DDM Analysis: 300993.SZ

Valuation Snapshot

Stable Growth	$93.81 - $110.53	$103.58
Multi-Stage	$35.61 - $39.05	$37.30
Blended Fair Value	$70.44
Current Price	$17.67
Upside	298.64%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	201.91%	0.00%	0.28	0.14	0.09	0.00	0.05	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	98.27%	62.00%	0.00%	-100.00%	4,293.22%	-1.73%	-18.54%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.57%	1.20%	0.87%	0.00%	0.33%	0.01%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	168.05
(-) Cash Dividends Paid (M)	60.42
(=) Cash Retained (M)	107.63

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	33.61	21.01	12.60
Cash Retained (M)	107.63	107.63	107.63
(-) Cash Required (M)	-33.61	-21.01	-12.60
(=) Excess Retained (M)	74.02	86.62	95.02
(/) Shares Outstanding (M)	302.28	302.28	302.28
(=) Excess Retained per Share	0.24	0.29	0.31
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	0.24	0.29	0.31
(=) Adjusted Dividend	0.44	0.49	0.51
WACC / Discount Rate	4.64%	4.64%	4.64%
Growth Rate	5.47%	6.47%	7.47%
Fair Value	$93.81	$103.58	$110.53
Upside / Downside	430.92%	486.20%	525.51%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	168.05	178.92	190.49	202.81	215.93	229.90	236.80
Payout Ratio	35.95%	46.76%	57.57%	68.38%	79.19%	90.00%	92.50%
Projected Dividends (M)	60.42	83.67	109.67	138.69	171.00	206.91	219.04

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.64%	4.64%	4.64%
Growth Rate	5.47%	6.47%	7.47%
Year 1 PV (M)	79.21	79.96	80.71
Year 2 PV (M)	98.29	100.17	102.06
Year 3 PV (M)	117.67	121.05	124.50
Year 4 PV (M)	137.36	142.64	148.08
Year 5 PV (M)	157.35	164.95	172.84
PV of Terminal Value (M)	10,174.78	10,666.37	11,176.79
Equity Value (M)	10,764.66	11,275.15	11,804.97
Shares Outstanding (M)	302.28	302.28	302.28
Fair Value	$35.61	$37.30	$39.05
Upside / Downside	101.54%	111.09%	121.01%

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Shandong Yuma Sun-shading Technology Corp., Ltd. (300993.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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