DDM Analysis: 300371.SZ

Valuation Snapshot

Stable Growth	$60.91 - $71.78	$67.26
Multi-Stage	$47.42 - $52.11	$49.72
Blended Fair Value	$58.49
Current Price	$11.60
Upside	404.22%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.05%	11.53%	0.16	0.08	0.23	0.19	0.17	0.12	0.09	0.05	0.10	0.07
YoY Growth	-	-	91.81%	-64.07%	21.56%	14.97%	39.29%	36.35%	62.81%	-47.06%	51.79%	24.44%
Dividend Yield	-	-	1.54%	0.82%	1.99%	1.58%	1.55%	1.20%	0.93%	0.48%	0.65%	0.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	73.01
(-) Cash Dividends Paid (M)	18.09
(=) Cash Retained (M)	54.93

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.60	9.13	5.48
Cash Retained (M)	54.93	54.93	54.93
(-) Cash Required (M)	-14.60	-9.13	-5.48
(=) Excess Retained (M)	40.32	45.80	49.45
(/) Shares Outstanding (M)	199.58	199.58	199.58
(=) Excess Retained per Share	0.20	0.23	0.25
LTM Dividend per Share	0.09	0.09	0.09
(+) Excess Retained per Share	0.20	0.23	0.25
(=) Adjusted Dividend	0.29	0.32	0.34
WACC / Discount Rate	-1.57%	-1.57%	-1.57%
Growth Rate	4.05%	5.05%	6.05%
Fair Value	$60.91	$67.26	$71.78
Upside / Downside	425.05%	479.79%	518.75%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	73.01	76.70	80.58	84.65	88.92	93.42	96.22
Payout Ratio	24.77%	37.82%	50.86%	63.91%	76.95%	90.00%	92.50%
Projected Dividends (M)	18.09	29.01	40.98	54.10	68.43	84.08	89.00

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-1.57%	-1.57%	-1.57%
Growth Rate	4.05%	5.05%	6.05%
Year 1 PV (M)	29.19	29.47	29.75
Year 2 PV (M)	41.50	42.30	43.11
Year 3 PV (M)	55.12	56.72	58.36
Year 4 PV (M)	70.16	72.89	75.71
Year 5 PV (M)	86.73	90.98	95.39
PV of Terminal Value (M)	9,181.60	9,631.36	10,098.58
Equity Value (M)	9,464.29	9,923.72	10,400.89
Shares Outstanding (M)	199.58	199.58	199.58
Fair Value	$47.42	$49.72	$52.11
Upside / Downside	308.81%	328.65%	349.26%

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Huizhong Instrumentation Co., Ltd. (300371.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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