DDM Analysis: 003816.SZ

Valuation Snapshot

Stable Growth	$16.01 - $37.00	$34.68
Multi-Stage	$5.88 - $6.43	$6.15
Blended Fair Value	$20.41
Current Price	$3.62
Upside	463.91%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-1.71%	14.41%	0.32	0.09	0.08	0.08	0.08	0.35	0.32	0.05	0.07	0.08
YoY Growth	-	-	264.99%	3.53%	4.98%	5.33%	-78.04%	8.31%	607.29%	-30.85%	-20.25%	-0.91%
Dividend Yield	-	-	8.75%	2.19%	2.93%	2.93%	2.68%	11.89%	8.90%	1.26%	1.82%	2.28%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	9,406.28
(-) Cash Dividends Paid (M)	8,104.90
(=) Cash Retained (M)	1,301.38

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,881.26	1,175.79	705.47
Cash Retained (M)	1,301.38	1,301.38	1,301.38
(-) Cash Required (M)	-1,881.26	-1,175.79	-705.47
(=) Excess Retained (M)	-579.88	125.59	595.91
(/) Shares Outstanding (M)	50,487.01	50,487.01	50,487.01
(=) Excess Retained per Share	-0.01	0.00	0.01
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	-0.01	0.00	0.01
(=) Adjusted Dividend	0.15	0.16	0.17
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	5.35%	6.35%	7.35%
Fair Value	$16.01	$34.68	$37.00
Upside / Downside	342.16%	857.91%	922.17%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	9,406.28	10,004.01	10,639.71	11,315.82	12,034.88	12,799.64	13,183.63
Payout Ratio	86.16%	86.93%	87.70%	88.47%	89.23%	90.00%	92.50%
Projected Dividends (M)	8,104.90	8,696.67	9,330.91	10,010.64	10,739.08	11,519.68	12,194.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	5.35%	6.35%	7.35%
Year 1 PV (M)	8,101.61	8,178.51	8,255.41
Year 2 PV (M)	8,097.69	8,252.14	8,408.05
Year 3 PV (M)	8,093.15	8,325.80	8,562.87
Year 4 PV (M)	8,088.01	8,399.49	8,719.87
Year 5 PV (M)	8,082.27	8,473.20	8,879.10
PV of Terminal Value (M)	256,506.64	268,913.44	281,795.74
Equity Value (M)	296,969.37	310,542.57	324,621.04
Shares Outstanding (M)	50,487.01	50,487.01	50,487.01
Fair Value	$5.88	$6.15	$6.43
Upside / Downside	62.49%	69.92%	77.62%

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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%
MBNKP	Medallion Bank	0.90%	$0.23	12.50%
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%
0I14.L	Cognex Corporation	0.88%	$0.32	49.16%
AR	Antero Resources Corporation	0.88%	$0.30	17.15%
LDOS	Leidos Holdings, Inc.	0.88%	$1.61	14.88%
LMAT	LeMaitre Vascular, Inc.	0.88%	$0.70	32.20%
NNI	Nelnet, Inc.	0.88%	$1.14	9.52%
PFSI	PennyMac Financial Services, Inc.	0.88%	$1.16	12.49%
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%
BCO	The Brink's Company	0.86%	$1.00	24.81%
HXL	Hexcel Corporation	0.86%	$0.66	77.18%

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CGN Power Co., Ltd. (003816.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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