DDM Analysis: 002333.SZ

Valuation Snapshot

Stable Growth	$3.37 - $14.40	$8.28
Multi-Stage	$5.27 - $5.79	$5.52
Blended Fair Value	$6.90
Current Price	$5.37
Upside	28.56%
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	-16.93%	-2.31%	0.06	0.02	0.01	0.01	0.00	0.15	0.00	0.07	0.07	0.11
YoY Growth	-	-	140.16%	148.50%	36.16%	0.00%	-100.00%	0.00%	-100.00%	0.00%	-33.33%	50.00%
Dividend Yield	-	-	1.08%	0.38%	0.17%	0.12%	0.00%	3.52%	0.00%	0.50%	0.40%	1.02%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	50.34
(-) Cash Dividends Paid (M)	19.85
(=) Cash Retained (M)	30.49

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.07	6.29	3.78
Cash Retained (M)	30.49	30.49	30.49
(-) Cash Required (M)	-10.07	-6.29	-3.78
(=) Excess Retained (M)	20.42	24.19	26.71
(/) Shares Outstanding (M)	675.59	675.59	675.59
(=) Excess Retained per Share	0.03	0.04	0.04
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.03	0.04	0.04
(=) Adjusted Dividend	0.06	0.07	0.07
WACC / Discount Rate	4.29%	4.29%	4.29%
Growth Rate	2.48%	3.48%	4.48%
Fair Value	$3.37	$8.28	$14.40
Upside / Downside	-37.31%	54.24%	168.18%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	50.34	52.09	53.90	55.78	57.72	59.73	61.52
Payout Ratio	39.44%	49.55%	59.66%	69.77%	79.89%	90.00%	92.50%
Projected Dividends (M)	19.85	25.81	32.16	38.92	46.11	53.75	56.90

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.29%	4.29%	4.29%
Growth Rate	2.48%	3.48%	4.48%
Year 1 PV (M)	24.51	24.75	24.99
Year 2 PV (M)	29.00	29.56	30.14
Year 3 PV (M)	33.32	34.31	35.31
Year 4 PV (M)	37.49	38.97	40.50
Year 5 PV (M)	41.50	43.56	45.71
PV of Terminal Value (M)	3,392.35	3,561.12	3,736.55
Equity Value (M)	3,558.15	3,732.27	3,913.19
Shares Outstanding (M)	675.59	675.59	675.59
Fair Value	$5.27	$5.52	$5.79
Upside / Downside	-1.92%	2.88%	7.86%

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ZYF Lopsking Aluminum Co., Ltd. (002333.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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