DDM Analysis: 002311.SZ

Valuation Snapshot

Stable Growth	$314.40 - $599.95	$562.24
Multi-Stage	$93.85 - $102.73	$98.21
Blended Fair Value	$330.23
Current Price	$63.77
Upside	417.84%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.81%	13.37%	0.68	0.71	0.45	0.49	0.46	0.43	0.34	0.34	0.28	0.21
YoY Growth	-	-	-3.94%	58.69%	-8.99%	6.78%	7.79%	24.50%	0.55%	23.51%	33.98%	6.01%
Dividend Yield	-	-	1.37%	1.60%	0.77%	0.90%	0.59%	1.06%	1.20%	1.41%	1.67%	1.27%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,022.60
(-) Cash Dividends Paid (M)	1,984.45
(=) Cash Retained (M)	3,038.15

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,004.52	627.82	376.69
Cash Retained (M)	3,038.15	3,038.15	3,038.15
(-) Cash Required (M)	-1,004.52	-627.82	-376.69
(=) Excess Retained (M)	2,033.63	2,410.32	2,661.45
(/) Shares Outstanding (M)	1,664.91	1,664.91	1,664.91
(=) Excess Retained per Share	1.22	1.45	1.60
LTM Dividend per Share	1.19	1.19	1.19
(+) Excess Retained per Share	1.22	1.45	1.60
(=) Adjusted Dividend	2.41	2.64	2.79
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$314.40	$562.24	$599.95
Upside / Downside	393.02%	781.67%	840.81%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,022.60	5,349.07	5,696.76	6,067.05	6,461.41	6,881.40	7,087.84
Payout Ratio	39.51%	49.61%	59.71%	69.80%	79.90%	90.00%	92.50%
Projected Dividends (M)	1,984.45	2,653.59	3,401.32	4,235.05	5,162.80	6,193.26	6,556.25

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	2,472.65	2,496.09	2,519.53
Year 2 PV (M)	2,953.30	3,009.55	3,066.33
Year 3 PV (M)	3,426.47	3,524.83	3,625.06
Year 4 PV (M)	3,892.27	4,041.96	4,195.92
Year 5 PV (M)	4,350.77	4,560.92	4,779.10
PV of Terminal Value (M)	139,154.43	145,875.64	152,854.09
Equity Value (M)	156,249.89	163,508.98	171,040.02
Shares Outstanding (M)	1,664.91	1,664.91	1,664.91
Fair Value	$93.85	$98.21	$102.73
Upside / Downside	47.17%	54.00%	61.10%

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Guangdong Haid Group Co., Limited (002311.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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