DDM Analysis: 002674.SZ

Valuation Snapshot

Stable Growth	$39.58 - $77.98	$73.08
Multi-Stage	$12.07 - $13.21	$12.63
Blended Fair Value	$42.85
Current Price	$9.99
Upside	328.95%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	1.15%	10.62%	0.70	0.60	0.37	0.08	0.66	0.66	0.53	0.17	0.04	0.20
YoY Growth	-	-	17.03%	60.78%	372.07%	-88.09%	0.12%	24.99%	213.77%	291.54%	-78.09%	-22.96%
Dividend Yield	-	-	7.36%	5.27%	3.34%	0.77%	5.54%	7.12%	3.52%	1.61%	0.27%	1.34%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	115.75
(-) Cash Dividends Paid (M)	41.24
(=) Cash Retained (M)	74.51

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	23.15	14.47	8.68
Cash Retained (M)	74.51	74.51	74.51
(-) Cash Required (M)	-23.15	-14.47	-8.68
(=) Excess Retained (M)	51.36	60.04	65.83
(/) Shares Outstanding (M)	295.20	295.20	295.20
(=) Excess Retained per Share	0.17	0.20	0.22
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	0.17	0.20	0.22
(=) Adjusted Dividend	0.31	0.34	0.36
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$39.58	$73.08	$77.98
Upside / Downside	296.20%	631.49%	680.55%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	115.75	123.27	131.28	139.82	148.90	158.58	163.34
Payout Ratio	35.63%	46.50%	57.38%	68.25%	79.13%	90.00%	92.50%
Projected Dividends (M)	41.24	57.32	75.32	95.43	117.82	142.72	151.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	53.40	53.91	54.41
Year 2 PV (M)	65.37	66.62	67.87
Year 3 PV (M)	77.15	79.36	81.62
Year 4 PV (M)	88.74	92.15	95.66
Year 5 PV (M)	100.14	104.98	110.00
PV of Terminal Value (M)	3,177.66	3,331.14	3,490.50
Equity Value (M)	3,562.46	3,728.15	3,900.06
Shares Outstanding (M)	295.20	295.20	295.20
Fair Value	$12.07	$12.63	$13.21
Upside / Downside	20.80%	26.42%	32.25%

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Xingye Leather Technology Co., Ltd. (002674.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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