DDM Analysis: 002609.SZ

Valuation Snapshot

Stable Growth	$15.52 - $18.29	$17.14
Multi-Stage	$11.99 - $13.17	$12.57
Blended Fair Value	$14.85
Current Price	$9.97
Upside	48.99%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-2.14%	27.99%	0.13	0.03	0.03	0.10	0.03	0.15	0.42	0.12	0.09	0.02
YoY Growth	-	-	345.48%	-0.01%	-69.76%	233.01%	-79.99%	-64.35%	239.52%	33.11%	299.36%	104.32%
Dividend Yield	-	-	1.44%	0.31%	0.27%	1.10%	0.33%	1.50%	4.94%	0.86%	0.58%	0.14%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	59.97
(-) Cash Dividends Paid (M)	49.16
(=) Cash Retained (M)	10.81

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11.99	7.50	4.50
Cash Retained (M)	10.81	10.81	10.81
(-) Cash Required (M)	-11.99	-7.50	-4.50
(=) Excess Retained (M)	-1.18	3.32	6.32
(/) Shares Outstanding (M)	644.63	644.63	644.63
(=) Excess Retained per Share	0.00	0.01	0.01
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.00	0.01	0.01
(=) Adjusted Dividend	0.07	0.08	0.09
WACC / Discount Rate	-1.04%	-1.04%	-1.04%
Growth Rate	4.28%	5.28%	6.28%
Fair Value	$15.52	$17.14	$18.29
Upside / Downside	55.69%	71.92%	83.47%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	59.97	63.14	66.48	69.99	73.68	77.58	79.90
Payout Ratio	81.97%	83.58%	85.18%	86.79%	88.39%	90.00%	92.50%
Projected Dividends (M)	49.16	52.77	56.62	60.74	65.13	69.82	73.91

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-1.04%	-1.04%	-1.04%
Growth Rate	4.28%	5.28%	6.28%
Year 1 PV (M)	52.82	53.32	53.83
Year 2 PV (M)	56.72	57.82	58.92
Year 3 PV (M)	60.90	62.67	64.47
Year 4 PV (M)	65.36	67.91	70.52
Year 5 PV (M)	70.13	73.56	77.12
PV of Terminal Value (M)	7,423.88	7,786.72	8,163.61
Equity Value (M)	7,729.81	8,101.99	8,488.47
Shares Outstanding (M)	644.63	644.63	644.63
Fair Value	$11.99	$12.57	$13.17
Upside / Downside	20.27%	26.06%	32.08%

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Shenzhen Jieshun Science and Technology Industry Co.,Ltd. (002609.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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