DDM Analysis: 301008.SZ

Valuation Snapshot

Stable Growth	$3.61 - $6.12	$4.70
Multi-Stage	$4.52 - $4.95	$4.73
Blended Fair Value	$4.71
Current Price	$43.46
Upside	-89.15%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	17.77%	0.00%	0.44	0.30	0.02	0.34	0.15	0.19	0.05	0.03	0.00	0.00
YoY Growth	-	-	45.71%	1,793.30%	-95.40%	135.87%	-24.31%	292.93%	88.16%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.91%	1.74%	0.08%	1.53%	0.34%	0.45%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	33.93
(-) Cash Dividends Paid (M)	12.56
(=) Cash Retained (M)	21.37

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.79	4.24	2.54
Cash Retained (M)	21.37	21.37	21.37
(-) Cash Required (M)	-6.79	-4.24	-2.54
(=) Excess Retained (M)	14.58	17.13	18.83
(/) Shares Outstanding (M)	116.36	116.36	116.36
(=) Excess Retained per Share	0.13	0.15	0.16
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	0.13	0.15	0.16
(=) Adjusted Dividend	0.23	0.26	0.27
WACC / Discount Rate	8.50%	8.50%	8.50%
Growth Rate	1.91%	2.91%	3.91%
Fair Value	$3.61	$4.70	$6.12
Upside / Downside	-91.69%	-89.18%	-85.93%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	33.93	34.92	35.94	36.98	38.06	39.17	40.35
Payout Ratio	37.02%	47.62%	58.21%	68.81%	79.40%	90.00%	92.50%
Projected Dividends (M)	12.56	16.63	20.92	25.45	30.22	35.25	37.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.50%	8.50%	8.50%
Growth Rate	1.91%	2.91%	3.91%
Year 1 PV (M)	15.18	15.33	15.47
Year 2 PV (M)	17.43	17.77	18.12
Year 3 PV (M)	19.35	19.93	20.51
Year 4 PV (M)	20.98	21.81	22.67
Year 5 PV (M)	22.33	23.45	24.61
PV of Terminal Value (M)	430.19	451.71	474.09
Equity Value (M)	525.46	550.00	575.48
Shares Outstanding (M)	116.36	116.36	116.36
Fair Value	$4.52	$4.73	$4.95
Upside / Downside	-89.61%	-89.12%	-88.62%

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Zhejiang Hongchang Electrical Technology Co., Ltd. (301008.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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