DDM Analysis: 601717.SS

Valuation Snapshot

Stable Growth	$63.97 - $183.02	$100.06
Multi-Stage	$41.92 - $45.87	$43.86
Blended Fair Value	$71.96
Current Price	$24.85
Upside	189.58%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	36.99%	20.50%	0.99	0.77	0.59	0.58	0.28	0.21	0.11	0.03	0.01	0.04
YoY Growth	-	-	28.03%	31.95%	1.75%	103.47%	37.96%	79.89%	268.12%	319.08%	-80.02%	-75.88%
Dividend Yield	-	-	6.25%	5.03%	4.17%	4.19%	2.46%	3.72%	1.76%	0.48%	0.09%	0.49%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,520.12
(-) Cash Dividends Paid (M)	197.36
(=) Cash Retained (M)	4,322.76

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	904.02	565.01	339.01
Cash Retained (M)	4,322.76	4,322.76	4,322.76
(-) Cash Required (M)	-904.02	-565.01	-339.01
(=) Excess Retained (M)	3,418.73	3,757.74	3,983.75
(/) Shares Outstanding (M)	1,753.76	1,753.76	1,753.76
(=) Excess Retained per Share	1.95	2.14	2.27
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	1.95	2.14	2.27
(=) Adjusted Dividend	2.06	2.26	2.38
WACC / Discount Rate	8.90%	8.90%	8.90%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$63.97	$100.06	$183.02
Upside / Downside	157.44%	302.66%	636.50%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,520.12	4,813.93	5,126.83	5,460.08	5,814.98	6,192.96	6,378.74
Payout Ratio	4.37%	21.49%	38.62%	55.75%	72.87%	90.00%	92.50%
Projected Dividends (M)	197.36	1,034.66	1,979.97	3,043.80	4,237.57	5,573.66	5,900.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.90%	8.90%	8.90%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	941.18	950.10	959.02
Year 2 PV (M)	1,638.35	1,669.55	1,701.05
Year 3 PV (M)	2,291.07	2,356.83	2,423.85
Year 4 PV (M)	2,901.42	3,013.00	3,127.77
Year 5 PV (M)	3,471.43	3,639.10	3,813.19
PV of Terminal Value (M)	62,282.86	65,291.15	68,414.57
Equity Value (M)	73,526.31	76,919.74	80,439.46
Shares Outstanding (M)	1,753.76	1,753.76	1,753.76
Fair Value	$41.92	$43.86	$45.87
Upside / Downside	68.71%	76.50%	84.57%

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ZCZL Industrial Technology Group Company Limited Class A (601717.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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