DDM Analysis: 002333.SZ

Valuation Snapshot

Stable Growth	$3.94 - $14.40	$12.26
Multi-Stage	$6.64 - $7.30	$6.96
Blended Fair Value	$9.61
Current Price	$5.37
Upside	78.92%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-16.93%	-2.31%	0.06	0.02	0.01	0.01	0.00	0.15	0.00	0.07	0.07	0.11
YoY Growth	-	-	140.16%	148.50%	36.16%	0.00%	-100.00%	0.00%	-100.00%	0.00%	-33.33%	50.00%
Dividend Yield	-	-	1.08%	0.38%	0.17%	0.12%	0.00%	3.52%	0.00%	0.50%	0.40%	1.02%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	50.34
(-) Cash Dividends Paid (M)	19.85
(=) Cash Retained (M)	30.49

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.07	6.29	3.78
Cash Retained (M)	30.49	30.49	30.49
(-) Cash Required (M)	-10.07	-6.29	-3.78
(=) Excess Retained (M)	20.42	24.19	26.71
(/) Shares Outstanding (M)	675.59	675.59	675.59
(=) Excess Retained per Share	0.03	0.04	0.04
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.03	0.04	0.04
(=) Adjusted Dividend	0.06	0.07	0.07
WACC / Discount Rate	4.03%	4.03%	4.03%
Growth Rate	2.48%	3.48%	4.48%
Fair Value	$3.94	$12.26	$14.40
Upside / Downside	-26.63%	128.22%	168.18%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	50.34	52.09	53.90	55.78	57.72	59.73	61.52
Payout Ratio	39.44%	49.55%	59.66%	69.77%	79.89%	90.00%	92.50%
Projected Dividends (M)	19.85	25.81	32.16	38.92	46.11	53.75	56.90

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.03%	4.03%	4.03%
Growth Rate	2.48%	3.48%	4.48%
Year 1 PV (M)	24.57	24.81	25.05
Year 2 PV (M)	29.14	29.71	30.29
Year 3 PV (M)	33.57	34.57	35.58
Year 4 PV (M)	37.87	39.37	40.91
Year 5 PV (M)	42.03	44.12	46.29
PV of Terminal Value (M)	4,315.48	4,530.19	4,753.35
Equity Value (M)	4,482.66	4,702.76	4,931.47
Shares Outstanding (M)	675.59	675.59	675.59
Fair Value	$6.64	$6.96	$7.30
Upside / Downside	23.56%	29.63%	35.93%

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ZYF Lopsking Aluminum Co., Ltd. (002333.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener