DDM Analysis: 300962.SZ

Valuation Snapshot

Stable Growth	$65.71 - $77.41	$72.55
Multi-Stage	$46.47 - $51.00	$48.69
Blended Fair Value	$60.62
Current Price	$16.64
Upside	264.30%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.16%	22.84%	0.26	0.28	0.25	0.15	0.23	0.19	0.17	0.02	0.10	0.03
YoY Growth	-	-	-6.32%	11.94%	68.43%	-35.47%	18.30%	15.77%	698.80%	-78.45%	227.99%	-11.26%
Dividend Yield	-	-	1.71%	1.79%	1.52%	0.87%	0.66%	0.56%	0.00%	0.00%	0.28%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	102.79
(-) Cash Dividends Paid (M)	35.85
(=) Cash Retained (M)	66.94

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	20.56	12.85	7.71
Cash Retained (M)	66.94	66.94	66.94
(-) Cash Required (M)	-20.56	-12.85	-7.71
(=) Excess Retained (M)	46.38	54.09	59.23
(/) Shares Outstanding (M)	264.06	264.06	264.06
(=) Excess Retained per Share	0.18	0.20	0.22
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	0.18	0.20	0.22
(=) Adjusted Dividend	0.31	0.34	0.36
WACC / Discount Rate	1.51%	1.51%	1.51%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$65.71	$72.55	$77.41
Upside / Downside	294.87%	335.98%	365.22%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	102.79	109.47	116.58	124.16	132.23	140.83	145.05
Payout Ratio	34.88%	45.90%	56.93%	67.95%	78.98%	90.00%	92.50%
Projected Dividends (M)	35.85	50.25	66.37	84.37	104.43	126.74	134.17

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.51%	1.51%	1.51%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	49.03	49.50	49.96
Year 2 PV (M)	63.20	64.40	65.62
Year 3 PV (M)	78.40	80.65	82.95
Year 4 PV (M)	94.70	98.34	102.09
Year 5 PV (M)	112.16	117.58	123.20
PV of Terminal Value (M)	11,873.47	12,446.97	13,042.41
Equity Value (M)	12,270.97	12,857.44	13,466.23
Shares Outstanding (M)	264.06	264.06	264.06
Fair Value	$46.47	$48.69	$51.00
Upside / Downside	179.27%	192.62%	206.47%

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Zhongjin Irradiation Incorporated Company (300962.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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