DDM Analysis: 001333.SZ

Valuation Snapshot

Stable Growth	$100.04 - $201.41	$188.75
Multi-Stage	$31.11 - $34.05	$32.55
Blended Fair Value	$110.65
Current Price	$24.37
Upside	354.05%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	11.66%	0.00%	0.42	0.50	0.12	0.08	0.10	0.24	0.07	0.07	0.00	0.00
YoY Growth	-	-	-15.46%	328.92%	54.97%	-21.92%	-60.44%	237.33%	1.18%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.60%	2.74%	0.41%	0.19%	0.24%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	129.48
(-) Cash Dividends Paid (M)	53.83
(=) Cash Retained (M)	75.65

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	25.90	16.18	9.71
Cash Retained (M)	75.65	75.65	75.65
(-) Cash Required (M)	-25.90	-16.18	-9.71
(=) Excess Retained (M)	49.76	59.47	65.94
(/) Shares Outstanding (M)	127.85	127.85	127.85
(=) Excess Retained per Share	0.39	0.47	0.52
LTM Dividend per Share	0.42	0.42	0.42
(+) Excess Retained per Share	0.39	0.47	0.52
(=) Adjusted Dividend	0.81	0.89	0.94
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$100.04	$188.75	$201.41
Upside / Downside	310.50%	674.52%	726.47%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	129.48	137.89	146.86	156.40	166.57	177.40	182.72
Payout Ratio	41.57%	51.26%	60.94%	70.63%	80.31%	90.00%	92.50%
Projected Dividends (M)	53.83	70.68	89.50	110.47	133.78	159.66	169.01

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	65.83	66.46	67.08
Year 2 PV (M)	77.65	79.12	80.62
Year 3 PV (M)	89.26	91.82	94.44
Year 4 PV (M)	100.69	104.56	108.54
Year 5 PV (M)	111.92	117.33	122.94
PV of Terminal Value (M)	3,532.16	3,702.76	3,879.90
Equity Value (M)	3,977.51	4,162.06	4,353.52
Shares Outstanding (M)	127.85	127.85	127.85
Fair Value	$31.11	$32.55	$34.05
Upside / Downside	27.66%	33.58%	39.73%

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Zhejiang Guanghua Technology Co., Ltd. (001333.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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