DDM Analysis: 300069.SZ

Valuation Snapshot

Stable Growth	$2.16 - $3.49	$2.76
Multi-Stage	$3.04 - $3.34	$3.19
Blended Fair Value	$2.97
Current Price	$19.08
Upside	-84.41%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-14.92%	-12.14%	0.02	0.02	0.04	0.05	0.05	0.06	0.06	0.07	0.09	0.08
YoY Growth	-	-	26.06%	-51.80%	-14.80%	-3.30%	-10.95%	-5.26%	-13.16%	-25.05%	7.51%	-7.23%
Dividend Yield	-	-	0.15%	0.17%	0.29%	0.25%	0.38%	0.38%	0.46%	0.24%	0.24%	0.32%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	23.22
(-) Cash Dividends Paid (M)	3.71
(=) Cash Retained (M)	19.51

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.64	2.90	1.74
Cash Retained (M)	19.51	19.51	19.51
(-) Cash Required (M)	-4.64	-2.90	-1.74
(=) Excess Retained (M)	14.87	16.61	17.77
(/) Shares Outstanding (M)	117.22	117.22	117.22
(=) Excess Retained per Share	0.13	0.14	0.15
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.13	0.14	0.15
(=) Adjusted Dividend	0.16	0.17	0.18
WACC / Discount Rate	8.15%	8.15%	8.15%
Growth Rate	0.76%	1.76%	2.76%
Fair Value	$2.16	$2.76	$3.49
Upside / Downside	-88.67%	-85.53%	-81.69%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	23.22	23.63	24.05	24.47	24.90	25.34	26.10
Payout Ratio	15.98%	30.79%	45.59%	60.39%	75.20%	90.00%	92.50%
Projected Dividends (M)	3.71	7.28	10.96	14.78	18.73	22.81	24.15

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.15%	8.15%	8.15%
Growth Rate	0.76%	1.76%	2.76%
Year 1 PV (M)	6.66	6.73	6.79
Year 2 PV (M)	9.19	9.37	9.56
Year 3 PV (M)	11.34	11.68	12.03
Year 4 PV (M)	13.16	13.69	14.23
Year 5 PV (M)	14.67	15.41	16.19
PV of Terminal Value (M)	301.49	316.75	332.62
Equity Value (M)	356.51	373.64	391.43
Shares Outstanding (M)	117.22	117.22	117.22
Fair Value	$3.04	$3.19	$3.34
Upside / Downside	-84.06%	-83.29%	-82.50%

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Jinlihua Electric Co., Ltd. (300069.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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