DDM Analysis: 300502.SZ

Valuation Snapshot

Stable Growth	$141.94 - $301.02	$201.49
Multi-Stage	$101.73 - $111.22	$106.39
Blended Fair Value	$153.94
Current Price	$365.77
Upside	-57.91%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	30.89%	0.00%	0.11	0.06	0.06	0.10	0.04	0.03	0.03	0.03	0.00	0.00
YoY Growth	-	-	71.95%	11.74%	-42.18%	130.77%	49.88%	-0.66%	4.77%	0.00%	-100.00%	0.00%
Dividend Yield	-	-	0.16%	0.13%	0.23%	0.63%	0.29%	0.19%	0.39%	0.44%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	7,518.83
(-) Cash Dividends Paid (M)	318.96
(=) Cash Retained (M)	7,199.87

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,503.77	939.85	563.91
Cash Retained (M)	7,199.87	7,199.87	7,199.87
(-) Cash Required (M)	-1,503.77	-939.85	-563.91
(=) Excess Retained (M)	5,696.10	6,260.02	6,635.96
(/) Shares Outstanding (M)	993.57	993.57	993.57
(=) Excess Retained per Share	5.73	6.30	6.68
LTM Dividend per Share	0.32	0.32	0.32
(+) Excess Retained per Share	5.73	6.30	6.68
(=) Adjusted Dividend	6.05	6.62	7.00
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$141.94	$201.49	$301.02
Upside / Downside	-61.19%	-44.91%	-17.70%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	7,518.83	8,007.56	8,528.05	9,082.37	9,672.73	10,301.45	10,610.50
Payout Ratio	4.24%	21.39%	38.55%	55.70%	72.85%	90.00%	92.50%
Projected Dividends (M)	318.96	1,713.12	3,287.16	5,058.60	7,046.43	9,271.31	9,814.71

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,542.76	1,557.38	1,572.00
Year 2 PV (M)	2,665.89	2,716.67	2,767.93
Year 3 PV (M)	3,694.56	3,800.62	3,908.68
Year 4 PV (M)	4,634.60	4,812.84	4,996.16
Year 5 PV (M)	5,491.55	5,756.80	6,032.19
PV of Terminal Value (M)	83,050.82	87,062.20	91,227.11
Equity Value (M)	101,080.18	105,706.51	110,504.09
Shares Outstanding (M)	993.57	993.57	993.57
Fair Value	$101.73	$106.39	$111.22
Upside / Downside	-72.19%	-70.91%	-69.59%

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Eoptolink Technology Inc., Ltd. (300502.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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