DDM Analysis: 002273.SZ

Valuation Snapshot

Stable Growth	$60.09 - $166.39	$155.93
Multi-Stage	$23.28 - $25.48	$24.36
Blended Fair Value	$90.15
Current Price	$26.44
Upside	240.94%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	42.70%	26.27%	0.40	0.22	0.20	0.18	0.09	0.07	0.05	0.05	0.03	0.05
YoY Growth	-	-	85.26%	7.94%	13.31%	93.91%	34.68%	32.94%	3.17%	56.06%	-33.99%	23.23%
Dividend Yield	-	-	1.75%	1.46%	1.44%	1.59%	0.84%	0.51%	0.44%	0.41%	0.24%	0.34%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,151.62
(-) Cash Dividends Paid (M)	414.60
(=) Cash Retained (M)	737.02

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	230.32	143.95	86.37
Cash Retained (M)	737.02	737.02	737.02
(-) Cash Required (M)	-230.32	-143.95	-86.37
(=) Excess Retained (M)	506.70	593.07	650.65
(/) Shares Outstanding (M)	1,376.45	1,376.45	1,376.45
(=) Excess Retained per Share	0.37	0.43	0.47
LTM Dividend per Share	0.30	0.30	0.30
(+) Excess Retained per Share	0.37	0.43	0.47
(=) Adjusted Dividend	0.67	0.73	0.77
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$60.09	$155.93	$166.39
Upside / Downside	127.28%	489.76%	529.31%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,151.62	1,226.48	1,306.20	1,391.10	1,481.52	1,577.82	1,625.15
Payout Ratio	36.00%	46.80%	57.60%	68.40%	79.20%	90.00%	92.50%
Projected Dividends (M)	414.60	574.00	752.38	951.52	1,173.37	1,420.04	1,503.27

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	533.03	538.09	543.14
Year 2 PV (M)	648.81	661.17	673.64
Year 3 PV (M)	761.97	783.84	806.13
Year 4 PV (M)	872.56	906.11	940.63
Year 5 PV (M)	980.62	1,027.98	1,077.16
PV of Terminal Value (M)	28,246.65	29,610.97	31,027.51
Equity Value (M)	32,043.63	33,528.16	35,068.21
Shares Outstanding (M)	1,376.45	1,376.45	1,376.45
Fair Value	$23.28	$24.36	$25.48
Upside / Downside	-11.95%	-7.87%	-3.64%

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Zhejiang Crystal-Optech Co., Ltd (002273.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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