DDM Analysis: 300351.SZ

Valuation Snapshot

Stable Growth	$41.78 - $49.22	$46.12
Multi-Stage	$28.39 - $31.16	$29.75
Blended Fair Value	$37.94
Current Price	$18.60
Upside	103.96%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	31.53%	6.59%	0.10	0.00	0.00	0.00	0.02	0.03	0.08	0.07	0.05	0.10
YoY Growth	-	-	0.00%	0.00%	0.00%	-100.00%	-26.38%	-70.26%	22.54%	27.94%	-45.00%	87.50%
Dividend Yield	-	-	0.56%	0.00%	0.00%	0.00%	0.21%	0.34%	0.78%	0.43%	0.22%	0.39%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	96.35
(-) Cash Dividends Paid (M)	34.61
(=) Cash Retained (M)	61.74

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	19.27	12.04	7.23
Cash Retained (M)	61.74	61.74	61.74
(-) Cash Required (M)	-19.27	-12.04	-7.23
(=) Excess Retained (M)	42.47	49.69	54.51
(/) Shares Outstanding (M)	389.32	389.32	389.32
(=) Excess Retained per Share	0.11	0.13	0.14
LTM Dividend per Share	0.09	0.09	0.09
(+) Excess Retained per Share	0.11	0.13	0.14
(=) Adjusted Dividend	0.20	0.22	0.23
WACC / Discount Rate	2.34%	2.34%	2.34%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$41.78	$46.12	$49.22
Upside / Downside	124.60%	147.98%	164.62%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	96.35	102.61	109.28	116.39	123.95	132.01	135.97
Payout Ratio	35.92%	46.74%	57.55%	68.37%	79.18%	90.00%	92.50%
Projected Dividends (M)	34.61	47.96	62.90	79.57	98.15	118.81	125.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.34%	2.34%	2.34%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	46.42	46.87	47.31
Year 2 PV (M)	58.93	60.06	61.19
Year 3 PV (M)	72.17	74.25	76.36
Year 4 PV (M)	86.17	89.49	92.90
Year 5 PV (M)	100.97	105.85	110.91
PV of Terminal Value (M)	10,688.89	11,205.17	11,741.20
Equity Value (M)	11,053.57	11,581.67	12,129.86
Shares Outstanding (M)	389.32	389.32	389.32
Fair Value	$28.39	$29.75	$31.16
Upside / Downside	52.64%	59.94%	67.51%

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Zhejiang Yonggui Electric Equipment Co., Ltd. (300351.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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