DDM Analysis: 002788.SZ

Valuation Snapshot

Stable Growth	$60.50 - $157.64	$147.73
Multi-Stage	$22.72 - $24.85	$23.76
Blended Fair Value	$85.75
Current Price	$8.08
Upside	961.24%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.94%	13.18%	0.83	0.88	0.85	0.64	0.55	0.47	0.37	0.25	0.24	0.24
YoY Growth	-	-	-4.79%	2.73%	32.39%	17.34%	15.67%	28.71%	44.60%	8.15%	-3.34%	0.90%
Dividend Yield	-	-	10.26%	10.59%	9.14%	7.07%	7.39%	6.52%	4.24%	2.34%	1.38%	1.41%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	307.96
(-) Cash Dividends Paid (M)	153.70
(=) Cash Retained (M)	154.26

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	61.59	38.50	23.10
Cash Retained (M)	154.26	154.26	154.26
(-) Cash Required (M)	-61.59	-38.50	-23.10
(=) Excess Retained (M)	92.67	115.76	131.16
(/) Shares Outstanding (M)	388.52	388.52	388.52
(=) Excess Retained per Share	0.24	0.30	0.34
LTM Dividend per Share	0.40	0.40	0.40
(+) Excess Retained per Share	0.24	0.30	0.34
(=) Adjusted Dividend	0.63	0.69	0.73
WACC / Discount Rate	6.61%	6.61%	6.61%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$60.50	$147.73	$157.64
Upside / Downside	648.77%	1,728.38%	1,851.01%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	307.96	327.98	349.30	372.01	396.19	421.94	434.60
Payout Ratio	49.91%	57.93%	65.95%	73.96%	81.98%	90.00%	92.50%
Projected Dividends (M)	153.70	189.99	230.35	275.15	324.80	379.74	402.00

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.61%	6.61%	6.61%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	176.55	178.22	179.89
Year 2 PV (M)	198.90	202.69	206.51
Year 3 PV (M)	220.77	227.10	233.56
Year 4 PV (M)	242.16	251.47	261.05
Year 5 PV (M)	263.09	275.80	288.99
PV of Terminal Value (M)	7,723.92	8,096.98	8,484.33
Equity Value (M)	8,825.38	9,232.27	9,654.34
Shares Outstanding (M)	388.52	388.52	388.52
Fair Value	$22.72	$23.76	$24.85
Upside / Downside	181.13%	194.09%	207.54%

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Luyan Pharma Co.,Ltd. (002788.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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