DDM Analysis: 300373.SZ

Valuation Snapshot

Stable Growth	$198.43 - $479.63	$449.49
Multi-Stage	$69.30 - $75.90	$72.54
Blended Fair Value	$261.01
Current Price	$69.44
Upside	275.88%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	31.98%	40.21%	0.94	0.56	0.24	0.17	0.09	0.24	0.14	0.10	0.05	0.05
YoY Growth	-	-	69.22%	133.77%	43.44%	84.28%	-61.71%	71.33%	31.34%	109.05%	-3.66%	61.81%
Dividend Yield	-	-	2.03%	1.45%	0.43%	0.22%	0.23%	1.03%	0.71%	0.36%	0.24%	0.33%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,306.95
(-) Cash Dividends Paid (M)	254.80
(=) Cash Retained (M)	1,052.15

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	261.39	163.37	98.02
Cash Retained (M)	1,052.15	1,052.15	1,052.15
(-) Cash Required (M)	-261.39	-163.37	-98.02
(=) Excess Retained (M)	790.76	888.78	954.13
(/) Shares Outstanding (M)	541.91	541.91	541.91
(=) Excess Retained per Share	1.46	1.64	1.76
LTM Dividend per Share	0.47	0.47	0.47
(+) Excess Retained per Share	1.46	1.64	1.76
(=) Adjusted Dividend	1.93	2.11	2.23
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$198.43	$449.49	$479.63
Upside / Downside	185.75%	547.30%	590.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,306.95	1,391.90	1,482.37	1,578.73	1,681.34	1,790.63	1,844.35
Payout Ratio	19.50%	33.60%	47.70%	61.80%	75.90%	90.00%	92.50%
Projected Dividends (M)	254.80	467.63	707.05	975.63	1,276.13	1,611.57	1,706.02

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	434.86	438.98	443.11
Year 2 PV (M)	611.43	623.08	634.84
Year 3 PV (M)	784.56	807.08	830.03
Year 4 PV (M)	954.30	991.00	1,028.75
Year 5 PV (M)	1,120.70	1,174.83	1,231.03
PV of Terminal Value (M)	33,648.34	35,273.57	36,961.00
Equity Value (M)	37,554.20	39,308.54	41,128.75
Shares Outstanding (M)	541.91	541.91	541.91
Fair Value	$69.30	$72.54	$75.90
Upside / Downside	-0.20%	4.46%	9.30%

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Yangzhou Yangjie Electronic Technology Co., Ltd. (300373.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener