DDM Analysis: 300926.SZ

Valuation Snapshot

Stable Growth	$341.93 - $402.85	$377.53
Multi-Stage	$259.52 - $284.87	$271.96
Blended Fair Value	$324.74
Current Price	$31.26
Upside	938.85%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	55.35%	0.00%	0.18	0.08	0.08	0.03	0.02	0.02	0.01	0.01	0.04	0.00
YoY Growth	-	-	116.30%	5.35%	159.33%	47.33%	3.94%	40.14%	60.01%	-76.39%	0.00%	0.00%
Dividend Yield	-	-	0.61%	0.41%	0.59%	0.41%	0.25%	0.17%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	872.23
(-) Cash Dividends Paid (M)	88.28
(=) Cash Retained (M)	783.96

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	174.45	109.03	65.42
Cash Retained (M)	783.96	783.96	783.96
(-) Cash Required (M)	-174.45	-109.03	-65.42
(=) Excess Retained (M)	609.51	674.93	718.54
(/) Shares Outstanding (M)	430.60	430.60	430.60
(=) Excess Retained per Share	1.42	1.57	1.67
LTM Dividend per Share	0.21	0.21	0.21
(+) Excess Retained per Share	1.42	1.57	1.67
(=) Adjusted Dividend	1.62	1.77	1.87
WACC / Discount Rate	-0.01%	-0.01%	-0.01%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$341.93	$377.53	$402.85
Upside / Downside	993.82%	1,107.71%	1,188.71%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	872.23	928.93	989.31	1,053.62	1,122.10	1,195.04	1,230.89
Payout Ratio	10.12%	26.10%	42.07%	58.05%	74.02%	90.00%	92.50%
Projected Dividends (M)	88.28	242.42	416.23	611.61	830.63	1,075.53	1,138.57

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-0.01%	-0.01%	-0.01%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	240.17	242.45	244.73
Year 2 PV (M)	408.55	416.33	424.19
Year 3 PV (M)	594.76	611.83	629.23
Year 4 PV (M)	800.26	831.04	862.69
Year 5 PV (M)	1,026.61	1,076.20	1,127.68
PV of Terminal Value (M)	108,678.16	113,927.36	119,377.45
Equity Value (M)	111,748.51	117,105.20	122,665.96
Shares Outstanding (M)	430.60	430.60	430.60
Fair Value	$259.52	$271.96	$284.87
Upside / Downside	730.20%	769.99%	811.31%

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Jiangsu Bojun Industrial Technology Co., Ltd (300926.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener