DDM Analysis: 002806.SZ

Valuation Snapshot

Stable Growth	$27.00 - $65.88	$61.74
Multi-Stage	$9.49 - $10.39	$9.93
Blended Fair Value	$35.83
Current Price	$11.75
Upside	204.98%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.78%	2.84%	0.07	0.05	0.00	0.05	0.06	0.07	0.05	0.04	0.01	0.04
YoY Growth	-	-	45.21%	2,454.95%	-96.17%	-23.06%	-4.79%	31.69%	37.11%	538.42%	-86.40%	-18.87%
Dividend Yield	-	-	0.63%	0.50%	0.02%	0.44%	0.77%	0.58%	0.25%	0.21%	0.02%	0.84%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	70.30
(-) Cash Dividends Paid (M)	13.36
(=) Cash Retained (M)	56.94

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.06	8.79	5.27
Cash Retained (M)	56.94	56.94	56.94
(-) Cash Required (M)	-14.06	-8.79	-5.27
(=) Excess Retained (M)	42.88	48.15	51.67
(/) Shares Outstanding (M)	212.23	212.23	212.23
(=) Excess Retained per Share	0.20	0.23	0.24
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.20	0.23	0.24
(=) Adjusted Dividend	0.27	0.29	0.31
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$27.00	$61.74	$65.88
Upside / Downside	129.82%	425.43%	460.67%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	70.30	74.87	79.74	84.92	90.44	96.32	99.21
Payout Ratio	19.01%	33.20%	47.40%	61.60%	75.80%	90.00%	92.50%
Projected Dividends (M)	13.36	24.86	37.80	52.31	68.56	86.69	91.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	23.12	23.34	23.55
Year 2 PV (M)	32.68	33.30	33.93
Year 3 PV (M)	42.06	43.26	44.49
Year 4 PV (M)	51.25	53.22	55.25
Year 5 PV (M)	60.26	63.17	66.19
PV of Terminal Value (M)	1,804.32	1,891.46	1,981.95
Equity Value (M)	2,013.67	2,107.75	2,205.37
Shares Outstanding (M)	212.23	212.23	212.23
Fair Value	$9.49	$9.93	$10.39
Upside / Downside	-19.25%	-15.48%	-11.56%

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Guangdong Huafeng New Energy Technology Co.,Ltd. (002806.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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