DDM Analysis: 300503.SZ

Valuation Snapshot

Stable Growth	$2.64 - $3.76	$3.19
Multi-Stage	$3.97 - $4.36	$4.16
Blended Fair Value	$3.68
Current Price	$30.97
Upside	-88.13%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-6.28%	0.00%	0.08	0.08	0.16	0.11	0.07	0.12	0.08	0.08	0.00	0.05
YoY Growth	-	-	2.78%	-47.00%	36.05%	61.39%	-39.55%	52.40%	-1.59%	5,211.55%	-96.95%	0.00%
Dividend Yield	-	-	0.34%	0.53%	1.54%	1.05%	0.60%	1.02%	0.74%	0.58%	0.01%	0.32%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	123.64
(-) Cash Dividends Paid (M)	18.96
(=) Cash Retained (M)	104.69

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	24.73	15.46	9.27
Cash Retained (M)	104.69	104.69	104.69
(-) Cash Required (M)	-24.73	-15.46	-9.27
(=) Excess Retained (M)	79.96	89.23	95.41
(/) Shares Outstanding (M)	310.22	310.22	310.22
(=) Excess Retained per Share	0.26	0.29	0.31
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.26	0.29	0.31
(=) Adjusted Dividend	0.32	0.35	0.37
WACC / Discount Rate	9.82%	9.82%	9.82%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$2.64	$3.19	$3.76
Upside / Downside	-91.46%	-89.69%	-87.87%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	123.64	122.41	121.18	119.97	118.77	117.58	121.11
Payout Ratio	15.33%	30.26%	45.20%	60.13%	75.07%	90.00%	92.50%
Projected Dividends (M)	18.96	37.05	54.77	72.14	89.16	105.82	112.03

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.82%	9.82%	9.82%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	33.39	33.73	34.08
Year 2 PV (M)	44.51	45.42	46.34
Year 3 PV (M)	52.84	54.47	56.14
Year 4 PV (M)	58.87	61.31	63.82
Year 5 PV (M)	62.98	66.26	69.68
PV of Terminal Value (M)	978.33	1,029.28	1,082.32
Equity Value (M)	1,230.93	1,290.48	1,352.38
Shares Outstanding (M)	310.22	310.22	310.22
Fair Value	$3.97	$4.16	$4.36
Upside / Downside	-87.19%	-86.57%	-85.92%

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Guangzhou Haozhi Industrial Co.,Ltd. (300503.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener