DDM Analysis: 002264.SZ

Valuation Snapshot

Stable Growth	$1.47 - $1.96	$1.72
Multi-Stage	$2.75 - $3.04	$2.89
Blended Fair Value	$2.31
Current Price	$7.13
Upside	-67.66%
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	-30.01%	0.00%	0.00	0.01	0.02	0.02	0.02	0.02	0.02	0.00	0.02	0.02
YoY Growth	-	-	-40.79%	-63.25%	-17.16%	14.01%	-18.30%	2.71%	336.89%	-77.43%	-12.10%	0.00%
Dividend Yield	-	-	0.06%	0.12%	0.25%	0.40%	0.40%	0.46%	0.29%	0.04%	0.21%	0.31%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	247.78
(-) Cash Dividends Paid (M)	4.27
(=) Cash Retained (M)	243.51

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	49.56	30.97	18.58
Cash Retained (M)	243.51	243.51	243.51
(-) Cash Required (M)	-49.56	-30.97	-18.58
(=) Excess Retained (M)	193.95	212.54	224.93
(/) Shares Outstanding (M)	707.86	707.86	707.86
(=) Excess Retained per Share	0.27	0.30	0.32
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.27	0.30	0.32
(=) Adjusted Dividend	0.28	0.31	0.32
WACC / Discount Rate	9.25%	9.25%	9.25%
Growth Rate	-8.26%	-7.26%	-6.26%
Fair Value	$1.47	$1.72	$1.96
Upside / Downside	-79.42%	-75.87%	-72.55%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	247.78	229.79	213.10	197.63	183.28	169.97	175.07
Payout Ratio	1.72%	19.38%	37.03%	54.69%	72.34%	90.00%	92.50%
Projected Dividends (M)	4.27	44.53	78.92	108.08	132.59	152.97	161.94

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.25%	9.25%	9.25%
Growth Rate	-8.26%	-7.26%	-6.26%
Year 1 PV (M)	40.32	40.76	41.20
Year 2 PV (M)	64.70	66.12	67.56
Year 3 PV (M)	80.24	82.89	85.60
Year 4 PV (M)	89.13	93.08	97.16
Year 5 PV (M)	93.11	98.30	103.71
PV of Terminal Value (M)	1,577.53	1,665.41	1,757.15
Equity Value (M)	1,945.03	2,046.56	2,152.38
Shares Outstanding (M)	707.86	707.86	707.86
Fair Value	$2.75	$2.89	$3.04
Upside / Downside	-61.46%	-59.45%	-57.35%

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New Huadu Technology Co., Ltd. (002264.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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