DDM Analysis: 002171.SZ

Valuation Snapshot

Stable Growth	$23.90 - $74.22	$69.55
Multi-Stage	$10.02 - $10.97	$10.49
Blended Fair Value	$40.02
Current Price	$9.67
Upside	313.87%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	45.86%	25.90%	0.31	0.22	0.29	0.16	0.14	0.05	0.10	0.09	0.02	0.04
YoY Growth	-	-	37.70%	-24.40%	83.59%	17.13%	194.91%	-52.86%	15.22%	316.85%	-44.60%	20.85%
Dividend Yield	-	-	3.50%	2.71%	3.94%	1.72%	1.93%	0.62%	1.44%	1.26%	0.26%	0.47%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	568.80
(-) Cash Dividends Paid (M)	242.18
(=) Cash Retained (M)	326.62

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	113.76	71.10	42.66
Cash Retained (M)	326.62	326.62	326.62
(-) Cash Required (M)	-113.76	-71.10	-42.66
(=) Excess Retained (M)	212.86	255.52	283.96
(/) Shares Outstanding (M)	1,524.14	1,524.14	1,524.14
(=) Excess Retained per Share	0.14	0.17	0.19
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	0.14	0.17	0.19
(=) Adjusted Dividend	0.30	0.33	0.35
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$23.90	$69.55	$74.22
Upside / Downside	147.11%	619.28%	667.52%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	568.80	605.78	645.15	687.09	731.75	779.31	802.69
Payout Ratio	42.58%	52.06%	61.55%	71.03%	80.52%	90.00%	92.50%
Projected Dividends (M)	242.18	315.38	397.07	488.04	589.17	701.38	742.49

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	292.48	295.25	298.02
Year 2 PV (M)	341.49	348.00	354.56
Year 3 PV (M)	389.25	400.43	411.81
Year 4 PV (M)	435.78	452.54	469.78
Year 5 PV (M)	481.11	504.34	528.47
PV of Terminal Value (M)	13,339.00	13,983.28	14,652.22
Equity Value (M)	15,279.11	15,983.84	16,714.87
Shares Outstanding (M)	1,524.14	1,524.14	1,524.14
Fair Value	$10.02	$10.49	$10.97
Upside / Downside	3.67%	8.45%	13.41%

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Anhui Truchum Advanced Materials and Technology Co., Ltd. (002171.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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