DDM Analysis: 301128.SZ

Valuation Snapshot

Stable Growth	$34.57 - $74.22	$49.29
Multi-Stage	$26.10 - $28.45	$27.25
Blended Fair Value	$38.27
Current Price	$86.96
Upside	-55.99%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	169.64%	0.00%	0.71	0.50	0.50	0.00	0.00	0.00	0.07	0.21	0.00	0.00
YoY Growth	-	-	41.72%	0.08%	0.00%	0.00%	-100.00%	-93.06%	-65.35%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.30%	1.56%	2.39%	0.00%	0.00%	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)	134.11
(-) Cash Dividends Paid (M)	62.91
(=) Cash Retained (M)	71.19

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	26.82	16.76	10.06
Cash Retained (M)	71.19	71.19	71.19
(-) Cash Required (M)	-26.82	-16.76	-10.06
(=) Excess Retained (M)	44.37	54.43	61.13
(/) Shares Outstanding (M)	73.89	73.89	73.89
(=) Excess Retained per Share	0.60	0.74	0.83
LTM Dividend per Share	0.85	0.85	0.85
(+) Excess Retained per Share	0.60	0.74	0.83
(=) Adjusted Dividend	1.45	1.59	1.68
WACC / Discount Rate	9.93%	9.93%	9.93%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$34.57	$49.29	$74.22
Upside / Downside	-60.25%	-43.32%	-14.65%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	134.11	142.82	152.11	161.99	172.52	183.74	189.25
Payout Ratio	46.91%	55.53%	64.15%	72.77%	81.38%	90.00%	92.50%
Projected Dividends (M)	62.91	79.31	97.57	117.88	140.40	165.36	175.06

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.93%	9.93%	9.93%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	71.47	72.15	72.82
Year 2 PV (M)	79.23	80.74	82.26
Year 3 PV (M)	86.25	88.73	91.25
Year 4 PV (M)	92.58	96.14	99.80
Year 5 PV (M)	98.25	103.00	107.92
PV of Terminal Value (M)	1,500.49	1,572.97	1,648.21
Equity Value (M)	1,928.27	2,013.71	2,102.27
Shares Outstanding (M)	73.89	73.89	73.89
Fair Value	$26.10	$27.25	$28.45
Upside / Downside	-69.99%	-68.66%	-67.28%

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ShenZhen QiangRui Precision Technology Co., Ltd. (301128.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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