40.63%	1.88%	49.49%	-36.00%	15.09%	11.67%	43.31%	1.14%	-25.65%
Dividend Yield	-	-	1.88%	1.17%	0.72%	1.20%	0.91%	1.43%	0.74%	1.65%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	154.60
(-) Cash Dividends Paid (M)	88.57
(=) Cash Retained (M)	66.04

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	30.92	19.33	11.60
Cash Retained (M)	66.04	66.04	66.04
(-) Cash Required (M)	-30.92	-19.33	-11.60
(=) Excess Retained (M)	35.12	46.71	54.44
(/) Shares Outstanding (M)	290.90	290.90	290.90
(=) Excess Retained per Share	0.12	0.16	0.19
LTM Dividend per Share	0.30	0.30	0.30
(+) Excess Retained per Share	0.12	0.16	0.19
(=) Adjusted Dividend	0.43	0.47	0.49
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$38.17	$99.05	$105.70
Upside / Downside	99.44%	417.52%	452.23%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	154.60	164.65	175.36	186.75	198.89	211.82	218.18
Payout Ratio	57.29%	63.83%	70.37%	76.91%	83.46%	90.00%	92.50%
Projected Dividends (M)	88.57	105.10	123.40	143.64	165.99	190.64	201.81

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	97.59	98.52	99.44
Year 2 PV (M)	106.41	108.44	110.49
Year 3 PV (M)	115.03	118.33	121.69
Year 4 PV (M)	123.44	128.18	133.07
Year 5 PV (M)	131.65	138.01	144.61
PV of Terminal Value (M)	3,792.11	3,975.27	4,165.44
Equity Value (M)	4,366.23	4,566.75	4,774.74
Shares Outstanding (M)	290.90	290.90	290.90
Fair Value	$15.01	$15.70	$16.41
Upside / Downside	-21.58%	-17.98%	-14.24%

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Ningbo Sunrise Elc Technology Co.,Ltd (002937.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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