DDM Analysis: 300003.SZ

Valuation Snapshot

Stable Growth	$9.10 - $45.98	$18.83
Multi-Stage	$5.24 - $5.72	$5.47
Blended Fair Value	$12.15
Current Price	$17.52
Upside	-30.64%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.16%	25.02%	0.54	0.42	0.34	0.32	0.32	0.35	0.26	0.15	0.12	0.08
YoY Growth	-	-	28.91%	20.93%	8.28%	-1.90%	-6.38%	33.96%	69.39%	29.45%	55.36%	31.84%
Dividend Yield	-	-	4.71%	2.91%	1.49%	1.58%	1.11%	0.96%	0.92%	0.45%	0.68%	0.41%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	426.33
(-) Cash Dividends Paid (M)	353.94
(=) Cash Retained (M)	72.40

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	85.27	53.29	31.98
Cash Retained (M)	72.40	72.40	72.40
(-) Cash Required (M)	-85.27	-53.29	-31.98
(=) Excess Retained (M)	-12.87	19.10	40.42
(/) Shares Outstanding (M)	1,844.07	1,844.07	1,844.07
(=) Excess Retained per Share	-0.01	0.01	0.02
LTM Dividend per Share	0.19	0.19	0.19
(+) Excess Retained per Share	-0.01	0.01	0.02
(=) Adjusted Dividend	0.18	0.20	0.21
WACC / Discount Rate	7.64%	7.64%	7.64%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$9.10	$18.83	$45.98
Upside / Downside	-48.05%	7.49%	162.43%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	426.33	454.05	483.56	514.99	548.47	584.12	601.64
Payout Ratio	83.02%	84.42%	85.81%	87.21%	88.60%	90.00%	92.50%
Projected Dividends (M)	353.94	383.28	414.95	449.11	485.96	525.70	556.52

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.64%	7.64%	7.64%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	352.72	356.07	359.41
Year 2 PV (M)	351.42	358.11	364.87
Year 3 PV (M)	350.02	360.07	370.31
Year 4 PV (M)	348.54	361.94	375.73
Year 5 PV (M)	346.98	363.74	381.14
PV of Terminal Value (M)	7,909.52	8,291.55	8,688.21
Equity Value (M)	9,659.20	10,091.48	10,539.66
Shares Outstanding (M)	1,844.07	1,844.07	1,844.07
Fair Value	$5.24	$5.47	$5.72
Upside / Downside	-70.10%	-68.76%	-67.38%

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Lepu Medical Technology (Beijing) Co., Ltd. (300003.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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