DDM Analysis: 300308.SZ

Valuation Snapshot

Stable Growth	$165.76 - $399.45	$245.84
Multi-Stage	$114.35 - $125.04	$119.60
Blended Fair Value	$182.72
Current Price	$403.68
Upside	-54.74%
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	28.11%	65.16%	0.36	0.19	0.21	0.15	0.11	0.10	0.06	0.02	0.00	0.00
YoY Growth	-	-	93.04%	-11.25%	38.89%	38.33%	4.82%	77.08%	213.13%	863.93%	-32.46%	21.29%
Dividend Yield	-	-	0.36%	0.16%	0.50%	0.67%	0.43%	0.27%	0.20%	0.05%	0.01%	0.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	8,550.76
(-) Cash Dividends Paid (M)	603.04
(=) Cash Retained (M)	7,947.72

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,710.15	1,068.84	641.31
Cash Retained (M)	7,947.72	7,947.72	7,947.72
(-) Cash Required (M)	-1,710.15	-1,068.84	-641.31
(=) Excess Retained (M)	6,237.57	6,878.88	7,306.42
(/) Shares Outstanding (M)	1,112.58	1,112.58	1,112.58
(=) Excess Retained per Share	5.61	6.18	6.57
LTM Dividend per Share	0.54	0.54	0.54
(+) Excess Retained per Share	5.61	6.18	6.57
(=) Adjusted Dividend	6.15	6.72	7.11
WACC / Discount Rate	9.41%	9.41%	9.41%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$165.76	$245.84	$399.45
Upside / Downside	-58.94%	-39.10%	-1.05%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	8,550.76	9,106.56	9,698.48	10,328.89	11,000.26	11,715.28	12,066.74
Payout Ratio	7.05%	23.64%	40.23%	56.82%	73.41%	90.00%	92.50%
Projected Dividends (M)	603.04	2,152.97	3,901.84	5,868.97	8,075.35	10,543.75	11,161.73

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.41%	9.41%	9.41%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,949.26	1,967.74	1,986.22
Year 2 PV (M)	3,198.42	3,259.34	3,320.84
Year 3 PV (M)	4,355.74	4,480.77	4,608.18
Year 4 PV (M)	5,426.17	5,634.85	5,849.49
Year 5 PV (M)	6,414.47	6,724.29	7,045.97
PV of Terminal Value (M)	105,881.96	110,996.09	116,305.96
Equity Value (M)	127,226.02	133,063.09	139,116.65
Shares Outstanding (M)	1,112.58	1,112.58	1,112.58
Fair Value	$114.35	$119.60	$125.04
Upside / Downside	-71.67%	-70.37%	-69.02%

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Zhongji Innolight Co., Ltd. (300308.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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