DDM Analysis: 002126.SZ

Valuation Snapshot

Stable Growth	$165.50 - $194.99	$182.73
Multi-Stage	$129.16 - $141.77	$135.35
Blended Fair Value	$159.04
Current Price	$41.36
Upside	284.53%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.95%	10.95%	0.19	0.16	0.16	0.14	0.16	0.13	0.14	0.09	0.08	0.07
YoY Growth	-	-	13.16%	0.13%	20.45%	-12.56%	22.85%	-8.36%	62.09%	8.09%	21.19%	-0.97%
Dividend Yield	-	-	0.67%	0.89%	1.15%	1.48%	1.58%	1.55%	1.55%	0.92%	0.88%	0.87%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	851.08
(-) Cash Dividends Paid (M)	154.84
(=) Cash Retained (M)	696.25

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	170.22	106.39	63.83
Cash Retained (M)	696.25	696.25	696.25
(-) Cash Required (M)	-170.22	-106.39	-63.83
(=) Excess Retained (M)	526.03	589.86	632.41
(/) Shares Outstanding (M)	868.05	868.05	868.05
(=) Excess Retained per Share	0.61	0.68	0.73
LTM Dividend per Share	0.18	0.18	0.18
(+) Excess Retained per Share	0.61	0.68	0.73
(=) Adjusted Dividend	0.78	0.86	0.91
WACC / Discount Rate	-0.54%	-0.54%	-0.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$165.50	$182.73	$194.99
Upside / Downside	300.15%	341.81%	371.44%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	851.08	906.40	965.32	1,028.07	1,094.89	1,166.06	1,201.04
Payout Ratio	18.19%	32.55%	46.92%	61.28%	75.64%	90.00%	92.50%
Projected Dividends (M)	154.84	295.07	452.89	629.97	828.16	1,049.45	1,110.96

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-0.54%	-0.54%	-0.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	293.90	296.69	299.48
Year 2 PV (M)	449.30	457.86	466.50
Year 3 PV (M)	622.50	640.37	658.58
Year 4 PV (M)	815.10	846.45	878.69
Year 5 PV (M)	1,028.81	1,078.50	1,130.09
PV of Terminal Value (M)	108,910.56	114,170.98	119,632.73
Equity Value (M)	112,120.17	117,490.85	123,066.06
Shares Outstanding (M)	868.05	868.05	868.05
Fair Value	$129.16	$135.35	$141.77
Upside / Downside	212.29%	227.25%	242.78%

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Zhejiang Yinlun Machinery Co.,Ltd. (002126.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener