DDM Analysis: 300351.SZ

Valuation Snapshot

Stable Growth	$4.66 - $9.91	$6.62
Multi-Stage	$3.48 - $3.80	$3.64
Blended Fair Value	$5.13
Current Price	$18.60
Upside	-72.43%
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	31.53%	6.59%	0.10	0.00	0.00	0.00	0.02	0.03	0.08	0.07	0.05	0.10
YoY Growth	-	-	0.00%	0.00%	0.00%	-100.00%	-26.38%	-70.26%	22.54%	27.94%	-45.00%	87.50%
Dividend Yield	-	-	0.56%	0.00%	0.00%	0.00%	0.21%	0.34%	0.78%	0.43%	0.22%	0.39%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	96.35
(-) Cash Dividends Paid (M)	34.61
(=) Cash Retained (M)	61.74

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	19.27	12.04	7.23
Cash Retained (M)	61.74	61.74	61.74
(-) Cash Required (M)	-19.27	-12.04	-7.23
(=) Excess Retained (M)	42.47	49.69	54.51
(/) Shares Outstanding (M)	389.32	389.32	389.32
(=) Excess Retained per Share	0.11	0.13	0.14
LTM Dividend per Share	0.09	0.09	0.09
(+) Excess Retained per Share	0.11	0.13	0.14
(=) Adjusted Dividend	0.20	0.22	0.23
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$4.66	$6.62	$9.91
Upside / Downside	-74.96%	-64.41%	-46.74%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	96.35	102.61	109.28	116.39	123.95	132.01	135.97
Payout Ratio	35.92%	46.74%	57.55%	68.37%	79.18%	90.00%	92.50%
Projected Dividends (M)	34.61	47.96	62.90	79.57	98.15	118.81	125.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	43.20	43.61	44.02
Year 2 PV (M)	51.02	52.00	52.98
Year 3 PV (M)	58.14	59.81	61.51
Year 4 PV (M)	64.59	67.08	69.63
Year 5 PV (M)	70.42	73.82	77.36
PV of Terminal Value (M)	1,067.41	1,118.96	1,172.49
Equity Value (M)	1,354.79	1,415.28	1,477.98
Shares Outstanding (M)	389.32	389.32	389.32
Fair Value	$3.48	$3.64	$3.80
Upside / Downside	-81.29%	-80.46%	-79.59%

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Financial Statements

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Zhejiang Yonggui Electric Equipment Co., Ltd. (300351.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener