DDM Analysis: 002112.SZ

Valuation Snapshot

Stable Growth	$21.68 - $60.04	$56.26
Multi-Stage	$8.45 - $9.24	$8.84
Blended Fair Value	$32.55
Current Price	$12.92
Upside	151.93%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	24.23%	2.03%	0.14	0.12	0.09	0.08	0.06	0.05	0.07	0.07	0.05	0.06
YoY Growth	-	-	22.99%	24.42%	15.87%	36.96%	21.85%	-30.98%	0.95%	32.78%	-12.45%	-49.01%
Dividend Yield	-	-	0.98%	1.27%	0.73%	1.28%	1.05%	0.92%	1.08%	0.89%	0.43%	0.40%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	82.44
(-) Cash Dividends Paid (M)	36.15
(=) Cash Retained (M)	46.29

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.49	10.30	6.18
Cash Retained (M)	46.29	46.29	46.29
(-) Cash Required (M)	-16.49	-10.30	-6.18
(=) Excess Retained (M)	29.80	35.98	40.10
(/) Shares Outstanding (M)	273.08	273.08	273.08
(=) Excess Retained per Share	0.11	0.13	0.15
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.11	0.13	0.15
(=) Adjusted Dividend	0.24	0.26	0.28
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$21.68	$56.26	$60.04
Upside / Downside	67.82%	335.47%	364.68%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	82.44	87.79	93.50	99.58	106.05	112.95	116.33
Payout Ratio	43.85%	53.08%	62.31%	71.54%	80.77%	90.00%	92.50%
Projected Dividends (M)	36.15	46.60	58.26	71.24	85.66	101.65	107.61

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	43.28	43.69	44.10
Year 2 PV (M)	50.24	51.20	52.16
Year 3 PV (M)	57.05	58.69	60.35
Year 4 PV (M)	63.70	66.15	68.67
Year 5 PV (M)	70.20	73.59	77.11
PV of Terminal Value (M)	2,022.01	2,119.67	2,221.07
Equity Value (M)	2,306.47	2,412.98	2,523.46
Shares Outstanding (M)	273.08	273.08	273.08
Fair Value	$8.45	$8.84	$9.24
Upside / Downside	-34.63%	-31.61%	-28.48%

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Sanbian Sci Tech Co., Ltd. (002112.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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