DDM Analysis: 300041.SZ

Valuation Snapshot

Stable Growth	$23.56 - $54.73	$51.29
Multi-Stage	$8.27 - $9.04	$8.65
Blended Fair Value	$29.97
Current Price	$12.16
Upside	146.47%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.26%	13.15%	0.17	0.16	0.11	0.03	0.15	0.11	0.38	0.11	0.05	0.05
YoY Growth	-	-	6.73%	39.63%	307.27%	-81.77%	34.39%	-70.00%	254.07%	100.00%	-1.16%	10.14%
Dividend Yield	-	-	1.78%	1.69%	1.00%	0.27%	1.51%	1.31%	6.37%	1.27%	0.62%	0.69%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	154.67
(-) Cash Dividends Paid (M)	105.55
(=) Cash Retained (M)	49.12

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	30.93	19.33	11.60
Cash Retained (M)	49.12	49.12	49.12
(-) Cash Required (M)	-30.93	-19.33	-11.60
(=) Excess Retained (M)	18.19	29.79	37.52
(/) Shares Outstanding (M)	561.99	561.99	561.99
(=) Excess Retained per Share	0.03	0.05	0.07
LTM Dividend per Share	0.19	0.19	0.19
(+) Excess Retained per Share	0.03	0.05	0.07
(=) Adjusted Dividend	0.22	0.24	0.25
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$23.56	$51.29	$54.73
Upside / Downside	93.76%	321.83%	350.12%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	154.67	164.72	175.43	186.83	198.98	211.91	218.27
Payout Ratio	68.24%	72.59%	76.95%	81.30%	85.65%	90.00%	92.50%
Projected Dividends (M)	105.55	119.58	134.99	151.89	170.42	190.72	201.90

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	111.24	112.30	113.35
Year 2 PV (M)	116.82	119.04	121.29
Year 3 PV (M)	122.28	125.79	129.37
Year 4 PV (M)	127.63	132.54	137.59
Year 5 PV (M)	132.88	139.30	145.96
PV of Terminal Value (M)	4,035.31	4,230.21	4,432.58
Equity Value (M)	4,646.16	4,859.18	5,080.14
Shares Outstanding (M)	561.99	561.99	561.99
Fair Value	$8.27	$8.65	$9.04
Upside / Downside	-32.01%	-28.89%	-25.66%

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Hubei Huitian New Materials Co., Ltd. (300041.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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