DDM Analysis: 002023.SZ

Valuation Snapshot

Stable Growth	$4.20 - $11.67	$6.51
Multi-Stage	$2.89 - $3.15	$3.02
Blended Fair Value	$4.77
Current Price	$12.49
Upside	-61.84%
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	2.69%	13.90%	0.17	0.12	0.12	0.14	0.03	0.15	0.11	0.10	0.05	0.05
YoY Growth	-	-	43.21%	-1.12%	-14.26%	349.26%	-79.06%	31.85%	8.68%	87.16%	19.99%	0.00%
Dividend Yield	-	-	1.68%	1.21%	1.27%	1.24%	0.26%	1.06%	0.84%	1.02%	0.41%	0.29%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	127.99
(-) Cash Dividends Paid (M)	51.52
(=) Cash Retained (M)	76.47

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	25.60	16.00	9.60
Cash Retained (M)	76.47	76.47	76.47
(-) Cash Required (M)	-25.60	-16.00	-9.60
(=) Excess Retained (M)	50.87	60.47	66.87
(/) Shares Outstanding (M)	740.89	740.89	740.89
(=) Excess Retained per Share	0.07	0.08	0.09
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.07	0.08	0.09
(=) Adjusted Dividend	0.14	0.15	0.16
WACC / Discount Rate	8.97%	8.97%	8.97%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$4.20	$6.51	$11.67
Upside / Downside	-66.38%	-47.86%	-6.55%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	127.99	136.31	145.17	154.60	164.65	175.35	180.61
Payout Ratio	40.25%	50.20%	60.15%	70.10%	80.05%	90.00%	92.50%
Projected Dividends (M)	51.52	68.43	87.32	108.38	131.80	157.82	167.07

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.97%	8.97%	8.97%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	62.20	62.79	63.38
Year 2 PV (M)	72.16	73.53	74.92
Year 3 PV (M)	81.41	83.75	86.13
Year 4 PV (M)	90.01	93.47	97.03
Year 5 PV (M)	97.97	102.70	107.62
PV of Terminal Value (M)	1,736.74	1,820.63	1,907.72
Equity Value (M)	2,140.50	2,236.88	2,336.81
Shares Outstanding (M)	740.89	740.89	740.89
Fair Value	$2.89	$3.02	$3.15
Upside / Downside	-76.87%	-75.83%	-74.75%

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Financial Statements

Fundamentals

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Ticker

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Sector

Sichuan Haite High-tech Co., Ltd. (002023.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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