DDM Analysis: 300487.SZ

Valuation Snapshot

Stable Growth	$280.16 - $330.08	$309.33
Multi-Stage	$595.02 - $653.33	$623.63
Blended Fair Value	$466.48
Current Price	$57.70
Upside	708.46%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	63.00%	43.88%	0.69	0.42	0.19	0.10	0.10	0.06	0.03	0.02	0.04	0.02
YoY Growth	-	-	62.37%	127.74%	86.83%	-3.52%	72.63%	76.47%	51.79%	-43.33%	86.49%	16.76%
Dividend Yield	-	-	1.50%	0.92%	0.29%	0.28%	0.58%	0.46%	0.21%	0.14%	0.36%	0.24%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	842.54
(-) Cash Dividends Paid (M)	61.27
(=) Cash Retained (M)	781.27

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	168.51	105.32	63.19
Cash Retained (M)	781.27	781.27	781.27
(-) Cash Required (M)	-168.51	-105.32	-63.19
(=) Excess Retained (M)	612.76	675.95	718.08
(/) Shares Outstanding (M)	507.64	507.64	507.64
(=) Excess Retained per Share	1.21	1.33	1.41
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	1.21	1.33	1.41
(=) Adjusted Dividend	1.33	1.45	1.54
WACC / Discount Rate	-18.71%	-18.71%	-18.71%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$280.16	$309.33	$330.08
Upside / Downside	385.55%	436.10%	472.06%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	842.54	897.31	955.63	1,017.75	1,083.90	1,154.36	1,188.99
Payout Ratio	7.27%	23.82%	40.36%	56.91%	73.45%	90.00%	92.50%
Projected Dividends (M)	61.27	213.72	385.73	579.19	796.18	1,038.92	1,099.81

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-18.71%	-18.71%	-18.71%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	260.45	262.92	265.39
Year 2 PV (M)	572.86	583.77	594.79
Year 3 PV (M)	1,048.27	1,078.36	1,109.03
Year 4 PV (M)	1,756.08	1,823.62	1,893.08
Year 5 PV (M)	2,792.56	2,927.44	3,067.48
PV of Terminal Value (M)	295,623.35	309,902.07	324,727.27
Equity Value (M)	302,053.58	316,578.19	331,657.04
Shares Outstanding (M)	507.64	507.64	507.64
Fair Value	$595.02	$623.63	$653.33
Upside / Downside	931.22%	980.81%	1,032.29%

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Sunresin New Materials Co.,Ltd (300487.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener