DDM Analysis: 300953.SZ

Valuation Snapshot

Stable Growth	$253.38 - $635.82	$595.85
Multi-Stage	$91.23 - $99.89	$95.48
Blended Fair Value	$345.67
Current Price	$188.19
Upside	83.68%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	63.74%	40.48%	0.96	0.72	0.57	0.27	0.11	0.08	0.07	0.07	0.06	0.08
YoY Growth	-	-	32.98%	27.46%	112.86%	134.17%	39.33%	13.18%	8.05%	16.20%	-26.14%	142.35%
Dividend Yield	-	-	0.84%	1.76%	1.08%	0.33%	0.23%	0.12%	0.11%	0.00%	0.00%	0.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	493.48
(-) Cash Dividends Paid (M)	130.24
(=) Cash Retained (M)	363.24

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	98.70	61.68	37.01
Cash Retained (M)	363.24	363.24	363.24
(-) Cash Required (M)	-98.70	-61.68	-37.01
(=) Excess Retained (M)	264.54	301.55	326.22
(/) Shares Outstanding (M)	154.35	154.35	154.35
(=) Excess Retained per Share	1.71	1.95	2.11
LTM Dividend per Share	0.84	0.84	0.84
(+) Excess Retained per Share	1.71	1.95	2.11
(=) Adjusted Dividend	2.56	2.80	2.96
WACC / Discount Rate	6.56%	6.56%	6.56%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$253.38	$595.85	$635.82
Upside / Downside	34.64%	216.62%	237.86%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	493.48	525.56	559.72	596.10	634.84	676.11	696.39
Payout Ratio	26.39%	39.11%	51.84%	64.56%	77.28%	90.00%	92.50%
Projected Dividends (M)	130.24	205.57	290.13	384.82	490.60	608.50	644.16

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.56%	6.56%	6.56%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	191.09	192.90	194.72
Year 2 PV (M)	250.71	255.49	260.31
Year 3 PV (M)	309.12	317.99	327.04
Year 4 PV (M)	366.34	380.43	394.92
Year 5 PV (M)	422.38	442.78	463.96
PV of Terminal Value (M)	12,542.68	13,148.49	13,777.49
Equity Value (M)	14,082.32	14,738.08	15,418.43
Shares Outstanding (M)	154.35	154.35	154.35
Fair Value	$91.23	$95.48	$99.89
Upside / Downside	-51.52%	-49.26%	-46.92%

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Ningbo Zhenyu Technology Co., Ltd. (300953.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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