DDM Analysis: 300824.SZ

Valuation Snapshot

Stable Growth	$59.09 - $69.61	$65.24
Multi-Stage	$42.61 - $46.76	$44.65
Blended Fair Value	$54.94
Current Price	$12.18
Upside	351.09%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	22.14%	61.71%	0.27	0.14	0.17	0.17	0.13	0.10	0.18	0.10	0.05	0.00
YoY Growth	-	-	100.49%	-18.69%	0.06%	25.00%	33.33%	-42.86%	75.00%	103.81%	14,814.52%	-85.21%
Dividend Yield	-	-	2.61%	1.76%	1.60%	1.33%	0.83%	1.77%	3.10%	1.77%	0.87%	0.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	113.54
(-) Cash Dividends Paid (M)	39.37
(=) Cash Retained (M)	74.17

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	22.71	14.19	8.52
Cash Retained (M)	74.17	74.17	74.17
(-) Cash Required (M)	-22.71	-14.19	-8.52
(=) Excess Retained (M)	51.47	59.98	65.66
(/) Shares Outstanding (M)	324.37	324.37	324.37
(=) Excess Retained per Share	0.16	0.18	0.20
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	0.16	0.18	0.20
(=) Adjusted Dividend	0.28	0.31	0.32
WACC / Discount Rate	1.11%	1.11%	1.11%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$59.09	$65.24	$69.61
Upside / Downside	385.11%	435.62%	471.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	113.54	120.92	128.78	137.15	146.07	155.56	160.23
Payout Ratio	34.67%	45.74%	56.80%	67.87%	78.93%	90.00%	92.50%
Projected Dividends (M)	39.37	55.31	73.15	93.09	115.30	140.01	148.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.11%	1.11%	1.11%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	54.19	54.70	55.21
Year 2 PV (M)	70.21	71.55	72.90
Year 3 PV (M)	87.53	90.04	92.60
Year 4 PV (M)	106.22	110.30	114.51
Year 5 PV (M)	126.36	132.47	138.80
PV of Terminal Value (M)	13,376.96	14,023.07	14,693.91
Equity Value (M)	13,821.47	14,482.14	15,167.94
Shares Outstanding (M)	324.37	324.37	324.37
Fair Value	$42.61	$44.65	$46.76
Upside / Downside	249.83%	266.56%	283.91%

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Shenzhen Crastal Technology Co.,Ltd (300824.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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