DDM Analysis: 002803.SZ

Valuation Snapshot

Stable Growth	$68.35 - $131.59	$123.32
Multi-Stage	$20.67 - $22.62	$21.63
Blended Fair Value	$72.47
Current Price	$18.58
Upside	290.05%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.14%	28.87%	0.52	0.46	0.03	0.13	0.12	0.31	0.10	0.05	0.02	0.04
YoY Growth	-	-	14.20%	1,304.95%	-75.27%	11.82%	-61.77%	201.66%	87.65%	213.30%	-58.43%	1.04%
Dividend Yield	-	-	4.14%	2.61%	0.15%	0.89%	0.39%	1.91%	0.69%	0.37%	0.11%	1.32%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	262.88
(-) Cash Dividends Paid (M)	130.79
(=) Cash Retained (M)	132.09

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	52.58	32.86	19.72
Cash Retained (M)	132.09	132.09	132.09
(-) Cash Required (M)	-52.58	-32.86	-19.72
(=) Excess Retained (M)	79.51	99.23	112.37
(/) Shares Outstanding (M)	397.31	397.31	397.31
(=) Excess Retained per Share	0.20	0.25	0.28
LTM Dividend per Share	0.33	0.33	0.33
(+) Excess Retained per Share	0.20	0.25	0.28
(=) Adjusted Dividend	0.53	0.58	0.61
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$68.35	$123.32	$131.59
Upside / Downside	267.84%	563.70%	608.21%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	262.88	279.97	298.17	317.55	338.19	360.17	370.98
Payout Ratio	49.75%	57.80%	65.85%	73.90%	81.95%	90.00%	92.50%
Projected Dividends (M)	130.79	161.83	196.35	234.67	277.15	324.15	343.15

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	150.79	152.21	153.64
Year 2 PV (M)	170.46	173.71	176.99
Year 3 PV (M)	189.83	195.28	200.83
Year 4 PV (M)	208.89	216.92	225.18
Year 5 PV (M)	227.64	238.64	250.05
PV of Terminal Value (M)	7,264.92	7,615.82	7,980.15
Equity Value (M)	8,212.52	8,592.58	8,986.84
Shares Outstanding (M)	397.31	397.31	397.31
Fair Value	$20.67	$21.63	$22.62
Upside / Downside	11.25%	16.40%	21.74%

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Xiamen Jihong Technology Co., Ltd. (002803.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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