DDM Analysis: 300699.SZ

Valuation Snapshot

Stable Growth	$64.77 - $130.38	$122.19
Multi-Stage	$20.65 - $22.57	$21.59
Blended Fair Value	$71.89
Current Price	$30.35
Upside	136.87%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	18.56%	29.92%	0.53	0.44	0.31	0.31	0.31	0.22	0.13	0.00	0.02	0.02
YoY Growth	-	-	19.54%	40.00%	0.00%	0.00%	40.00%	67.69%	0.00%	-100.00%	9.92%	-57.12%
Dividend Yield	-	-	1.69%	1.45%	0.98%	0.85%	0.73%	0.72%	0.50%	0.00%	0.25%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	541.00
(-) Cash Dividends Paid (M)	438.37
(=) Cash Retained (M)	102.63

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	108.20	67.63	40.58
Cash Retained (M)	102.63	102.63	102.63
(-) Cash Required (M)	-108.20	-67.63	-40.58
(=) Excess Retained (M)	-5.57	35.01	62.06
(/) Shares Outstanding (M)	825.21	825.21	825.21
(=) Excess Retained per Share	-0.01	0.04	0.08
LTM Dividend per Share	0.53	0.53	0.53
(+) Excess Retained per Share	-0.01	0.04	0.08
(=) Adjusted Dividend	0.52	0.57	0.61
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$64.77	$122.19	$130.38
Upside / Downside	113.41%	302.59%	329.59%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	541.00	576.17	613.62	653.51	695.98	741.22	763.46
Payout Ratio	81.03%	82.82%	84.62%	86.41%	88.21%	90.00%	92.50%
Projected Dividends (M)	438.37	477.20	519.23	564.71	613.90	667.10	706.20

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	444.48	448.69	452.91
Year 2 PV (M)	450.46	459.04	467.70
Year 3 PV (M)	456.32	469.42	482.76
Year 4 PV (M)	462.05	479.82	498.10
Year 5 PV (M)	467.66	490.25	513.70
PV of Terminal Value (M)	14,759.37	15,472.26	16,212.42
Equity Value (M)	17,040.34	17,819.47	18,627.59
Shares Outstanding (M)	825.21	825.21	825.21
Fair Value	$20.65	$21.59	$22.57
Upside / Downside	-31.96%	-28.85%	-25.62%

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Weihai Guangwei Composites Co., Ltd. (300699.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener