DDM Analysis: 002859.SZ

Valuation Snapshot

Stable Growth	$40.34 - $93.82	$87.93
Multi-Stage	$14.25 - $15.58	$14.90
Blended Fair Value	$51.42
Current Price	$33.51
Upside	53.43%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	13.69%	24.89%	0.44	0.19	0.30	0.27	0.14	0.23	0.17	0.11	0.09	0.05
YoY Growth	-	-	127.03%	-35.12%	10.55%	95.19%	-40.24%	33.24%	54.23%	24.16%	94.72%	-2.20%
Dividend Yield	-	-	2.21%	0.89%	1.04%	1.04%	0.43%	1.04%	0.77%	0.54%	0.85%	0.43%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	200.93
(-) Cash Dividends Paid (M)	155.80
(=) Cash Retained (M)	45.14

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	40.19	25.12	15.07
Cash Retained (M)	45.14	45.14	45.14
(-) Cash Required (M)	-40.19	-25.12	-15.07
(=) Excess Retained (M)	4.95	20.02	30.07
(/) Shares Outstanding (M)	425.91	425.91	425.91
(=) Excess Retained per Share	0.01	0.05	0.07
LTM Dividend per Share	0.37	0.37	0.37
(+) Excess Retained per Share	0.01	0.05	0.07
(=) Adjusted Dividend	0.38	0.41	0.44
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$40.34	$87.93	$93.82
Upside / Downside	20.38%	162.39%	179.99%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	200.93	213.99	227.90	242.72	258.49	275.30	283.56
Payout Ratio	77.54%	80.03%	82.52%	85.01%	87.51%	90.00%	92.50%
Projected Dividends (M)	155.80	171.26	188.07	206.35	226.20	247.77	262.29

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	159.32	160.83	162.34
Year 2 PV (M)	162.76	165.86	168.98
Year 3 PV (M)	166.12	170.89	175.74
Year 4 PV (M)	169.40	175.92	182.62
Year 5 PV (M)	172.61	180.95	189.61
PV of Terminal Value (M)	5,240.14	5,493.24	5,756.03
Equity Value (M)	6,070.34	6,347.67	6,635.31
Shares Outstanding (M)	425.91	425.91	425.91
Fair Value	$14.25	$14.90	$15.58
Upside / Downside	-57.47%	-55.52%	-53.51%

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Zhejiang Jiemei Electronic And Technology Co., Ltd. (002859.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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