DDM Analysis: 003018.SZ

Valuation Snapshot

Stable Growth	$31.93 - $91.24	$85.50
Multi-Stage	$14.29 - $15.64	$14.95
Blended Fair Value	$50.23
Current Price	$11.66
Upside	330.75%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	66.92%	0.00%	0.21	0.08	0.07	0.38	0.01	0.02	0.02	0.03	0.03	0.00
YoY Growth	-	-	154.21%	14.61%	-81.58%	6,907.99%	-65.55%	-6.52%	-39.58%	-12.03%	0.00%	0.00%
Dividend Yield	-	-	2.00%	0.95%	0.74%	3.67%	0.04%	0.12%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	118.65
(-) Cash Dividends Paid (M)	80.81
(=) Cash Retained (M)	37.83

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	23.73	14.83	8.90
Cash Retained (M)	37.83	37.83	37.83
(-) Cash Required (M)	-23.73	-14.83	-8.90
(=) Excess Retained (M)	14.11	23.00	28.94
(/) Shares Outstanding (M)	257.68	257.68	257.68
(=) Excess Retained per Share	0.05	0.09	0.11
LTM Dividend per Share	0.31	0.31	0.31
(+) Excess Retained per Share	0.05	0.09	0.11
(=) Adjusted Dividend	0.37	0.40	0.43
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.10%	6.10%	7.10%
Fair Value	$31.93	$85.50	$91.24
Upside / Downside	173.83%	633.26%	682.47%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	118.65	125.89	133.58	141.73	150.38	159.56	164.35
Payout Ratio	68.11%	72.49%	76.87%	81.24%	85.62%	90.00%	92.50%
Projected Dividends (M)	80.81	91.26	102.68	115.15	128.76	143.61	152.02

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.10%	6.10%	7.10%
Year 1 PV (M)	85.03	85.84	86.65
Year 2 PV (M)	89.13	90.84	92.56
Year 3 PV (M)	93.14	95.82	98.55
Year 4 PV (M)	97.03	100.78	104.63
Year 5 PV (M)	100.83	105.72	110.80
PV of Terminal Value (M)	3,217.97	3,373.99	3,536.01
Equity Value (M)	3,683.13	3,852.98	4,029.20
Shares Outstanding (M)	257.68	257.68	257.68
Fair Value	$14.29	$14.95	$15.64
Upside / Downside	22.59%	28.24%	34.10%

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JinFu Technology Co., Ltd. (003018.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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