DDM Analysis: 300443.SZ

Valuation Snapshot

Stable Growth	$19.28 - $40.89	$27.37
Multi-Stage	$13.99 - $15.29	$14.63
Blended Fair Value	$21.00
Current Price	$29.99
Upside	-29.98%
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	35.65%	39.20%	0.34	0.15	0.03	0.49	0.13	0.07	0.00	0.13	0.09	0.00
YoY Growth	-	-	123.93%	489.32%	-94.73%	266.51%	80.00%	305,278.77%	-99.98%	46.47%	1,910.82%	-63.65%
Dividend Yield	-	-	1.61%	0.69%	0.06%	1.46%	0.44%	0.55%	0.00%	0.91%	0.33%	0.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	328.77
(-) Cash Dividends Paid (M)	44.71
(=) Cash Retained (M)	284.06

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	65.75	41.10	24.66
Cash Retained (M)	284.06	284.06	284.06
(-) Cash Required (M)	-65.75	-41.10	-24.66
(=) Excess Retained (M)	218.30	242.96	259.40
(/) Shares Outstanding (M)	320.01	320.01	320.01
(=) Excess Retained per Share	0.68	0.76	0.81
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	0.68	0.76	0.81
(=) Adjusted Dividend	0.82	0.90	0.95
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$19.28	$27.37	$40.89
Upside / Downside	-35.72%	-8.74%	36.36%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	328.77	350.14	372.90	397.14	422.95	450.44	463.95
Payout Ratio	13.60%	28.88%	44.16%	59.44%	74.72%	90.00%	92.50%
Projected Dividends (M)	44.71	101.12	164.67	236.06	316.03	405.40	429.16

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	91.06	91.93	92.79
Year 2 PV (M)	133.55	136.10	138.66
Year 3 PV (M)	172.41	177.36	182.40
Year 4 PV (M)	207.87	215.87	224.09
Year 5 PV (M)	240.14	251.74	263.78
PV of Terminal Value (M)	3,632.60	3,808.05	3,990.23
Equity Value (M)	4,477.64	4,681.04	4,891.96
Shares Outstanding (M)	320.01	320.01	320.01
Fair Value	$13.99	$14.63	$15.29
Upside / Downside	-53.34%	-51.22%	-49.03%

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Jinlei Technology Co., Ltd. (300443.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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