DDM Analysis: 300003.SZ

Valuation Snapshot

Stable Growth	$6.85 - $27.13	$11.66
Multi-Stage	$4.54 - $4.95	$4.74
Blended Fair Value	$8.20
Current Price	$17.52
Upside	-53.20%
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	8.35%	8.35%	8.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$6.85	$11.66	$27.13
Upside / Downside	-60.88%	-33.43%	54.87%

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	8.35%	8.35%	8.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	350.43	353.76	357.08
Year 2 PV (M)	346.87	353.48	360.14
Year 3 PV (M)	343.25	353.10	363.14
Year 4 PV (M)	339.58	352.64	366.07
Year 5 PV (M)	335.87	352.09	368.93
PV of Terminal Value (M)	6,649.23	6,970.39	7,303.84
Equity Value (M)	8,365.23	8,735.45	9,119.21
Shares Outstanding (M)	1,844.07	1,844.07	1,844.07
Fair Value	$4.54	$4.74	$4.95
Upside / Downside	-74.11%	-72.96%	-71.77%

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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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