DDM Analysis: 300576.SZ

Valuation Snapshot

Stable Growth	$6.85 - $14.54	$9.73
Multi-Stage	$5.04 - $5.50	$5.27
Blended Fair Value	$7.50
Current Price	$39.38
Upside	-80.96%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.02%	12.44%	0.06	0.03	0.03	0.04	0.03	0.04	0.04	0.02	0.05	0.03
YoY Growth	-	-	72.71%	14.25%	-25.31%	49.29%	-30.00%	6.73%	51.40%	-50.49%	41.54%	85.25%
Dividend Yield	-	-	0.16%	0.12%	0.12%	0.21%	0.15%	0.29%	0.56%	0.38%	0.43%	1.15%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	116.02
(-) Cash Dividends Paid (M)	27.43
(=) Cash Retained (M)	88.59

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	23.20	14.50	8.70
Cash Retained (M)	88.59	88.59	88.59
(-) Cash Required (M)	-23.20	-14.50	-8.70
(=) Excess Retained (M)	65.39	74.09	79.89
(/) Shares Outstanding (M)	317.76	317.76	317.76
(=) Excess Retained per Share	0.21	0.23	0.25
LTM Dividend per Share	0.09	0.09	0.09
(+) Excess Retained per Share	0.21	0.23	0.25
(=) Adjusted Dividend	0.29	0.32	0.34
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$6.85	$9.73	$14.54
Upside / Downside	-82.60%	-75.30%	-63.09%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	116.02	123.56	131.59	140.15	149.25	158.96	163.73
Payout Ratio	23.64%	36.91%	50.18%	63.46%	76.73%	90.00%	92.50%
Projected Dividends (M)	27.43	45.61	66.04	88.93	114.52	143.06	151.45

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	41.07	41.46	41.85
Year 2 PV (M)	53.56	54.58	55.61
Year 3 PV (M)	64.96	66.82	68.72
Year 4 PV (M)	75.33	78.23	81.21
Year 5 PV (M)	84.75	88.84	93.09
PV of Terminal Value (M)	1,282.07	1,343.99	1,408.28
Equity Value (M)	1,601.73	1,673.92	1,748.76
Shares Outstanding (M)	317.76	317.76	317.76
Fair Value	$5.04	$5.27	$5.50
Upside / Downside	-87.20%	-86.62%	-86.02%

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Shenzhen RongDa Photosensitive Science & Technology Co., Ltd. (300576.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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