DDM Analysis: 300274.SZ

Valuation Snapshot

Stable Growth	$184.79 - $532.13	$289.58
Multi-Stage	$122.49 - $133.92	$128.10
Blended Fair Value	$208.84
Current Price	$161.98
Upside	28.93%
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	53.16%	45.71%	0.84	0.29	0.17	0.15	0.10	0.10	0.09	0.06	0.05	0.02
YoY Growth	-	-	188.35%	71.42%	10.15%	60.65%	-3.62%	6.02%	60.75%	24.50%	180.11%	-13.91%
Dividend Yield	-	-	1.21%	0.37%	0.23%	0.20%	0.19%	1.47%	1.09%	0.43%	0.65%	0.19%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	15,317.95
(-) Cash Dividends Paid (M)	2,414.12
(=) Cash Retained (M)	12,903.83

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,063.59	1,914.74	1,148.85
Cash Retained (M)	12,903.83	12,903.83	12,903.83
(-) Cash Required (M)	-3,063.59	-1,914.74	-1,148.85
(=) Excess Retained (M)	9,840.24	10,989.08	11,754.98
(/) Shares Outstanding (M)	2,066.86	2,066.86	2,066.86
(=) Excess Retained per Share	4.76	5.32	5.69
LTM Dividend per Share	1.17	1.17	1.17
(+) Excess Retained per Share	4.76	5.32	5.69
(=) Adjusted Dividend	5.93	6.48	6.86
WACC / Discount Rate	8.88%	8.88%	8.88%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$184.79	$289.58	$532.13
Upside / Downside	14.08%	78.78%	228.52%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	15,317.95	16,313.62	17,374.00	18,503.31	19,706.03	20,986.92	21,616.53
Payout Ratio	15.76%	30.61%	45.46%	60.30%	75.15%	90.00%	92.50%
Projected Dividends (M)	2,414.12	4,993.28	7,897.54	11,158.24	14,809.48	18,888.23	19,995.29

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.88%	8.88%	8.88%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	4,542.78	4,585.84	4,628.90
Year 2 PV (M)	6,536.75	6,661.26	6,786.94
Year 3 PV (M)	8,402.36	8,643.56	8,889.34
Year 4 PV (M)	10,145.66	10,535.83	10,937.16
Year 5 PV (M)	11,772.45	12,341.07	12,931.44
PV of Terminal Value (M)	211,769.63	221,998.19	232,618.21
Equity Value (M)	253,169.64	264,765.74	276,791.98
Shares Outstanding (M)	2,066.86	2,066.86	2,066.86
Fair Value	$122.49	$128.10	$133.92
Upside / Downside	-24.38%	-20.92%	-17.32%

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Sungrow Power Supply Co., Ltd. (300274.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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