DDM Analysis: 002664.SZ

Valuation Snapshot

Stable Growth	$6.71 - $26.95	$17.90
Multi-Stage	$3.44 - $3.75	$3.59
Blended Fair Value	$10.74
Current Price	$30.88
Upside	-65.21%
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	25.64%	11.57%	0.21	0.06	0.06	0.10	0.08	0.07	0.06	0.06	0.05	0.10
YoY Growth	-	-	260.99%	0.23%	-39.92%	26.03%	14.29%	7.69%	8.33%	17.65%	-49.00%	36.36%
Dividend Yield	-	-	1.26%	0.36%	0.43%	0.73%	0.64%	0.51%	0.43%	0.21%	0.20%	0.41%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	55.48
(-) Cash Dividends Paid (M)	54.10
(=) Cash Retained (M)	1.38

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11.10	6.93	4.16
Cash Retained (M)	1.38	1.38	1.38
(-) Cash Required (M)	-11.10	-6.93	-4.16
(=) Excess Retained (M)	-9.72	-5.56	-2.78
(/) Shares Outstanding (M)	409.30	409.30	409.30
(=) Excess Retained per Share	-0.02	-0.01	-0.01
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	-0.02	-0.01	-0.01
(=) Adjusted Dividend	0.11	0.12	0.13
WACC / Discount Rate	7.21%	7.21%	7.21%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$6.71	$17.90	$26.95
Upside / Downside	-78.28%	-42.03%	-12.71%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	55.48	59.08	62.92	67.01	71.37	76.01	78.29
Payout Ratio	97.52%	96.01%	94.51%	93.01%	91.50%	90.00%	92.50%
Projected Dividends (M)	54.10	56.73	59.47	62.32	65.30	68.41	72.41

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.21%	7.21%	7.21%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	52.42	52.91	53.41
Year 2 PV (M)	50.77	51.74	52.72
Year 3 PV (M)	49.17	50.58	52.02
Year 4 PV (M)	47.61	49.44	51.32
Year 5 PV (M)	46.08	48.31	50.62
PV of Terminal Value (M)	1,159.92	1,215.95	1,274.12
Equity Value (M)	1,405.97	1,468.93	1,534.20
Shares Outstanding (M)	409.30	409.30	409.30
Fair Value	$3.44	$3.59	$3.75
Upside / Downside	-88.88%	-88.38%	-87.86%

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Changying Xinzhi Technology Co.,Ltd. (002664.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener