DDM Analysis: 301538.SZ

Valuation Snapshot

Stable Growth	$323.06 - $587.83	$550.89
Multi-Stage	$92.09 - $100.87	$96.40
Blended Fair Value	$323.64
Current Price	$93.80
Upside	245.04%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	30.58%	0.00%	0.59	0.01	0.01	0.00	0.16	0.16	0.00	0.00	0.00	0.00
YoY Growth	-	-	7,066.74%	50.70%	384.16%	-99.30%	3.83%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.12%	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	197.71
(-) Cash Dividends Paid (M)	45.59
(=) Cash Retained (M)	152.12

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	39.54	24.71	14.83
Cash Retained (M)	152.12	152.12	152.12
(-) Cash Required (M)	-39.54	-24.71	-14.83
(=) Excess Retained (M)	112.57	127.40	137.29
(/) Shares Outstanding (M)	66.89	66.89	66.89
(=) Excess Retained per Share	1.68	1.90	2.05
LTM Dividend per Share	0.68	0.68	0.68
(+) Excess Retained per Share	1.68	1.90	2.05
(=) Adjusted Dividend	2.36	2.59	2.73
WACC / Discount Rate	6.27%	6.27%	6.27%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$323.06	$550.89	$587.83
Upside / Downside	244.42%	487.30%	526.69%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	197.71	210.56	224.24	238.82	254.34	270.88	279.00
Payout Ratio	23.06%	36.45%	49.84%	63.22%	76.61%	90.00%	92.50%
Projected Dividends (M)	45.59	76.74	111.75	150.99	194.86	243.79	258.08

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.27%	6.27%	6.27%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	71.54	72.21	72.89
Year 2 PV (M)	97.10	98.95	100.82
Year 3 PV (M)	122.29	125.80	129.38
Year 4 PV (M)	147.11	152.77	158.59
Year 5 PV (M)	171.57	179.85	188.46
PV of Terminal Value (M)	5,550.41	5,818.50	6,096.85
Equity Value (M)	6,160.02	6,448.09	6,746.99
Shares Outstanding (M)	66.89	66.89	66.89
Fair Value	$92.09	$96.40	$100.87
Upside / Downside	-1.82%	2.77%	7.54%

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Shenzhen Jdd Tech New Material Co Ltd (301538.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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