DDM Analysis: 300724.SZ

Valuation Snapshot

Stable Growth	$802.45 - $1,964.73	$1,841.24
Multi-Stage	$281.35 - $308.20	$294.53
Blended Fair Value	$1,067.88
Current Price	$100.72
Upside	960.25%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	49.12%	74.37%	1.22	0.23	0.20	0.18	0.24	0.17	0.17	0.11	0.00	0.00
YoY Growth	-	-	435.24%	14.44%	10.81%	-24.01%	43.00%	-4.00%	56.25%	0.00%	0.00%	-100.00%
Dividend Yield	-	-	1.98%	0.37%	0.17%	0.25%	0.22%	0.36%	0.48%	0.54%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,429.06
(-) Cash Dividends Paid (M)	420.02
(=) Cash Retained (M)	3,009.04

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	685.81	428.63	257.18
Cash Retained (M)	3,009.04	3,009.04	3,009.04
(-) Cash Required (M)	-685.81	-428.63	-257.18
(=) Excess Retained (M)	2,323.23	2,580.41	2,751.86
(/) Shares Outstanding (M)	347.10	347.10	347.10
(=) Excess Retained per Share	6.69	7.43	7.93
LTM Dividend per Share	1.21	1.21	1.21
(+) Excess Retained per Share	6.69	7.43	7.93
(=) Adjusted Dividend	7.90	8.64	9.14
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$802.45	$1,841.24	$1,964.73
Upside / Downside	696.72%	1,728.07%	1,850.68%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,429.06	3,651.95	3,889.33	4,142.14	4,411.37	4,698.11	4,839.06
Payout Ratio	12.25%	27.80%	43.35%	58.90%	74.45%	90.00%	92.50%
Projected Dividends (M)	420.02	1,015.21	1,686.00	2,439.70	3,284.26	4,228.30	4,476.13

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	943.95	952.90	961.84
Year 2 PV (M)	1,457.62	1,485.38	1,513.41
Year 3 PV (M)	1,961.18	2,017.48	2,074.85
Year 4 PV (M)	2,454.78	2,549.19	2,646.29
Year 5 PV (M)	2,938.57	3,080.50	3,227.87
PV of Terminal Value (M)	87,898.85	92,144.40	96,552.44
Equity Value (M)	97,654.96	102,229.85	106,976.69
Shares Outstanding (M)	347.10	347.10	347.10
Fair Value	$281.35	$294.53	$308.20
Upside / Downside	179.33%	192.42%	206.00%

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Shenzhen S.C New Energy Technology Corporation (300724.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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