DDM Analysis: 300307.SZ

Valuation Snapshot

Stable Growth	$9.90 - $24.24	$22.71
Multi-Stage	$3.65 - $3.99	$3.82
Blended Fair Value	$13.26
Current Price	$7.00
Upside	89.49%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	23.96%	-0.19%	0.10	0.01	0.02	0.01	0.01	0.04	0.22	0.11	0.10	0.00
YoY Growth	-	-	1,110.02%	-44.33%	106.73%	-34.92%	-67.71%	-84.18%	106.48%	6.43%	1,939.02%	-95.27%
Dividend Yield	-	-	1.08%	0.15%	0.26%	0.14%	0.15%	0.77%	3.26%	1.43%	0.94%	0.04%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	95.89
(-) Cash Dividends Paid (M)	83.86
(=) Cash Retained (M)	12.03

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	19.18	11.99	7.19
Cash Retained (M)	12.03	12.03	12.03
(-) Cash Required (M)	-19.18	-11.99	-7.19
(=) Excess Retained (M)	-7.15	0.04	4.84
(/) Shares Outstanding (M)	786.91	786.91	786.91
(=) Excess Retained per Share	-0.01	0.00	0.01
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	-0.01	0.00	0.01
(=) Adjusted Dividend	0.10	0.11	0.11
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$9.90	$22.71	$24.24
Upside / Downside	41.41%	224.46%	246.22%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	95.89	102.13	108.77	115.83	123.36	131.38	135.32
Payout Ratio	87.46%	87.96%	88.47%	88.98%	89.49%	90.00%	92.50%
Projected Dividends (M)	83.86	89.84	96.23	103.07	110.40	118.24	125.17

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)	83.53	84.32	85.11
Year 2 PV (M)	83.19	84.78	86.38
Year 3 PV (M)	82.86	85.23	87.66
Year 4 PV (M)	82.52	85.69	88.95
Year 5 PV (M)	82.18	86.15	90.27
PV of Terminal Value (M)	2,458.09	2,576.82	2,700.09
Equity Value (M)	2,872.37	3,002.99	3,138.46
Shares Outstanding (M)	786.91	786.91	786.91
Fair Value	$3.65	$3.82	$3.99
Upside / Downside	-47.85%	-45.48%	-43.02%

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Ningbo Cixing Co.,Ltd. (300307.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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