DDM Analysis: 002801.SZ

Valuation Snapshot

Stable Growth	$206.58 - $243.39	$228.09
Multi-Stage	$147.35 - $161.72	$154.40
Blended Fair Value	$191.25
Current Price	$36.17
Upside	428.74%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	12.95%	23.99%	0.30	0.50	0.50	0.40	0.15	0.16	0.26	0.08	0.05	0.04
YoY Growth	-	-	-40.53%	0.00%	25.00%	160.00%	-4.87%	-38.51%	241.90%	50.00%	33.33%	11.11%
Dividend Yield	-	-	0.73%	2.15%	1.96%	1.74%	0.63%	0.97%	1.85%	0.48%	0.19%	0.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	279.28
(-) Cash Dividends Paid (M)	79.66
(=) Cash Retained (M)	199.62

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	55.86	34.91	20.95
Cash Retained (M)	199.62	199.62	199.62
(-) Cash Required (M)	-55.86	-34.91	-20.95
(=) Excess Retained (M)	143.77	164.71	178.68
(/) Shares Outstanding (M)	228.20	228.20	228.20
(=) Excess Retained per Share	0.63	0.72	0.78
LTM Dividend per Share	0.35	0.35	0.35
(+) Excess Retained per Share	0.63	0.72	0.78
(=) Adjusted Dividend	0.98	1.07	1.13
WACC / Discount Rate	1.31%	1.31%	1.31%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$206.58	$228.09	$243.39
Upside / Downside	471.15%	530.61%	572.91%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	279.28	297.43	316.76	337.35	359.28	382.64	394.11
Payout Ratio	28.52%	40.82%	53.11%	65.41%	77.70%	90.00%	92.50%
Projected Dividends (M)	79.66	121.41	168.24	220.66	279.18	344.37	364.56

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.31%	1.31%	1.31%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	118.70	119.83	120.95
Year 2 PV (M)	160.84	163.91	167.00
Year 3 PV (M)	206.26	212.18	218.21
Year 4 PV (M)	255.15	264.96	275.06
Year 5 PV (M)	307.73	322.60	338.03
PV of Terminal Value (M)	32,577.00	34,150.48	35,784.18
Equity Value (M)	33,625.69	35,233.96	36,903.43
Shares Outstanding (M)	228.20	228.20	228.20
Fair Value	$147.35	$154.40	$161.72
Upside / Downside	307.39%	326.87%	347.10%

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LISOX	Lazard International Strategic Equity Ptf Open Shares	0.99%	$0.13	36.87%
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NIC	Nicolet Bankshares, Inc.	0.99%	$1.19	12.58%
PAYC	Paycom Software, Inc.	0.99%	$1.51	18.80%
RRC	Range Resources Corporation	0.99%	$0.35	14.60%
WLFC	Willis Lease Finance Corporation	0.99%	$1.32	7.58%
WOR	Worthington Industries, Inc.	0.99%	$0.52	23.95%
CNXN	PC Connection, Inc.	0.98%	$0.56	16.89%
CAT	Caterpillar Inc.	0.97%	$5.78	29.40%
CNK	Cinemark Holdings, Inc.	0.97%	$0.23	18.28%
ECL	Ecolab Inc.	0.97%	$2.54	36.57%
EVR	Evercore Inc.	0.97%	$3.41	27.02%
LSBK	Lake Shore Bancorp, Inc.	0.96%	$0.14	24.34%
0ITL.L	Arthur J. Gallagher & Co.	0.95%	$2.42	39.43%
0IZI.L	W.W. Grainger, Inc.	0.95%	$9.52	26.47%
0L5V.L	The Sherwin-Williams Company	0.95%	$3.11	30.09%
0R2S.L	Stryker Corporation	0.95%	$3.28	43.09%
RRX	Regal Rexnord Corporation	0.95%	$1.39	36.07%
WT	WisdomTree, Inc.	0.95%	$0.12	18.12%
J	Jacobs Solutions Inc.	0.94%	$1.27	53.80%
ORCL	Oracle Corporation	0.94%	$1.84	34.81%
TCBS	Texas Community Bancshares, Inc.	0.94%	$0.17	19.22%
IMKTA	Ingles Markets, Incorporated	0.93%	$0.65	14.68%
ODC	Oil-Dri Corporation of America	0.93%	$0.45	12.28%
PENG	Penguin Solutions, Inc.	0.93%	$0.19	40.17%
SSBK	Southern States Bancshares, Inc.	0.93%	$0.34	9.19%
DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
HIFS	Hingham Institution for Savings	0.92%	$2.49	12.15%
RL	Ralph Lauren Corporation	0.92%	$3.34	24.37%
OPY	Oppenheimer Holdings Inc.	0.91%	$0.66	8.90%
BGC	BGC Group, Inc	0.90%	$0.08	23.56%
CDRE	Cadre Holdings, Inc.	0.90%	$0.37	33.35%
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JBHT	J.B. Hunt Transport Services, Inc.	0.89%	$1.75	30.14%
NYT	The New York Times Company	0.89%	$0.62	30.32%
RMD	ResMed Inc.	0.89%	$2.18	22.31%
VBFC	Village Bank and Trust Financial Corp.	0.89%	$0.72	15.35%
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LMAT	LeMaitre Vascular, Inc.	0.88%	$0.70	32.20%
NNI	Nelnet, Inc.	0.88%	$1.14	9.52%
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SMBK	SmartFinancial, Inc.	0.88%	$0.32	11.76%
BYD	Boyd Gaming Corporation	0.87%	$0.75	3.22%
ROST	Ross Stores, Inc.	0.87%	$1.59	24.85%
BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
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HXL	Hexcel Corporation	0.86%	$0.66	77.18%

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Hangzhou Weiguang Electronic Co.,Ltd. (002801.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener