DDM Analysis: 002731.SZ

Valuation Snapshot

Stable Growth	$90.06 - $214.01	$200.55
Multi-Stage	$31.20 - $34.16	$32.65
Blended Fair Value	$116.60
Current Price	$12.44
Upside	837.32%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.39%	10.17%	0.43	0.29	0.25	0.27	0.27	0.36	0.33	0.27	0.25	0.23
YoY Growth	-	-	47.21%	15.55%	-7.09%	0.14%	-25.36%	9.19%	22.09%	8.15%	7.78%	43.55%
Dividend Yield	-	-	4.32%	2.66%	1.75%	1.82%	4.10%	5.29%	2.30%	2.97%	1.56%	1.57%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	273.84
(-) Cash Dividends Paid (M)	68.08
(=) Cash Retained (M)	205.76

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	54.77	34.23	20.54
Cash Retained (M)	205.76	205.76	205.76
(-) Cash Required (M)	-54.77	-34.23	-20.54
(=) Excess Retained (M)	150.99	171.53	185.22
(/) Shares Outstanding (M)	254.48	254.48	254.48
(=) Excess Retained per Share	0.59	0.67	0.73
LTM Dividend per Share	0.27	0.27	0.27
(+) Excess Retained per Share	0.59	0.67	0.73
(=) Adjusted Dividend	0.86	0.94	1.00
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$90.06	$200.55	$214.01
Upside / Downside	623.98%	1,512.17%	1,620.30%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	273.84	291.64	310.60	330.79	352.29	375.19	386.44
Payout Ratio	24.86%	37.89%	50.92%	63.94%	76.97%	90.00%	92.50%
Projected Dividends (M)	68.08	110.50	158.15	211.52	271.17	337.67	357.46

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	102.77	103.75	104.72
Year 2 PV (M)	136.80	139.41	142.04
Year 3 PV (M)	170.18	175.07	180.04
Year 4 PV (M)	202.91	210.72	218.74
Year 5 PV (M)	235.01	246.36	258.15
PV of Terminal Value (M)	7,091.06	7,433.56	7,789.17
Equity Value (M)	7,938.75	8,308.87	8,692.87
Shares Outstanding (M)	254.48	254.48	254.48
Fair Value	$31.20	$32.65	$34.16
Upside / Downside	150.77%	162.46%	174.59%

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Shenyang Cuihua Gold and Silver Jewelry Co., Ltd. (002731.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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