DDM Analysis: 003021.SZ

Valuation Snapshot

Stable Growth	$6.92 - $9.85	$8.36
Multi-Stage	$10.66 - $11.70	$11.17
Blended Fair Value	$9.77
Current Price	$137.15
Upside	-92.88%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	49.98%	0.00%	0.40	0.13	0.14	0.45	0.00	0.05	0.11	0.26	0.02	0.00
YoY Growth	-	-	215.75%	-13.02%	-67.60%	9,305.18%	-90.93%	-51.26%	-58.59%	1,193.28%	0.00%	0.00%
Dividend Yield	-	-	0.31%	0.28%	0.26%	1.58%	0.01%	0.11%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	247.16
(-) Cash Dividends Paid (M)	68.27
(=) Cash Retained (M)	178.89

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	49.43	30.89	18.54
Cash Retained (M)	178.89	178.89	178.89
(-) Cash Required (M)	-49.43	-30.89	-18.54
(=) Excess Retained (M)	129.46	148.00	160.35
(/) Shares Outstanding (M)	238.46	238.46	238.46
(=) Excess Retained per Share	0.54	0.62	0.67
LTM Dividend per Share	0.29	0.29	0.29
(+) Excess Retained per Share	0.54	0.62	0.67
(=) Adjusted Dividend	0.83	0.91	0.96
WACC / Discount Rate	9.73%	9.73%	9.73%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$6.92	$8.36	$9.85
Upside / Downside	-94.95%	-93.90%	-92.82%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	247.16	244.69	242.24	239.82	237.42	235.04	242.10
Payout Ratio	27.62%	40.10%	52.57%	65.05%	77.52%	90.00%	92.50%
Projected Dividends (M)	68.27	98.11	127.35	156.00	184.06	211.54	223.94

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.73%	9.73%	9.73%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	88.50	89.41	90.31
Year 2 PV (M)	103.63	105.76	107.91
Year 3 PV (M)	114.51	118.06	121.67
Year 4 PV (M)	121.88	126.93	132.14
Year 5 PV (M)	126.37	132.95	139.80
PV of Terminal Value (M)	1,986.44	2,089.87	2,197.58
Equity Value (M)	2,541.34	2,662.98	2,789.40
Shares Outstanding (M)	238.46	238.46	238.46
Fair Value	$10.66	$11.17	$11.70
Upside / Downside	-92.23%	-91.86%	-91.47%

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Shenzhen Zhaowei Machinery & Electronic Co., Ltd. (003021.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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