DDM Analysis: 300476.SZ

Valuation Snapshot

Stable Growth	$80.65 - $173.73	$115.12
Multi-Stage	$57.89 - $63.27	$60.53
Blended Fair Value	$87.83
Current Price	$285.50
Upside	-69.24%
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	11.30%	18.06%	0.30	0.27	0.27	0.26	0.23	0.18	0.15	0.15	0.06	0.01
YoY Growth	-	-	13.02%	-2.20%	5.37%	11.70%	31.28%	18.95%	-0.41%	141.27%	1,113.93%	-91.12%
Dividend Yield	-	-	0.37%	1.09%	1.53%	1.12%	0.99%	0.99%	1.03%	0.94%	0.48%	0.04%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,634.65
(-) Cash Dividends Paid (M)	339.48
(=) Cash Retained (M)	3,295.17

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	726.93	454.33	272.60
Cash Retained (M)	3,295.17	3,295.17	3,295.17
(-) Cash Required (M)	-726.93	-454.33	-272.60
(=) Excess Retained (M)	2,568.24	2,840.84	3,022.57
(/) Shares Outstanding (M)	861.69	861.69	861.69
(=) Excess Retained per Share	2.98	3.30	3.51
LTM Dividend per Share	0.39	0.39	0.39
(+) Excess Retained per Share	2.98	3.30	3.51
(=) Adjusted Dividend	3.37	3.69	3.90
WACC / Discount Rate	9.91%	9.91%	9.91%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$80.65	$115.12	$173.73
Upside / Downside	-71.75%	-59.68%	-39.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,634.65	3,870.90	4,122.51	4,390.47	4,675.85	4,979.78	5,129.17
Payout Ratio	9.34%	25.47%	41.60%	57.74%	73.87%	90.00%	92.50%
Projected Dividends (M)	339.48	985.99	1,715.13	2,534.88	3,453.96	4,481.80	4,744.48

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.91%	9.91%	9.91%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	888.63	897.06	905.48
Year 2 PV (M)	1,393.14	1,419.67	1,446.46
Year 3 PV (M)	1,855.68	1,908.95	1,963.23
Year 4 PV (M)	2,278.83	2,366.46	2,456.60
Year 5 PV (M)	2,664.99	2,793.71	2,927.36
PV of Terminal Value (M)	40,802.11	42,772.87	44,819.05
Equity Value (M)	49,883.38	52,158.72	54,518.18
Shares Outstanding (M)	861.69	861.69	861.69
Fair Value	$57.89	$60.53	$63.27
Upside / Downside	-79.72%	-78.80%	-77.84%

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Victory Giant Technology (HuiZhou)Co.,Ltd. (300476.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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