DDM Analysis: 301000.SZ

Valuation Snapshot

Stable Growth	$100.34 - $118.22	$110.79
Multi-Stage	$27.83 - $30.51	$29.14
Blended Fair Value	$69.97
Current Price	$49.99
Upside	39.96%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	22.44%	0.00%	0.52	0.32	0.33	0.27	0.15	0.19	0.00	0.00	0.00	0.00
YoY Growth	-	-	64.21%	-3.90%	24.24%	78.97%	-21.57%	4,586.11%	316.10%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.25%	2.65%	2.87%	2.14%	0.72%	0.91%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	144.26
(-) Cash Dividends Paid (M)	48.48
(=) Cash Retained (M)	95.78

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	28.85	18.03	10.82
Cash Retained (M)	95.78	95.78	95.78
(-) Cash Required (M)	-28.85	-18.03	-10.82
(=) Excess Retained (M)	66.93	77.75	84.96
(/) Shares Outstanding (M)	242.67	242.67	242.67
(=) Excess Retained per Share	0.28	0.32	0.35
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	0.28	0.32	0.35
(=) Adjusted Dividend	0.48	0.52	0.55
WACC / Discount Rate	5.22%	5.22%	5.22%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$100.34	$110.79	$118.22
Upside / Downside	100.73%	121.63%	136.49%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	144.26	153.64	163.62	174.26	185.58	197.65	203.58
Payout Ratio	33.61%	44.88%	56.16%	67.44%	78.72%	90.00%	92.50%
Projected Dividends (M)	48.48	68.96	91.90	117.52	146.09	177.88	188.31

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.22%	5.22%	5.22%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	64.92	65.54	66.15
Year 2 PV (M)	81.45	83.00	84.56
Year 3 PV (M)	98.06	100.88	103.74
Year 4 PV (M)	114.76	119.17	123.71
Year 5 PV (M)	131.55	137.90	144.50
PV of Terminal Value (M)	6,263.70	6,566.24	6,880.36
Equity Value (M)	6,754.44	7,072.73	7,403.03
Shares Outstanding (M)	242.67	242.67	242.67
Fair Value	$27.83	$29.14	$30.51
Upside / Downside	-44.32%	-41.70%	-38.98%

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Shanghai Hajime Advanced Material Technology Co., Ltd. (301000.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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