DDM Analysis: 300457.SZ

Valuation Snapshot

Stable Growth	$81.49 - $96.01	$89.98
Multi-Stage	$57.03 - $62.60	$59.76
Blended Fair Value	$74.87
Current Price	$34.49
Upside	117.07%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	16.90%	38.28%	0.18	0.22	0.10	0.07	0.10	0.08	0.11	0.10	0.02	0.01
YoY Growth	-	-	-19.83%	114.09%	56.46%	-30.75%	17.38%	-27.87%	15.25%	436.71%	59.59%	64.41%
Dividend Yield	-	-	0.90%	1.47%	0.54%	0.24%	0.59%	0.23%	0.65%	0.55%	0.10%	0.07%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	309.48
(-) Cash Dividends Paid (M)	38.77
(=) Cash Retained (M)	270.71

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	61.90	38.69	23.21
Cash Retained (M)	270.71	270.71	270.71
(-) Cash Required (M)	-61.90	-38.69	-23.21
(=) Excess Retained (M)	208.81	232.02	247.50
(/) Shares Outstanding (M)	641.05	641.05	641.05
(=) Excess Retained per Share	0.33	0.36	0.39
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.33	0.36	0.39
(=) Adjusted Dividend	0.39	0.42	0.45
WACC / Discount Rate	1.65%	1.65%	1.65%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$81.49	$89.98	$96.01
Upside / Downside	136.28%	160.88%	178.38%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	309.48	329.60	351.02	373.84	398.14	424.02	436.74
Payout Ratio	12.53%	28.02%	43.52%	59.01%	74.51%	90.00%	92.50%
Projected Dividends (M)	38.77	92.36	152.75	220.61	296.64	381.62	403.98

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.65%	1.65%	1.65%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	90.01	90.87	91.72
Year 2 PV (M)	145.08	147.85	150.63
Year 3 PV (M)	204.20	210.06	216.03
Year 4 PV (M)	267.59	277.88	288.46
Year 5 PV (M)	335.49	351.69	368.52
PV of Terminal Value (M)	35,515.15	37,230.54	39,011.59
Equity Value (M)	36,557.52	38,308.88	40,126.96
Shares Outstanding (M)	641.05	641.05	641.05
Fair Value	$57.03	$59.76	$62.60
Upside / Downside	65.35%	73.27%	81.49%

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Shenzhen Yinghe Technology Co., Ltd (300457.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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