DDM Analysis: 300304.SZ

Valuation Snapshot

Stable Growth	$82.10 - $96.73	$90.65
Multi-Stage	$70.59 - $77.49	$73.98
Blended Fair Value	$82.31
Current Price	$13.73
Upside	499.52%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	21.39%	8.68%	0.08	0.04	0.04	0.03	0.03	0.03	0.03	0.03	0.05	0.05
YoY Growth	-	-	119.78%	-9.43%	14.29%	16.67%	-0.70%	-0.01%	15.37%	-50.00%	13.41%	33.33%
Dividend Yield	-	-	0.95%	0.58%	0.84%	0.64%	0.62%	0.78%	0.62%	0.40%	0.35%	0.71%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	425.06
(-) Cash Dividends Paid (M)	68.85
(=) Cash Retained (M)	356.21

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	85.01	53.13	31.88
Cash Retained (M)	356.21	356.21	356.21
(-) Cash Required (M)	-85.01	-53.13	-31.88
(=) Excess Retained (M)	271.20	303.08	324.33
(/) Shares Outstanding (M)	873.90	873.90	873.90
(=) Excess Retained per Share	0.31	0.35	0.37
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.31	0.35	0.37
(=) Adjusted Dividend	0.39	0.43	0.45
WACC / Discount Rate	-2.47%	-2.47%	-2.47%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$82.10	$90.65	$96.73
Upside / Downside	497.99%	560.25%	604.53%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	425.06	452.69	482.11	513.45	546.82	582.37	599.84
Payout Ratio	16.20%	30.96%	45.72%	60.48%	75.24%	90.00%	92.50%
Projected Dividends (M)	68.85	140.14	220.41	310.53	411.43	524.13	554.85

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-2.47%	-2.47%	-2.47%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	142.35	143.70	145.05
Year 2 PV (M)	227.40	231.74	236.11
Year 3 PV (M)	325.42	334.76	344.28
Year 4 PV (M)	437.94	454.78	472.11
Year 5 PV (M)	566.69	594.06	622.48
PV of Terminal Value (M)	59,990.07	62,887.61	65,896.05
Equity Value (M)	61,689.87	64,646.65	67,716.07
Shares Outstanding (M)	873.90	873.90	873.90
Fair Value	$70.59	$73.98	$77.49
Upside / Downside	414.14%	438.79%	464.37%

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Jiangsu Yunyi Electric Co.,Ltd. (300304.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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