DDM Analysis: 301580.SZ

Valuation Snapshot

Stable Growth	$1.81 - $2.18	$2.02
Multi-Stage	$1.21 - $1.27	$1.24
Blended Fair Value	$1.63
Current Price	$44.01
Upside	-96.30%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	0.00%	0.00%	0.00	0.00	0.00	0.01	0.19	0.25	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	-100.00%	-94.05%	-23.19%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.00%	0.00%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	180.93
(-) Cash Dividends Paid (M)	49.60
(=) Cash Retained (M)	131.33

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	36.19	22.62	13.57
Cash Retained (M)	131.33	131.33	131.33
(-) Cash Required (M)	-36.19	-22.62	-13.57
(=) Excess Retained (M)	95.15	108.72	117.76
(/) Shares Outstanding (M)	90.15	90.15	90.15
(=) Excess Retained per Share	1.06	1.21	1.31
LTM Dividend per Share	0.55	0.55	0.55
(+) Excess Retained per Share	1.06	1.21	1.31
(=) Adjusted Dividend	1.61	1.76	1.86
WACC / Discount Rate	85.00%	85.00%	85.00%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.81	$2.02	$2.18
Upside / Downside	-95.89%	-95.41%	-95.04%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	180.93	179.12	177.33	175.55	173.80	172.06	177.22
Payout Ratio	27.41%	39.93%	52.45%	64.96%	77.48%	90.00%	92.50%
Projected Dividends (M)	49.60	71.52	93.00	114.05	134.66	154.85	163.93

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	85.00%	85.00%	85.00%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	38.27	38.66	39.05
Year 2 PV (M)	26.63	27.17	27.73
Year 3 PV (M)	17.47	18.01	18.56
Year 4 PV (M)	11.04	11.50	11.97
Year 5 PV (M)	6.79	7.15	7.51
PV of Terminal Value (M)	8.77	9.23	9.70
Equity Value (M)	108.97	111.72	114.53
Shares Outstanding (M)	90.15	90.15	90.15
Fair Value	$1.21	$1.24	$1.27
Upside / Downside	-97.25%	-97.18%	-97.11%

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Aidite Qinhuangdao Technology Co Ltd (301580.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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