DDM Analysis: 300623.SZ

Valuation Snapshot

Stable Growth	$40.72 - $116.95	$109.60
Multi-Stage	$16.09 - $17.61	$16.84
Blended Fair Value	$63.22
Current Price	$32.00
Upside	97.56%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	10.74%	9.88%	0.11	0.08	0.11	0.10	0.07	0.07	0.06	0.03	0.04	0.04
YoY Growth	-	-	28.38%	-24.63%	14.41%	32.89%	13.23%	13.99%	68.45%	-19.77%	0.00%	0.00%
Dividend Yield	-	-	0.35%	0.55%	0.48%	0.39%	0.29%	0.50%	0.55%	0.34%	0.31%	0.73%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	487.33
(-) Cash Dividends Paid (M)	144.50
(=) Cash Retained (M)	342.83

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	97.47	60.92	36.55
Cash Retained (M)	342.83	342.83	342.83
(-) Cash Required (M)	-97.47	-60.92	-36.55
(=) Excess Retained (M)	245.36	281.91	306.28
(/) Shares Outstanding (M)	828.70	828.70	828.70
(=) Excess Retained per Share	0.30	0.34	0.37
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.30	0.34	0.37
(=) Adjusted Dividend	0.47	0.51	0.54
WACC / Discount Rate	6.72%	6.72%	6.72%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$40.72	$109.60	$116.95
Upside / Downside	27.25%	242.50%	265.48%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	487.33	519.01	552.74	588.67	626.94	667.69	687.72
Payout Ratio	29.65%	41.72%	53.79%	65.86%	77.93%	90.00%	92.50%
Projected Dividends (M)	144.50	216.54	297.33	387.70	488.57	600.92	636.14

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.72%	6.72%	6.72%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	201.00	202.91	204.81
Year 2 PV (M)	256.19	261.07	265.99
Year 3 PV (M)	310.09	318.99	328.06
Year 4 PV (M)	362.72	376.67	391.02
Year 5 PV (M)	414.12	434.12	454.89
PV of Terminal Value (M)	11,788.06	12,357.42	12,948.58
Equity Value (M)	13,332.17	13,951.17	14,593.35
Shares Outstanding (M)	828.70	828.70	828.70
Fair Value	$16.09	$16.84	$17.61
Upside / Downside	-49.72%	-47.39%	-44.97%

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Jiangsu JieJie Microelectronics Co.,Ltd. (300623.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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