DDM Analysis: 002801.SZ

Valuation Snapshot

Stable Growth	$206.58 - $243.39	$228.09
Multi-Stage	$147.35 - $161.72	$154.40
Blended Fair Value	$191.25
Current Price	$36.17
Upside	428.74%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	12.95%	23.99%	0.30	0.50	0.50	0.40	0.15	0.16	0.26	0.08	0.05	0.04
YoY Growth	-	-	-40.53%	0.00%	25.00%	160.00%	-4.87%	-38.51%	241.90%	50.00%	33.33%	11.11%
Dividend Yield	-	-	0.73%	2.15%	1.96%	1.74%	0.63%	0.97%	1.85%	0.48%	0.19%	0.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	279.28
(-) Cash Dividends Paid (M)	79.66
(=) Cash Retained (M)	199.62

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	55.86	34.91	20.95
Cash Retained (M)	199.62	199.62	199.62
(-) Cash Required (M)	-55.86	-34.91	-20.95
(=) Excess Retained (M)	143.77	164.71	178.68
(/) Shares Outstanding (M)	228.20	228.20	228.20
(=) Excess Retained per Share	0.63	0.72	0.78
LTM Dividend per Share	0.35	0.35	0.35
(+) Excess Retained per Share	0.63	0.72	0.78
(=) Adjusted Dividend	0.98	1.07	1.13
WACC / Discount Rate	1.31%	1.31%	1.31%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$206.58	$228.09	$243.39
Upside / Downside	471.15%	530.61%	572.91%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	279.28	297.43	316.76	337.35	359.28	382.64	394.11
Payout Ratio	28.52%	40.82%	53.11%	65.41%	77.70%	90.00%	92.50%
Projected Dividends (M)	79.66	121.41	168.24	220.66	279.18	344.37	364.56

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.31%	1.31%	1.31%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	118.70	119.83	120.95
Year 2 PV (M)	160.84	163.91	167.00
Year 3 PV (M)	206.26	212.18	218.21
Year 4 PV (M)	255.15	264.96	275.06
Year 5 PV (M)	307.73	322.60	338.03
PV of Terminal Value (M)	32,577.00	34,150.48	35,784.18
Equity Value (M)	33,625.69	35,233.96	36,903.43
Shares Outstanding (M)	228.20	228.20	228.20
Fair Value	$147.35	$154.40	$161.72
Upside / Downside	307.39%	326.87%	347.10%

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Hangzhou Weiguang Electronic Co.,Ltd. (002801.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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