DDM Analysis: 300453.SZ

Valuation Snapshot

Stable Growth	$24.60 - $93.54	$71.41
Multi-Stage	$11.71 - $12.80	$12.25
Blended Fair Value	$41.83
Current Price	$9.13
Upside	358.15%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	42.26%	28.57%	0.25	0.11	0.11	0.10	0.05	0.04	0.03	0.03	0.03	0.00
YoY Growth	-	-	121.44%	0.85%	9.50%	92.71%	23.63%	28.72%	10.90%	0.00%	0.00%	-100.00%
Dividend Yield	-	-	3.24%	1.49%	1.52%	1.23%	0.71%	0.83%	0.87%	0.79%	0.50%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	244.47
(-) Cash Dividends Paid (M)	110.20
(=) Cash Retained (M)	134.27

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	48.89	30.56	18.34
Cash Retained (M)	134.27	134.27	134.27
(-) Cash Required (M)	-48.89	-30.56	-18.34
(=) Excess Retained (M)	85.38	103.71	115.94
(/) Shares Outstanding (M)	519.77	519.77	519.77
(=) Excess Retained per Share	0.16	0.20	0.22
LTM Dividend per Share	0.21	0.21	0.21
(+) Excess Retained per Share	0.16	0.20	0.22
(=) Adjusted Dividend	0.38	0.41	0.44
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$24.60	$71.41	$93.54
Upside / Downside	169.43%	682.16%	924.53%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	244.47	260.36	277.28	295.31	314.50	334.94	344.99
Payout Ratio	45.08%	54.06%	63.05%	72.03%	81.02%	90.00%	92.50%
Projected Dividends (M)	110.20	140.75	174.82	212.71	254.79	301.45	319.12

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	130.17	131.41	132.64
Year 2 PV (M)	149.52	152.37	155.24
Year 3 PV (M)	168.25	173.08	178.00
Year 4 PV (M)	186.39	193.56	200.93
Year 5 PV (M)	203.94	213.79	224.02
PV of Terminal Value (M)	5,248.04	5,501.53	5,764.71
Equity Value (M)	6,086.31	6,365.73	6,655.54
Shares Outstanding (M)	519.77	519.77	519.77
Fair Value	$11.71	$12.25	$12.80
Upside / Downside	28.26%	34.14%	40.25%

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Jiangxi Sanxin Medtec Co.,Ltd. (300453.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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