DDM Analysis: 300066.SZ

Valuation Snapshot

Stable Growth	$22.11 - $26.05	$24.41
Multi-Stage	$15.81 - $17.35	$16.57
Blended Fair Value	$20.49
Current Price	$6.38
Upside	221.17%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	23.74%	14.49%	0.06	0.03	0.03	0.04	0.05	0.02	0.02	0.02	0.03	0.02
YoY Growth	-	-	93.43%	0.00%	-25.00%	-20.36%	151.15%	0.00%	0.00%	-37.50%	33.37%	59.99%
Dividend Yield	-	-	1.39%	0.74%	0.50%	0.81%	1.11%	0.42%	0.41%	0.44%	0.50%	0.53%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	136.15
(-) Cash Dividends Paid (M)	35.72
(=) Cash Retained (M)	100.43

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	27.23	17.02	10.21
Cash Retained (M)	100.43	100.43	100.43
(-) Cash Required (M)	-27.23	-17.02	-10.21
(=) Excess Retained (M)	73.20	83.42	90.22
(/) Shares Outstanding (M)	1,039.46	1,039.46	1,039.46
(=) Excess Retained per Share	0.07	0.08	0.09
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.07	0.08	0.09
(=) Adjusted Dividend	0.10	0.11	0.12
WACC / Discount Rate	1.25%	1.25%	1.25%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$22.11	$24.41	$26.05
Upside / Downside	246.55%	282.63%	308.30%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	136.15	145.00	154.43	164.46	175.15	186.54	192.14
Payout Ratio	26.23%	38.99%	51.74%	64.49%	77.25%	90.00%	92.50%
Projected Dividends (M)	35.72	56.53	79.90	106.07	135.30	167.89	177.73

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.25%	1.25%	1.25%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	55.31	55.83	56.36
Year 2 PV (M)	76.48	77.94	79.41
Year 3 PV (M)	99.33	102.18	105.09
Year 4 PV (M)	123.96	128.73	133.63
Year 5 PV (M)	150.49	157.76	165.30
PV of Terminal Value (M)	15,930.73	16,700.19	17,499.10
Equity Value (M)	16,436.30	17,222.63	18,038.89
Shares Outstanding (M)	1,039.46	1,039.46	1,039.46
Fair Value	$15.81	$16.57	$17.35
Upside / Downside	147.84%	159.70%	172.01%

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Sanchuan Wisdom Technology Co., Ltd. (300066.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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