DDM Analysis: 002270.SZ

Valuation Snapshot

Stable Growth	$16.92 - $40.59	$25.06
Multi-Stage	$11.70 - $12.80	$12.24
Blended Fair Value	$18.65
Current Price	$19.81
Upside	-5.87%
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	51.60%	31.65%	0.84	0.59	0.42	0.23	0.14	0.10	0.10	0.01	0.05	0.12
YoY Growth	-	-	42.54%	38.79%	85.01%	58.49%	38.05%	8.95%	567.90%	-69.45%	-59.27%	115.63%
Dividend Yield	-	-	5.68%	3.29%	4.64%	3.29%	2.77%	2.29%	1.71%	0.23%	0.48%	0.96%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	701.48
(-) Cash Dividends Paid (M)	57.52
(=) Cash Retained (M)	643.96

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	140.30	87.69	52.61
Cash Retained (M)	643.96	643.96	643.96
(-) Cash Required (M)	-140.30	-87.69	-52.61
(=) Excess Retained (M)	503.66	556.28	591.35
(/) Shares Outstanding (M)	890.63	890.63	890.63
(=) Excess Retained per Share	0.57	0.62	0.66
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.57	0.62	0.66
(=) Adjusted Dividend	0.63	0.69	0.73
WACC / Discount Rate	9.43%	9.43%	9.43%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$16.92	$25.06	$40.59
Upside / Downside	-14.60%	26.48%	104.91%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	701.48	747.08	795.64	847.36	902.43	961.09	989.92
Payout Ratio	8.20%	24.56%	40.92%	57.28%	73.64%	90.00%	92.50%
Projected Dividends (M)	57.52	183.48	325.58	485.37	664.55	864.98	915.68

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.43%	9.43%	9.43%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	166.10	167.67	169.25
Year 2 PV (M)	266.80	271.88	277.01
Year 3 PV (M)	360.06	370.40	380.93
Year 4 PV (M)	446.28	463.44	481.09
Year 5 PV (M)	525.84	551.24	577.61
PV of Terminal Value (M)	8,658.01	9,076.20	9,510.39
Equity Value (M)	10,423.09	10,900.82	11,396.27
Shares Outstanding (M)	890.63	890.63	890.63
Fair Value	$11.70	$12.24	$12.80
Upside / Downside	-40.92%	-38.22%	-35.41%

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Huaming Power Equipment Co.,Ltd (002270.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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