DDM Analysis: 002546.SZ

Valuation Snapshot

Stable Growth	$11.58 - $20.78	$15.44
Multi-Stage	$18.75 - $20.60	$19.66
Blended Fair Value	$17.55
Current Price	$5.90
Upside	197.46%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-0.10%	4.04%	0.12	0.12	0.12	0.12	0.01	0.12	0.12	0.01	0.09	0.10
YoY Growth	-	-	0.02%	0.01%	-0.06%	764.67%	-88.49%	-2.09%	807.19%	-85.37%	-2.77%	18.16%
Dividend Yield	-	-	2.53%	2.80%	2.93%	2.71%	0.36%	2.92%	2.10%	0.28%	1.28%	0.63%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	699.03
(-) Cash Dividends Paid (M)	200.56
(=) Cash Retained (M)	498.48

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	139.81	87.38	52.43
Cash Retained (M)	498.48	498.48	498.48
(-) Cash Required (M)	-139.81	-87.38	-52.43
(=) Excess Retained (M)	358.67	411.10	446.05
(/) Shares Outstanding (M)	834.19	834.19	834.19
(=) Excess Retained per Share	0.43	0.49	0.53
LTM Dividend per Share	0.24	0.24	0.24
(+) Excess Retained per Share	0.43	0.49	0.53
(=) Adjusted Dividend	0.67	0.73	0.78
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	0.82%	1.82%	2.82%
Fair Value	$11.58	$15.44	$20.78
Upside / Downside	96.31%	161.68%	252.18%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	699.03	711.77	724.73	737.94	751.38	765.07	788.02
Payout Ratio	28.69%	40.95%	53.21%	65.48%	77.74%	90.00%	92.50%
Projected Dividends (M)	200.56	291.49	385.66	483.17	584.11	688.56	728.92

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	0.82%	1.82%	2.82%
Year 1 PV (M)	270.61	273.29	275.98
Year 2 PV (M)	332.39	339.02	345.71
Year 3 PV (M)	386.61	398.23	410.07
Year 4 PV (M)	433.89	451.37	469.36
Year 5 PV (M)	474.85	498.87	523.85
PV of Terminal Value (M)	13,744.48	14,439.76	15,162.90
Equity Value (M)	15,642.84	16,400.54	17,187.88
Shares Outstanding (M)	834.19	834.19	834.19
Fair Value	$18.75	$19.66	$20.60
Upside / Downside	217.83%	233.23%	249.23%

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Nanjing Xinlian Electronics Co., Ltd (002546.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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