DDM Analysis: 300105.SZ

Valuation Snapshot

Stable Growth	$1.42 - $2.19	$1.78
Multi-Stage	$3.23 - $3.55	$3.39
Blended Fair Value	$2.58
Current Price	$7.19
Upside	-64.07%
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	0.00%	6.11%	0.15	0.20	0.00	0.10	0.20	0.00	0.00	0.00	0.00	0.04
YoY Growth	-	-	-25.46%	0.00%	-100.00%	-50.01%	0.00%	0.00%	0.00%	0.00%	-100.00%	-52.00%
Dividend Yield	-	-	2.17%	3.27%	0.00%	1.89%	3.70%	0.00%	0.00%	0.00%	0.00%	0.48%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	79.63
(-) Cash Dividends Paid (M)	51.62
(=) Cash Retained (M)	28.01

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15.93	9.95	5.97
Cash Retained (M)	28.01	28.01	28.01
(-) Cash Required (M)	-15.93	-9.95	-5.97
(=) Excess Retained (M)	12.08	18.06	22.04
(/) Shares Outstanding (M)	513.75	513.75	513.75
(=) Excess Retained per Share	0.02	0.04	0.04
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.02	0.04	0.04
(=) Adjusted Dividend	0.12	0.14	0.14
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.42	$1.78	$2.19
Upside / Downside	-80.21%	-75.23%	-69.51%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	79.63	78.83	78.05	77.27	76.49	75.73	78.00
Payout Ratio	64.82%	69.86%	74.89%	79.93%	84.96%	90.00%	92.50%
Projected Dividends (M)	51.62	55.07	58.45	61.76	64.99	68.15	72.15

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	51.17	51.69	52.21
Year 2 PV (M)	50.46	51.50	52.54
Year 3 PV (M)	49.54	51.07	52.63
Year 4 PV (M)	48.44	50.45	52.51
Year 5 PV (M)	47.20	49.65	52.21
PV of Terminal Value (M)	1,411.59	1,485.10	1,561.64
Equity Value (M)	1,658.40	1,739.46	1,823.75
Shares Outstanding (M)	513.75	513.75	513.75
Fair Value	$3.23	$3.39	$3.55
Upside / Downside	-55.10%	-52.91%	-50.63%

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YanTai LongYuan Power Technology Co., Ltd. (300105.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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