DDM Analysis: 300124.SZ

Valuation Snapshot

Stable Growth	$325.46 - $383.44	$359.34
Multi-Stage	$221.94 - $243.58	$232.56
Blended Fair Value	$295.95
Current Price	$83.82
Upside	253.08%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	27.44%	13.04%	0.49	0.42	0.33	0.25	0.14	0.15	0.19	0.18	0.15	0.15
YoY Growth	-	-	18.15%	25.47%	34.23%	80.82%	-6.58%	-23.11%	8.08%	19.36%	1.50%	0.68%
Dividend Yield	-	-	0.72%	0.68%	0.47%	0.43%	0.24%	0.85%	0.99%	0.75%	1.01%	1.14%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,185.80
(-) Cash Dividends Paid (M)	1,205.49
(=) Cash Retained (M)	3,980.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,037.16	648.22	388.93
Cash Retained (M)	3,980.30	3,980.30	3,980.30
(-) Cash Required (M)	-1,037.16	-648.22	-388.93
(=) Excess Retained (M)	2,943.15	3,332.08	3,591.37
(/) Shares Outstanding (M)	2,689.65	2,689.65	2,689.65
(=) Excess Retained per Share	1.09	1.24	1.34
LTM Dividend per Share	0.45	0.45	0.45
(+) Excess Retained per Share	1.09	1.24	1.34
(=) Adjusted Dividend	1.54	1.69	1.78
WACC / Discount Rate	2.22%	2.22%	2.22%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$325.46	$359.34	$383.44
Upside / Downside	288.28%	328.71%	357.46%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,185.80	5,522.87	5,881.86	6,264.18	6,671.35	7,104.99	7,318.14
Payout Ratio	23.25%	36.60%	49.95%	63.30%	76.65%	90.00%	92.50%
Projected Dividends (M)	1,205.49	2,021.20	2,937.85	3,965.13	5,113.54	6,394.49	6,769.28

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.22%	2.22%	2.22%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,958.77	1,977.33	1,995.90
Year 2 PV (M)	2,759.16	2,811.72	2,864.77
Year 3 PV (M)	3,608.94	3,712.54	3,818.10
Year 4 PV (M)	4,510.43	4,683.88	4,862.30
Year 5 PV (M)	5,466.08	5,730.09	6,004.21
PV of Terminal Value (M)	578,645.42	606,594.21	635,612.67
Equity Value (M)	596,948.79	625,509.78	655,157.94
Shares Outstanding (M)	2,689.65	2,689.65	2,689.65
Fair Value	$221.94	$232.56	$243.58
Upside / Downside	164.79%	177.45%	190.60%

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Shenzhen Inovance Technology Co.,Ltd (300124.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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