DDM Analysis: 003001.SZ

Valuation Snapshot

Stable Growth	$7.39 - $17.76	$10.95
Multi-Stage	$5.52 - $6.01	$5.76
Blended Fair Value	$8.35
Current Price	$22.81
Upside	-63.37%
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	9.12%	21.59%	0.11	0.14	0.19	0.25	0.00	0.07	0.03	0.08	0.03	0.01
YoY Growth	-	-	-21.75%	-30.50%	-21.76%	11,239.36%	-96.79%	137.16%	-65.72%	163.91%	178.55%	-23.64%
Dividend Yield	-	-	0.44%	1.25%	1.67%	1.77%	0.01%	0.29%	0.00%	0.35%	0.13%	0.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	48.67
(-) Cash Dividends Paid (M)	35.04
(=) Cash Retained (M)	13.63

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9.73	6.08	3.65
Cash Retained (M)	13.63	13.63	13.63
(-) Cash Required (M)	-9.73	-6.08	-3.65
(=) Excess Retained (M)	3.90	7.55	9.98
(/) Shares Outstanding (M)	141.72	141.72	141.72
(=) Excess Retained per Share	0.03	0.05	0.07
LTM Dividend per Share	0.25	0.25	0.25
(+) Excess Retained per Share	0.03	0.05	0.07
(=) Adjusted Dividend	0.27	0.30	0.32
WACC / Discount Rate	9.42%	9.42%	9.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$7.39	$10.95	$17.76
Upside / Downside	-67.60%	-51.99%	-22.13%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	48.67	51.84	55.21	58.80	62.62	66.69	68.69
Payout Ratio	71.99%	75.59%	79.19%	82.80%	86.40%	90.00%	92.50%
Projected Dividends (M)	35.04	39.19	43.72	48.68	54.10	60.02	63.54

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.42%	9.42%	9.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	35.48	35.81	36.15
Year 2 PV (M)	35.83	36.52	37.20
Year 3 PV (M)	36.12	37.16	38.21
Year 4 PV (M)	36.34	37.74	39.18
Year 5 PV (M)	36.50	38.26	40.09
PV of Terminal Value (M)	601.58	630.64	660.80
Equity Value (M)	781.85	816.12	851.64
Shares Outstanding (M)	141.72	141.72	141.72
Fair Value	$5.52	$5.76	$6.01
Upside / Downside	-75.81%	-74.75%	-73.66%

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Zhongyan Technology Co., Ltd. (003001.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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