DDM Analysis: 300920.SZ

Valuation Snapshot

Stable Growth	$59.00 - $69.51	$65.14
Multi-Stage	$144.73 - $158.86	$151.67
Blended Fair Value	$108.40
Current Price	$47.69
Upside	127.31%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	89.23%	50.50%	0.22	0.01	0.84	0.45	0.02	0.01	0.00	0.01	0.00	0.01
YoY Growth	-	-	1,573.23%	-98.47%	86.14%	2,886.34%	69.96%	188.43%	-52.09%	70.91%	-25.65%	39.91%
Dividend Yield	-	-	1.11%	0.08%	4.68%	1.77%	0.03%	0.02%	0.00%	0.00%	0.01%	0.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	34.95
(-) Cash Dividends Paid (M)	30.82
(=) Cash Retained (M)	4.13

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.99	4.37	2.62
Cash Retained (M)	4.13	4.13	4.13
(-) Cash Required (M)	-6.99	-4.37	-2.62
(=) Excess Retained (M)	-2.86	-0.23	1.51
(/) Shares Outstanding (M)	100.00	100.00	100.00
(=) Excess Retained per Share	-0.03	0.00	0.02
LTM Dividend per Share	0.31	0.31	0.31
(+) Excess Retained per Share	-0.03	0.00	0.02
(=) Adjusted Dividend	0.28	0.31	0.32
WACC / Discount Rate	-20.92%	-20.92%	-20.92%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$59.00	$65.14	$69.51
Upside / Downside	23.71%	36.59%	45.75%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	34.95	37.22	39.64	42.22	44.96	47.89	49.32
Payout Ratio	88.17%	88.54%	88.90%	89.27%	89.63%	90.00%	92.50%
Projected Dividends (M)	30.82	32.96	35.24	37.69	40.30	43.10	45.62

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-20.92%	-20.92%	-20.92%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	41.28	41.67	42.06
Year 2 PV (M)	55.30	56.35	57.42
Year 3 PV (M)	74.08	76.20	78.37
Year 4 PV (M)	99.23	103.04	106.97
Year 5 PV (M)	132.91	139.33	146.00
PV of Terminal Value (M)	14,070.36	14,749.96	15,455.58
Equity Value (M)	14,473.16	15,166.57	15,886.39
Shares Outstanding (M)	100.00	100.00	100.00
Fair Value	$144.73	$151.67	$158.86
Upside / Downside	203.48%	218.02%	233.12%

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Zhejiang Runyang New Material Technology Co., Ltd. (300920.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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