DDM Analysis: 300217.SZ

Valuation Snapshot

Stable Growth	$21.36 - $25.17	$23.59
Multi-Stage	$15.12 - $16.59	$15.84
Blended Fair Value	$19.72
Current Price	$5.71
Upside	245.30%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	32.17%	13.23%	0.07	0.02	0.02	0.01	0.01	0.02	0.01	0.01	0.03	0.01
YoY Growth	-	-	245.25%	3.23%	50.89%	50.00%	-50.00%	100.00%	0.00%	-68.89%	107.01%	-33.33%
Dividend Yield	-	-	1.38%	0.39%	0.31%	0.27%	0.29%	0.70%	0.27%	0.30%	0.70%	0.24%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	188.62
(-) Cash Dividends Paid (M)	74.45
(=) Cash Retained (M)	114.18

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	37.72	23.58	14.15
Cash Retained (M)	114.18	114.18	114.18
(-) Cash Required (M)	-37.72	-23.58	-14.15
(=) Excess Retained (M)	76.45	90.60	100.03
(/) Shares Outstanding (M)	1,490.34	1,490.34	1,490.34
(=) Excess Retained per Share	0.05	0.06	0.07
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.05	0.06	0.07
(=) Adjusted Dividend	0.10	0.11	0.12
WACC / Discount Rate	1.51%	1.51%	1.51%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$21.36	$23.59	$25.17
Upside / Downside	274.15%	313.11%	340.81%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	188.62	200.88	213.94	227.85	242.66	258.43	266.18
Payout Ratio	39.47%	49.57%	59.68%	69.79%	79.89%	90.00%	92.50%
Projected Dividends (M)	74.45	99.59	127.68	159.01	193.87	232.59	246.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.51%	1.51%	1.51%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	97.18	98.10	99.02
Year 2 PV (M)	121.59	123.91	126.24
Year 3 PV (M)	147.76	152.01	156.33
Year 4 PV (M)	175.81	182.57	189.52
Year 5 PV (M)	205.83	215.77	226.09
PV of Terminal Value (M)	21,789.15	22,841.57	23,934.27
Equity Value (M)	22,537.32	23,613.93	24,731.49
Shares Outstanding (M)	1,490.34	1,490.34	1,490.34
Fair Value	$15.12	$15.84	$16.59
Upside / Downside	164.84%	177.49%	190.62%

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Zhenjiang Dongfang Electric Heating Technology Co.,Ltd (300217.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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