DDM Analysis: 003015.SZ

Valuation Snapshot

Stable Growth	$28.89 - $67.13	$62.91
Multi-Stage	$10.11 - $11.05	$10.57
Blended Fair Value	$36.74
Current Price	$17.00
Upside	116.14%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	16.08%	22.37%	0.11	0.22	0.23	0.19	0.05	0.05	0.13	0.03	0.03	0.02
YoY Growth	-	-	-50.23%	-1.77%	20.20%	307.90%	-12.06%	-58.16%	401.30%	0.23%	28.42%	32.27%
Dividend Yield	-	-	0.74%	1.61%	2.35%	1.91%	0.32%	0.56%	0.00%	0.00%	0.00%	0.21%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	88.06
(-) Cash Dividends Paid (M)	55.92
(=) Cash Retained (M)	32.13

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	17.61	11.01	6.60
Cash Retained (M)	32.13	32.13	32.13
(-) Cash Required (M)	-17.61	-11.01	-6.60
(=) Excess Retained (M)	14.52	21.13	25.53
(/) Shares Outstanding (M)	260.85	260.85	260.85
(=) Excess Retained per Share	0.06	0.08	0.10
LTM Dividend per Share	0.21	0.21	0.21
(+) Excess Retained per Share	0.06	0.08	0.10
(=) Adjusted Dividend	0.27	0.30	0.31
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$28.89	$62.91	$67.13
Upside / Downside	69.96%	270.09%	294.91%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	88.06	93.78	99.88	106.37	113.28	120.64	124.26
Payout Ratio	63.51%	68.81%	74.11%	79.40%	84.70%	90.00%	92.50%
Projected Dividends (M)	55.92	64.53	74.01	84.46	95.95	108.58	114.94

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	60.03	60.60	61.17
Year 2 PV (M)	64.05	65.27	66.50
Year 3 PV (M)	68.00	69.95	71.94
Year 4 PV (M)	71.86	74.62	77.47
Year 5 PV (M)	75.65	79.30	83.10
PV of Terminal Value (M)	2,297.19	2,408.14	2,523.34
Equity Value (M)	2,636.77	2,757.88	2,883.51
Shares Outstanding (M)	260.85	260.85	260.85
Fair Value	$10.11	$10.57	$11.05
Upside / Downside	-40.54%	-37.81%	-34.98%

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Jiangsu Rijiu Optoelectronics Jointstock Co., Ltd (003015.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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