DDM Analysis: 002363.SZ

Valuation Snapshot

Stable Growth	$9.43 - $23.05	$21.60
Multi-Stage	$3.48 - $3.81	$3.64
Blended Fair Value	$12.62
Current Price	$7.73
Upside	63.30%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	46.68%	14.23%	0.13	0.12	0.19	0.19	0.42	0.02	0.02	0.02	0.02	0.03
YoY Growth	-	-	5.00%	-35.33%	0.00%	-55.06%	2,125.00%	0.00%	7.83%	0.00%	-48.34%	0.00%
Dividend Yield	-	-	1.64%	1.61%	2.45%	3.10%	7.40%	0.21%	0.27%	0.24%	0.15%	0.24%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	51.69
(-) Cash Dividends Paid (M)	47.42
(=) Cash Retained (M)	4.27

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.34	6.46	3.88
Cash Retained (M)	4.27	4.27	4.27
(-) Cash Required (M)	-10.34	-6.46	-3.88
(=) Excess Retained (M)	-6.07	-2.19	0.39
(/) Shares Outstanding (M)	445.91	445.91	445.91
(=) Excess Retained per Share	-0.01	0.00	0.00
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	-0.01	0.00	0.00
(=) Adjusted Dividend	0.09	0.10	0.11
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$9.43	$21.60	$23.05
Upside / Downside	22.00%	179.48%	198.23%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	51.69	55.05	58.63	62.44	66.50	70.82	72.94
Payout Ratio	91.74%	91.39%	91.04%	90.69%	90.35%	90.00%	92.50%
Projected Dividends (M)	47.42	50.31	53.37	56.63	60.08	63.74	67.47

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)	46.78	47.22	47.66
Year 2 PV (M)	46.15	47.03	47.91
Year 3 PV (M)	45.52	46.83	48.16
Year 4 PV (M)	44.91	46.63	48.41
Year 5 PV (M)	44.30	46.44	48.66
PV of Terminal Value (M)	1,325.69	1,389.72	1,456.20
Equity Value (M)	1,553.34	1,623.87	1,697.01
Shares Outstanding (M)	445.91	445.91	445.91
Fair Value	$3.48	$3.64	$3.81
Upside / Downside	-54.94%	-52.89%	-50.77%

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Shandong Longji Machinery Co.,Ltd (002363.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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