DDM Analysis: 300115.SZ

Valuation Snapshot

Stable Growth	$80.42 - $94.74	$88.79
Multi-Stage	$60.06 - $65.90	$62.93
Blended Fair Value	$75.86
Current Price	$41.68
Upside	82.00%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-2.37%	14.66%	0.15	0.18	0.18	0.23	0.18	0.17	0.17	0.16	0.16	0.08
YoY Growth	-	-	-16.14%	5.30%	-22.86%	28.10%	1.66%	5.66%	0.25%	6.22%	97.24%	99.54%
Dividend Yield	-	-	0.62%	1.77%	1.29%	2.32%	0.96%	1.12%	1.53%	1.09%	0.66%	0.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	645.28
(-) Cash Dividends Paid (M)	324.67
(=) Cash Retained (M)	320.61

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	129.06	80.66	48.40
Cash Retained (M)	320.61	320.61	320.61
(-) Cash Required (M)	-129.06	-80.66	-48.40
(=) Excess Retained (M)	191.55	239.95	272.21
(/) Shares Outstanding (M)	1,354.49	1,354.49	1,354.49
(=) Excess Retained per Share	0.14	0.18	0.20
LTM Dividend per Share	0.24	0.24	0.24
(+) Excess Retained per Share	0.14	0.18	0.20
(=) Adjusted Dividend	0.38	0.42	0.44
WACC / Discount Rate	0.46%	0.46%	0.46%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$80.42	$88.79	$94.74
Upside / Downside	92.94%	113.03%	127.31%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	645.28	687.22	731.89	779.46	830.13	884.09	910.61
Payout Ratio	50.31%	58.25%	66.19%	74.13%	82.06%	90.00%	92.50%
Projected Dividends (M)	324.67	400.32	484.43	577.78	681.23	795.68	842.31

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	0.46%	0.46%	0.46%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	394.76	398.50	402.24
Year 2 PV (M)	471.07	480.04	489.10
Year 3 PV (M)	554.05	569.95	586.16
Year 4 PV (M)	644.17	668.95	694.43
Year 5 PV (M)	741.95	777.79	815.00
PV of Terminal Value (M)	78,543.81	82,337.51	86,276.40
Equity Value (M)	81,349.82	85,232.74	89,263.32
Shares Outstanding (M)	1,354.49	1,354.49	1,354.49
Fair Value	$60.06	$62.93	$65.90
Upside / Downside	44.10%	50.97%	58.11%

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Shenzhen Everwin Precision Technology Co., Ltd. (300115.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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