DDM Analysis: 002633.SZ

Valuation Snapshot

Stable Growth	$0.34 - $0.50	$0.41
Multi-Stage	$0.46 - $0.51	$0.48
Blended Fair Value	$0.45
Current Price	$16.00
Upside	-97.20%
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	-5.32%	-30.50%	0.00	0.02	0.02	0.01	0.00	0.00	0.00	0.00	0.03	0.09
YoY Growth	-	-	-84.79%	-20.58%	60.09%	0.00%	-100.00%	56.16%	-45.50%	-86.77%	-63.36%	-16.23%
Dividend Yield	-	-	0.02%	0.22%	0.21%	0.15%	0.00%	0.05%	0.02%	0.04%	0.18%	0.46%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5.99
(-) Cash Dividends Paid (M)	0.60
(=) Cash Retained (M)	5.40

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1.20	0.75	0.45
Cash Retained (M)	5.40	5.40	5.40
(-) Cash Required (M)	-1.20	-0.75	-0.45
(=) Excess Retained (M)	4.20	4.65	4.95
(/) Shares Outstanding (M)	150.46	150.46	150.46
(=) Excess Retained per Share	0.03	0.03	0.03
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.03	0.03	0.03
(=) Adjusted Dividend	0.03	0.03	0.04
WACC / Discount Rate	9.41%	9.41%	9.41%
Growth Rate	-0.07%	0.93%	1.93%
Fair Value	$0.34	$0.41	$0.50
Upside / Downside	-97.90%	-97.41%	-96.86%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5.99	6.05	6.10	6.16	6.22	6.27	6.46
Payout Ratio	9.93%	25.95%	41.96%	57.97%	73.99%	90.00%	92.50%
Projected Dividends (M)	0.60	1.57	2.56	3.57	4.60	5.65	5.98

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.41%	9.41%	9.41%
Growth Rate	-0.07%	0.93%	1.93%
Year 1 PV (M)	1.42	1.43	1.45
Year 2 PV (M)	2.10	2.14	2.18
Year 3 PV (M)	2.65	2.73	2.81
Year 4 PV (M)	3.08	3.21	3.34
Year 5 PV (M)	3.43	3.60	3.78
PV of Terminal Value (M)	56.61	59.50	62.51
Equity Value (M)	69.29	72.61	76.07
Shares Outstanding (M)	150.46	150.46	150.46
Fair Value	$0.46	$0.48	$0.51
Upside / Downside	-97.12%	-96.98%	-96.84%

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Shenke Slide Bearing Corporation (002633.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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