DDM Analysis: 300073.SZ

Valuation Snapshot

Stable Growth	$166.97 - $196.71	$184.35
Multi-Stage	$112.80 - $123.81	$118.20
Blended Fair Value	$151.28
Current Price	$66.39
Upside	127.86%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	41.99%	58.82%	0.74	0.66	0.42	0.15	0.00	0.13	0.12	0.07	0.01	0.00
YoY Growth	-	-	12.77%	57.29%	187.18%	11,564.36%	-99.03%	9.98%	73.14%	885.31%	476.28%	-83.64%
Dividend Yield	-	-	1.78%	1.61%	0.72%	0.19%	0.00%	0.58%	0.41%	0.24%	0.03%	0.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	510.34
(-) Cash Dividends Paid (M)	102.16
(=) Cash Retained (M)	408.18

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	102.07	63.79	38.28
Cash Retained (M)	408.18	408.18	408.18
(-) Cash Required (M)	-102.07	-63.79	-38.28
(=) Excess Retained (M)	306.12	344.39	369.91
(/) Shares Outstanding (M)	515.95	515.95	515.95
(=) Excess Retained per Share	0.59	0.67	0.72
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	0.59	0.67	0.72
(=) Adjusted Dividend	0.79	0.87	0.91
WACC / Discount Rate	2.40%	2.40%	2.40%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$166.97	$184.35	$196.71
Upside / Downside	151.49%	177.68%	196.30%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	510.34	543.52	578.84	616.47	656.54	699.22	720.19
Payout Ratio	20.02%	34.01%	48.01%	62.01%	76.00%	90.00%	92.50%
Projected Dividends (M)	102.16	184.87	277.91	382.25	498.99	629.29	666.18

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.40%	2.40%	2.40%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	178.85	180.54	182.24
Year 2 PV (M)	260.09	265.04	270.04
Year 3 PV (M)	346.08	356.02	366.14
Year 4 PV (M)	437.05	453.86	471.14
Year 5 PV (M)	533.21	558.96	585.70
PV of Terminal Value (M)	56,445.86	59,172.22	62,002.92
Equity Value (M)	58,201.13	60,986.63	63,878.18
Shares Outstanding (M)	515.95	515.95	515.95
Fair Value	$112.80	$118.20	$123.81
Upside / Downside	69.91%	78.04%	86.48%

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Beijing Easpring Material Technology CO.,LTD. (300073.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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