DDM Analysis: 300196.SZ

Valuation Snapshot

Stable Growth	$14.45 - $30.35	$20.45
Multi-Stage	$20.79 - $22.83	$21.79
Blended Fair Value	$21.12
Current Price	$14.89
Upside	41.82%
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	0.32%	14.09%	0.22	0.20	0.15	0.11	0.15	0.22	0.10	0.16	0.07	0.05
YoY Growth	-	-	9.66%	33.33%	43.23%	-30.18%	-30.51%	107.82%	-33.33%	121.09%	50.00%	-20.00%
Dividend Yield	-	-	1.99%	1.93%	0.94%	0.70%	1.01%	2.33%	0.98%	1.36%	0.38%	0.29%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	329.77
(-) Cash Dividends Paid (M)	100.38
(=) Cash Retained (M)	229.39

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	65.95	41.22	24.73
Cash Retained (M)	229.39	229.39	229.39
(-) Cash Required (M)	-65.95	-41.22	-24.73
(=) Excess Retained (M)	163.44	188.17	204.66
(/) Shares Outstanding (M)	407.30	407.30	407.30
(=) Excess Retained per Share	0.40	0.46	0.50
LTM Dividend per Share	0.25	0.25	0.25
(+) Excess Retained per Share	0.40	0.46	0.50
(=) Adjusted Dividend	0.65	0.71	0.75
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	1.79%	2.79%	3.79%
Fair Value	$14.45	$20.45	$30.35
Upside / Downside	-2.93%	37.32%	103.81%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	329.77	338.99	348.45	358.18	368.19	378.47	389.83
Payout Ratio	30.44%	42.35%	54.26%	66.18%	78.09%	90.00%	92.50%
Projected Dividends (M)	100.38	143.56	189.08	237.03	287.51	340.62	360.59

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	1.79%	2.79%	3.79%
Year 1 PV (M)	133.67	134.99	136.30
Year 2 PV (M)	163.93	167.16	170.43
Year 3 PV (M)	191.34	197.03	202.84
Year 4 PV (M)	216.10	224.71	233.59
Year 5 PV (M)	238.38	250.32	262.74
PV of Terminal Value (M)	7,522.85	7,899.70	8,291.51
Equity Value (M)	8,466.27	8,873.92	9,297.40
Shares Outstanding (M)	407.30	407.30	407.30
Fair Value	$20.79	$21.79	$22.83
Upside / Downside	39.60%	46.32%	53.30%

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Jiangsu Changhai Composite Materials Co., Ltd (300196.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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