DDM Analysis: 300988.SZ

Valuation Snapshot

Stable Growth	$55.96 - $144.59	$135.50
Multi-Stage	$20.65 - $22.61	$21.61
Blended Fair Value	$78.56
Current Price	$22.52
Upside	248.84%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	14.02%	27.95%	0.27	0.21	0.19	0.23	0.15	0.14	0.02	0.06	0.02	0.08
YoY Growth	-	-	24.84%	12.70%	-16.68%	47.18%	11.71%	518.44%	-65.06%	257.73%	-77.21%	246.43%
Dividend Yield	-	-	1.30%	0.74%	0.85%	0.71%	0.45%	0.40%	0.06%	0.19%	0.05%	0.23%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	102.87
(-) Cash Dividends Paid (M)	34.16
(=) Cash Retained (M)	68.71

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	20.57	12.86	7.72
Cash Retained (M)	68.71	68.71	68.71
(-) Cash Required (M)	-20.57	-12.86	-7.72
(=) Excess Retained (M)	48.14	55.85	61.00
(/) Shares Outstanding (M)	141.49	141.49	141.49
(=) Excess Retained per Share	0.34	0.39	0.43
LTM Dividend per Share	0.24	0.24	0.24
(+) Excess Retained per Share	0.34	0.39	0.43
(=) Adjusted Dividend	0.58	0.64	0.67
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$55.96	$135.50	$144.59
Upside / Downside	148.48%	501.71%	542.06%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	102.87	109.56	116.68	124.26	132.34	140.94	145.17
Payout Ratio	33.20%	44.56%	55.92%	67.28%	78.64%	90.00%	92.50%
Projected Dividends (M)	34.16	48.82	65.25	83.61	104.07	126.85	134.28

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	45.37	45.80	46.23
Year 2 PV (M)	56.35	57.42	58.51
Year 3 PV (M)	67.10	69.03	70.99
Year 4 PV (M)	77.62	80.61	83.68
Year 5 PV (M)	87.92	92.16	96.57
PV of Terminal Value (M)	2,587.75	2,712.74	2,842.52
Equity Value (M)	2,922.11	3,057.76	3,198.49
Shares Outstanding (M)	141.49	141.49	141.49
Fair Value	$20.65	$21.61	$22.61
Upside / Downside	-8.29%	-4.04%	0.38%

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TianJin JinRong TianYu Precision Machinery Inc. (300988.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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