DDM Analysis: 603331.SS

Valuation Snapshot

Stable Growth	$60.69 - $71.50	$67.01
Multi-Stage	$46.28 - $50.79	$48.49
Blended Fair Value	$57.75
Current Price	$11.06
Upside	422.15%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.63%	2.21%	0.32	0.11	0.33	0.27	0.24	0.22	0.19	0.06	0.07	0.09
YoY Growth	-	-	183.93%	-65.65%	18.84%	13.01%	10.27%	17.31%	195.79%	-4.16%	-27.09%	-64.47%
Dividend Yield	-	-	3.26%	0.95%	2.28%	2.04%	2.57%	1.69%	1.49%	0.48%	0.67%	0.91%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	71.34
(-) Cash Dividends Paid (M)	19.10
(=) Cash Retained (M)	52.23

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.27	8.92	5.35
Cash Retained (M)	52.23	52.23	52.23
(-) Cash Required (M)	-14.27	-8.92	-5.35
(=) Excess Retained (M)	37.97	43.32	46.88
(/) Shares Outstanding (M)	198.42	198.42	198.42
(=) Excess Retained per Share	0.19	0.22	0.24
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.19	0.22	0.24
(=) Adjusted Dividend	0.29	0.31	0.33
WACC / Discount Rate	-0.05%	-0.05%	-0.05%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$60.69	$67.01	$71.50
Upside / Downside	448.72%	505.85%	546.48%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	71.34	75.97	80.91	86.17	91.77	97.74	100.67
Payout Ratio	26.78%	39.42%	52.07%	64.71%	77.36%	90.00%	92.50%
Projected Dividends (M)	19.10	29.95	42.13	55.76	70.99	87.96	93.12

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-0.05%	-0.05%	-0.05%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	29.68	29.97	30.25
Year 2 PV (M)	41.38	42.17	42.96
Year 3 PV (M)	54.28	55.84	57.43
Year 4 PV (M)	68.49	71.13	73.84
Year 5 PV (M)	84.11	88.18	92.39
PV of Terminal Value (M)	8,904.30	9,334.39	9,780.93
Equity Value (M)	9,182.26	9,621.67	10,077.80
Shares Outstanding (M)	198.42	198.42	198.42
Fair Value	$46.28	$48.49	$50.79
Upside / Downside	318.43%	338.45%	359.23%

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Zhejiang Baida Precision Manufacturing Corp. (603331.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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