DDM Analysis: 300952.SZ

Valuation Snapshot

Stable Growth	$106.38 - $125.34	$117.46
Multi-Stage	$23.88 - $26.16	$25.00
Blended Fair Value	$71.23
Current Price	$30.70
Upside	132.02%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	85.33%	0.00%	0.27	0.20	0.11	0.21	0.01	0.01	0.21	1.00	0.00	0.00
YoY Growth	-	-	39.55%	74.38%	-47.84%	1,401.64%	14.71%	-94.02%	-79.15%	67,884.69%	0.00%	0.00%
Dividend Yield	-	-	0.94%	0.99%	0.59%	1.21%	0.04%	0.02%	0.32%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	104.45
(-) Cash Dividends Paid (M)	31.50
(=) Cash Retained (M)	72.95

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	20.89	13.06	7.83
Cash Retained (M)	72.95	72.95	72.95
(-) Cash Required (M)	-20.89	-13.06	-7.83
(=) Excess Retained (M)	52.06	59.90	65.12
(/) Shares Outstanding (M)	165.74	165.74	165.74
(=) Excess Retained per Share	0.31	0.36	0.39
LTM Dividend per Share	0.19	0.19	0.19
(+) Excess Retained per Share	0.31	0.36	0.39
(=) Adjusted Dividend	0.50	0.55	0.58
WACC / Discount Rate	5.72%	5.72%	5.72%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$106.38	$117.46	$125.34
Upside / Downside	246.53%	282.61%	308.27%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	104.45	111.24	118.47	126.18	134.38	143.11	147.40
Payout Ratio	30.16%	42.13%	54.09%	66.06%	78.03%	90.00%	92.50%
Projected Dividends (M)	31.50	46.86	64.09	83.35	104.86	128.80	136.35

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.72%	5.72%	5.72%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	43.91	44.32	44.74
Year 2 PV (M)	56.26	57.34	58.42
Year 3 PV (M)	68.57	70.54	72.54
Year 4 PV (M)	80.82	83.93	87.12
Year 5 PV (M)	93.02	97.51	102.18
PV of Terminal Value (M)	3,615.34	3,789.97	3,971.27
Equity Value (M)	3,957.92	4,143.60	4,336.27
Shares Outstanding (M)	165.74	165.74	165.74
Fair Value	$23.88	$25.00	$26.16
Upside / Downside	-22.21%	-18.56%	-14.78%

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Jiangsu Hanvo Safety Product Co., Ltd. (300952.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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