DDM Analysis: 002897.SZ

Valuation Snapshot

Stable Growth	$147.03 - $173.23	$162.34
Multi-Stage	$108.24 - $118.76	$113.40
Blended Fair Value	$137.87
Current Price	$48.21
Upside	185.98%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	25.74%	17.43%	0.58	0.65	0.63	0.45	0.38	0.19	0.33	0.22	0.22	0.15
YoY Growth	-	-	-10.57%	3.07%	40.60%	17.24%	106.87%	-43.38%	51.44%	-1.32%	50.74%	24.33%
Dividend Yield	-	-	1.39%	1.86%	1.35%	1.18%	1.68%	0.62%	1.39%	0.89%	1.18%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	162.01
(-) Cash Dividends Paid (M)	90.39
(=) Cash Retained (M)	71.62

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	32.40	20.25	12.15
Cash Retained (M)	71.62	71.62	71.62
(-) Cash Required (M)	-32.40	-20.25	-12.15
(=) Excess Retained (M)	39.22	51.37	59.47
(/) Shares Outstanding (M)	186.00	186.00	186.00
(=) Excess Retained per Share	0.21	0.28	0.32
LTM Dividend per Share	0.49	0.49	0.49
(+) Excess Retained per Share	0.21	0.28	0.32
(=) Adjusted Dividend	0.70	0.76	0.81
WACC / Discount Rate	0.77%	0.77%	0.77%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$147.03	$162.34	$173.23
Upside / Downside	204.99%	236.74%	259.33%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	162.01	172.55	183.76	195.71	208.43	221.97	228.63
Payout Ratio	55.79%	62.63%	69.47%	76.32%	83.16%	90.00%	92.50%
Projected Dividends (M)	90.39	108.07	127.67	149.36	173.32	199.78	211.49

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	0.77%	0.77%	0.77%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	106.24	107.25	108.25
Year 2 PV (M)	123.37	125.72	128.10
Year 3 PV (M)	141.89	145.96	150.11
Year 4 PV (M)	161.86	168.09	174.49
Year 5 PV (M)	183.40	192.26	201.46
PV of Terminal Value (M)	19,415.00	20,352.76	21,326.40
Equity Value (M)	20,131.76	21,092.03	22,088.80
Shares Outstanding (M)	186.00	186.00	186.00
Fair Value	$108.24	$113.40	$118.76
Upside / Downside	124.51%	135.22%	146.33%

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Wenzhou Yihua Connector Co., Ltd. (002897.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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