DDM Analysis: 300727.SZ

Valuation Snapshot

Stable Growth	$139.51 - $164.36	$154.03
Multi-Stage	$29.48 - $32.29	$30.86
Blended Fair Value	$92.45
Current Price	$37.73
Upside	145.02%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.01%	27.87%	0.19	0.15	0.13	0.11	0.14	0.13	0.08	0.01	0.01	0.15
YoY Growth	-	-	26.38%	9.97%	18.70%	-18.28%	4.09%	59.87%	661.88%	24.71%	-94.29%	859.77%
Dividend Yield	-	-	0.60%	0.71%	0.54%	0.59%	0.70%	1.32%	0.49%	0.05%	0.12%	2.15%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	121.63
(-) Cash Dividends Paid (M)	43.35
(=) Cash Retained (M)	78.29

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	24.33	15.20	9.12
Cash Retained (M)	78.29	78.29	78.29
(-) Cash Required (M)	-24.33	-15.20	-9.12
(=) Excess Retained (M)	53.96	63.08	69.16
(/) Shares Outstanding (M)	147.17	147.17	147.17
(=) Excess Retained per Share	0.37	0.43	0.47
LTM Dividend per Share	0.29	0.29	0.29
(+) Excess Retained per Share	0.37	0.43	0.47
(=) Adjusted Dividend	0.66	0.72	0.76
WACC / Discount Rate	5.90%	5.90%	5.90%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$139.51	$154.03	$164.36
Upside / Downside	269.75%	308.25%	335.63%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	121.63	129.54	137.96	146.93	156.48	166.65	171.65
Payout Ratio	35.64%	46.51%	57.38%	68.26%	79.13%	90.00%	92.50%
Projected Dividends (M)	43.35	60.25	79.17	100.29	123.82	149.98	158.78

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.90%	5.90%	5.90%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	56.36	56.90	57.43
Year 2 PV (M)	69.28	70.60	71.93
Year 3 PV (M)	82.10	84.45	86.85
Year 4 PV (M)	94.82	98.46	102.21
Year 5 PV (M)	107.44	112.63	118.02
PV of Terminal Value (M)	3,928.56	4,118.31	4,315.32
Equity Value (M)	4,338.56	4,541.35	4,751.77
Shares Outstanding (M)	147.17	147.17	147.17
Fair Value	$29.48	$30.86	$32.29
Upside / Downside	-21.87%	-18.22%	-14.43%

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Ningbo Runhe High-Tech Materials Co., Ltd. (300727.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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