DDM Analysis: 300674.SZ

Valuation Snapshot

Stable Growth	$24.85 - $110.25	$58.51
Multi-Stage	$12.93 - $14.14	$13.53
Blended Fair Value	$36.02
Current Price	$25.22
Upside	42.82%
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	11.47%	32.92%	0.19	0.14	0.20	0.16	0.14	0.11	0.05	0.05	0.03	0.02
YoY Growth	-	-	39.25%	-30.53%	21.50%	13.80%	28.67%	127.56%	8.45%	46.90%	82.19%	51.44%
Dividend Yield	-	-	0.79%	0.99%	1.07%	0.89%	0.64%	0.51%	0.22%	0.60%	0.41%	0.22%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	396.84
(-) Cash Dividends Paid (M)	185.17
(=) Cash Retained (M)	211.66

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	79.37	49.60	29.76
Cash Retained (M)	211.66	211.66	211.66
(-) Cash Required (M)	-79.37	-49.60	-29.76
(=) Excess Retained (M)	132.30	162.06	181.90
(/) Shares Outstanding (M)	715.81	715.81	715.81
(=) Excess Retained per Share	0.18	0.23	0.25
LTM Dividend per Share	0.26	0.26	0.26
(+) Excess Retained per Share	0.18	0.23	0.25
(=) Adjusted Dividend	0.44	0.49	0.51
WACC / Discount Rate	7.38%	7.38%	7.38%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$24.85	$58.51	$110.25
Upside / Downside	-1.47%	132.02%	337.17%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	396.84	422.63	450.10	479.36	510.52	543.70	560.01
Payout Ratio	46.66%	55.33%	64.00%	72.66%	81.33%	90.00%	92.50%
Projected Dividends (M)	185.17	233.84	288.05	348.32	415.22	489.33	518.01

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.38%	7.38%	7.38%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	215.72	217.76	219.81
Year 2 PV (M)	245.14	249.81	254.52
Year 3 PV (M)	273.46	281.31	289.30
Year 4 PV (M)	300.71	312.27	324.17
Year 5 PV (M)	326.92	342.71	359.10
PV of Terminal Value (M)	7,896.17	8,277.56	8,673.54
Equity Value (M)	9,258.10	9,681.41	10,120.44
Shares Outstanding (M)	715.81	715.81	715.81
Fair Value	$12.93	$13.53	$14.14
Upside / Downside	-48.72%	-46.37%	-43.94%

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Yusys Technologies Co., Ltd. (300674.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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