DDM Analysis: 300373.SZ

Valuation Snapshot

Stable Growth	$57.54 - $156.00	$88.58
Multi-Stage	$38.93 - $42.55	$40.71
Blended Fair Value	$64.64
Current Price	$69.44
Upside	-6.91%
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	31.98%	40.21%	0.94	0.56	0.24	0.17	0.09	0.24	0.14	0.10	0.05	0.05
YoY Growth	-	-	69.22%	133.77%	43.44%	84.28%	-61.71%	71.33%	31.34%	109.05%	-3.66%	61.81%
Dividend Yield	-	-	2.03%	1.45%	0.43%	0.22%	0.23%	1.03%	0.71%	0.36%	0.24%	0.33%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,306.95
(-) Cash Dividends Paid (M)	254.80
(=) Cash Retained (M)	1,052.15

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	261.39	163.37	98.02
Cash Retained (M)	1,052.15	1,052.15	1,052.15
(-) Cash Required (M)	-261.39	-163.37	-98.02
(=) Excess Retained (M)	790.76	888.78	954.13
(/) Shares Outstanding (M)	541.91	541.91	541.91
(=) Excess Retained per Share	1.46	1.64	1.76
LTM Dividend per Share	0.47	0.47	0.47
(+) Excess Retained per Share	1.46	1.64	1.76
(=) Adjusted Dividend	1.93	2.11	2.23
WACC / Discount Rate	9.04%	9.04%	9.04%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$57.54	$88.58	$156.00
Upside / Downside	-17.13%	27.56%	124.65%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,306.95	1,391.90	1,482.37	1,578.73	1,681.34	1,790.63	1,844.35
Payout Ratio	19.50%	33.60%	47.70%	61.80%	75.90%	90.00%	92.50%
Projected Dividends (M)	254.80	467.63	707.05	975.63	1,276.13	1,611.57	1,706.02

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.04%	9.04%	9.04%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	424.85	428.87	432.90
Year 2 PV (M)	583.59	594.71	605.93
Year 3 PV (M)	731.59	752.59	773.99
Year 4 PV (M)	869.37	902.80	937.19
Year 5 PV (M)	997.44	1,045.62	1,095.64
PV of Terminal Value (M)	17,489.62	18,334.37	19,211.46
Equity Value (M)	21,096.45	22,058.96	23,057.10
Shares Outstanding (M)	541.91	541.91	541.91
Fair Value	$38.93	$40.71	$42.55
Upside / Downside	-43.94%	-41.38%	-38.73%

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Yangzhou Yangjie Electronic Technology Co., Ltd. (300373.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener