DDM Analysis: 300035.SZ

Valuation Snapshot

Stable Growth	$61.71 - $151.10	$141.60
Multi-Stage	$22.11 - $24.19	$23.13
Blended Fair Value	$82.37
Current Price	$22.73
Upside	262.38%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	33.77%	15.38%	0.24	0.30	0.31	0.15	0.08	0.06	0.02	0.04	0.07	0.03
YoY Growth	-	-	-20.85%	-2.08%	109.65%	94.95%	35.23%	269.72%	-64.44%	-39.57%	102.29%	-39.25%
Dividend Yield	-	-	1.48%	3.24%	1.82%	0.46%	0.70%	0.88%	0.25%	0.68%	0.92%	0.53%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	521.20
(-) Cash Dividends Paid (M)	228.59
(=) Cash Retained (M)	292.60

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	104.24	65.15	39.09
Cash Retained (M)	292.60	292.60	292.60
(-) Cash Required (M)	-104.24	-65.15	-39.09
(=) Excess Retained (M)	188.36	227.45	253.51
(/) Shares Outstanding (M)	685.98	685.98	685.98
(=) Excess Retained per Share	0.27	0.33	0.37
LTM Dividend per Share	0.33	0.33	0.33
(+) Excess Retained per Share	0.27	0.33	0.37
(=) Adjusted Dividend	0.61	0.66	0.70
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$61.71	$141.60	$151.10
Upside / Downside	171.51%	522.99%	564.77%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	521.20	555.07	591.15	629.58	670.50	714.08	735.51
Payout Ratio	43.86%	53.09%	62.32%	71.54%	80.77%	90.00%	92.50%
Projected Dividends (M)	228.59	294.67	368.38	450.42	541.58	642.68	680.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	273.99	276.59	279.19
Year 2 PV (M)	318.48	324.55	330.67
Year 3 PV (M)	362.08	372.47	383.06
Year 4 PV (M)	404.80	420.36	436.37
Year 5 PV (M)	446.64	468.22	490.62
PV of Terminal Value (M)	13,360.08	14,005.38	14,675.37
Equity Value (M)	15,166.07	15,867.57	16,595.29
Shares Outstanding (M)	685.98	685.98	685.98
Fair Value	$22.11	$23.13	$24.19
Upside / Downside	-2.73%	1.77%	6.43%

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Hunan Zhongke Electric Co., Ltd. (300035.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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