DDM Analysis: 300019.SZ

Valuation Snapshot

Stable Growth	$66.99 - $155.66	$145.88
Multi-Stage	$23.08 - $25.26	$24.15
Blended Fair Value	$85.01
Current Price	$21.44
Upside	296.52%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	117.70%	14.41%	0.32	0.30	0.30	0.20	0.13	0.01	0.08	0.08	0.12	0.08
YoY Growth	-	-	7.03%	-0.01%	49.99%	57.85%	1,829.77%	-92.24%	0.00%	-32.41%	50.00%	-0.10%
Dividend Yield	-	-	1.85%	1.97%	1.76%	1.14%	0.70%	0.07%	1.08%	0.81%	1.02%	0.70%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	308.20
(-) Cash Dividends Paid (M)	124.16
(=) Cash Retained (M)	184.04

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	61.64	38.53	23.12
Cash Retained (M)	184.04	184.04	184.04
(-) Cash Required (M)	-61.64	-38.53	-23.12
(=) Excess Retained (M)	122.40	145.51	160.92
(/) Shares Outstanding (M)	393.76	393.76	393.76
(=) Excess Retained per Share	0.31	0.37	0.41
LTM Dividend per Share	0.32	0.32	0.32
(+) Excess Retained per Share	0.31	0.37	0.41
(=) Adjusted Dividend	0.63	0.68	0.72
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$66.99	$145.88	$155.66
Upside / Downside	212.46%	580.39%	626.02%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	308.20	328.23	349.57	372.29	396.49	422.26	434.93
Payout Ratio	40.29%	50.23%	60.17%	70.11%	80.06%	90.00%	92.50%
Projected Dividends (M)	124.16	164.87	210.34	261.03	317.42	380.03	402.31

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	153.37	154.83	156.28
Year 2 PV (M)	182.03	185.50	189.00
Year 3 PV (M)	210.15	216.18	222.32
Year 4 PV (M)	237.72	246.87	256.27
Year 5 PV (M)	264.77	277.56	290.84
PV of Terminal Value (M)	8,040.26	8,428.60	8,831.81
Equity Value (M)	9,088.30	9,509.53	9,946.53
Shares Outstanding (M)	393.76	393.76	393.76
Fair Value	$23.08	$24.15	$25.26
Upside / Downside	7.65%	12.64%	17.82%

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Chengdu Guibao Science & Technology Co.,Ltd. (300019.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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