DDM Analysis: 688313.SS

Valuation Snapshot

Stable Growth	$4.76 - $6.74	$5.74
Multi-Stage	$6.99 - $7.68	$7.33
Blended Fair Value	$6.53
Current Price	$71.30
Upside	-90.84%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	0.00%	0.00%	0.00	0.05	0.04	0.03	0.00	0.01	0.01	0.08	0.00	0.00
YoY Growth	-	-	-100.00%	41.30%	36.38%	2,155.62%	-90.12%	-17.49%	-81.97%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.46%	0.24%	0.24%	0.01%	0.03%	0.04%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	328.44
(-) Cash Dividends Paid (M)	28.48
(=) Cash Retained (M)	299.96

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	65.69	41.06	24.63
Cash Retained (M)	299.96	299.96	299.96
(-) Cash Required (M)	-65.69	-41.06	-24.63
(=) Excess Retained (M)	234.27	258.90	275.32
(/) Shares Outstanding (M)	452.00	452.00	452.00
(=) Excess Retained per Share	0.52	0.57	0.61
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.52	0.57	0.61
(=) Adjusted Dividend	0.58	0.64	0.67
WACC / Discount Rate	9.97%	9.97%	9.97%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$4.76	$5.74	$6.74
Upside / Downside	-93.32%	-91.95%	-90.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	328.44	325.16	321.91	318.69	315.50	312.35	321.72
Payout Ratio	8.67%	24.94%	41.20%	57.47%	73.73%	90.00%	92.50%
Projected Dividends (M)	28.48	81.09	132.64	183.15	232.63	281.11	297.59

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.97%	9.97%	9.97%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	72.99	73.74	74.48
Year 2 PV (M)	107.48	109.69	111.91
Year 3 PV (M)	133.60	137.73	141.95
Year 4 PV (M)	152.76	159.09	165.62
Year 5 PV (M)	166.17	174.82	183.83
PV of Terminal Value (M)	2,525.32	2,656.82	2,793.74
Equity Value (M)	3,158.32	3,311.88	3,471.53
Shares Outstanding (M)	452.00	452.00	452.00
Fair Value	$6.99	$7.33	$7.68
Upside / Downside	-90.20%	-89.72%	-89.23%

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Henan Shijia Photons Technology Co., Ltd. (688313.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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