DDM Analysis: 002947.SZ

Valuation Snapshot

Stable Growth	$372.68 - $439.08	$411.48
Multi-Stage	$298.23 - $327.32	$312.51
Blended Fair Value	$361.99
Current Price	$48.44
Upside	647.31%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	36.43%	0.00%	0.46	0.28	0.14	0.15	0.29	0.10	0.00	0.18	0.22	0.22
YoY Growth	-	-	64.85%	97.57%	-3.72%	-49.83%	200.45%	0.00%	-100.00%	-18.79%	2.71%	0.00%
Dividend Yield	-	-	1.19%	0.92%	0.64%	0.73%	1.57%	0.37%	0.00%	1.14%	1.40%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	553.95
(-) Cash Dividends Paid (M)	150.09
(=) Cash Retained (M)	403.86

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	110.79	69.24	41.55
Cash Retained (M)	403.86	403.86	403.86
(-) Cash Required (M)	-110.79	-69.24	-41.55
(=) Excess Retained (M)	293.07	334.62	362.31
(/) Shares Outstanding (M)	250.90	250.90	250.90
(=) Excess Retained per Share	1.17	1.33	1.44
LTM Dividend per Share	0.60	0.60	0.60
(+) Excess Retained per Share	1.17	1.33	1.44
(=) Adjusted Dividend	1.77	1.93	2.04
WACC / Discount Rate	-1.02%	-1.02%	-1.02%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$372.68	$411.48	$439.08
Upside / Downside	669.37%	749.47%	806.44%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	553.95	589.96	628.30	669.14	712.64	758.96	781.73
Payout Ratio	27.09%	39.68%	52.26%	64.84%	77.42%	90.00%	92.50%
Projected Dividends (M)	150.09	234.07	328.33	433.86	551.72	683.06	723.10

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-1.02%	-1.02%	-1.02%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	234.25	236.47	238.69
Year 2 PV (M)	328.84	335.10	341.43
Year 3 PV (M)	434.87	447.35	460.07
Year 4 PV (M)	553.43	574.71	596.60
Year 5 PV (M)	685.71	718.83	753.22
PV of Terminal Value (M)	72,590.15	76,096.29	79,736.61
Equity Value (M)	74,827.25	78,408.75	82,126.61
Shares Outstanding (M)	250.90	250.90	250.90
Fair Value	$298.23	$312.51	$327.32
Upside / Downside	515.67%	545.14%	575.73%

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Suzhou Hengmingda Electronic Technology Co., Ltd. (002947.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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