DDM Analysis: 002553.SZ

Valuation Snapshot

Stable Growth	$167.13 - $196.91	$184.53
Multi-Stage	$141.13 - $154.92	$147.90
Blended Fair Value	$166.21
Current Price	$29.89
Upside	456.09%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-0.12%	6.02%	0.20	0.10	0.20	0.10	0.10	0.20	0.20	0.20	0.10	0.10
YoY Growth	-	-	99.61%	-49.50%	99.71%	0.25%	-50.76%	1.54%	0.00%	100.00%	0.00%	-11.11%
Dividend Yield	-	-	0.99%	0.81%	1.62%	1.09%	0.87%	4.31%	2.90%	2.50%	0.66%	0.87%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	344.53
(-) Cash Dividends Paid (M)	35.49
(=) Cash Retained (M)	309.04

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	68.91	43.07	25.84
Cash Retained (M)	309.04	309.04	309.04
(-) Cash Required (M)	-68.91	-43.07	-25.84
(=) Excess Retained (M)	240.13	265.97	283.20
(/) Shares Outstanding (M)	347.97	347.97	347.97
(=) Excess Retained per Share	0.69	0.76	0.81
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.69	0.76	0.81
(=) Adjusted Dividend	0.79	0.87	0.92
WACC / Discount Rate	-2.14%	-2.14%	-2.14%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$167.13	$184.53	$196.91
Upside / Downside	459.15%	517.37%	558.78%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	344.53	366.92	390.77	416.17	443.22	472.03	486.19
Payout Ratio	10.30%	26.24%	42.18%	58.12%	74.06%	90.00%	92.50%
Projected Dividends (M)	35.49	96.28	164.83	241.88	328.25	424.83	449.73

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-2.14%	-2.14%	-2.14%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	97.46	98.39	99.31
Year 2 PV (M)	168.89	172.11	175.36
Year 3 PV (M)	250.88	258.08	265.42
Year 4 PV (M)	344.63	357.89	371.52
Year 5 PV (M)	451.49	473.30	495.94
PV of Terminal Value (M)	47,795.41	50,103.94	52,500.83
Equity Value (M)	49,108.76	51,463.70	53,908.37
Shares Outstanding (M)	347.97	347.97	347.97
Fair Value	$141.13	$147.90	$154.92
Upside / Downside	372.16%	394.81%	418.31%

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Jiangsu NanFang Precision Co.,Ltd. (002553.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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