DDM Analysis: 300850.SZ

Valuation Snapshot

Stable Growth	$70.62 - $413.69	$130.44
Multi-Stage	$40.92 - $44.78	$42.82
Blended Fair Value	$86.63
Current Price	$43.48
Upside	99.24%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	70.34%	0.00%	0.27	0.21	0.19	0.14	0.02	0.02	0.02	0.01	0.02	0.00
YoY Growth	-	-	25.30%	14.99%	31.72%	750.95%	-11.21%	18.90%	51.39%	-35.70%	0.00%	0.00%
Dividend Yield	-	-	1.02%	0.85%	0.41%	0.21%	0.03%	0.19%	0.16%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	765.31
(-) Cash Dividends Paid (M)	73.94
(=) Cash Retained (M)	691.37

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	153.06	95.66	57.40
Cash Retained (M)	691.37	691.37	691.37
(-) Cash Required (M)	-153.06	-95.66	-57.40
(=) Excess Retained (M)	538.31	595.70	633.97
(/) Shares Outstanding (M)	367.91	367.91	367.91
(=) Excess Retained per Share	1.46	1.62	1.72
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	1.46	1.62	1.72
(=) Adjusted Dividend	1.66	1.82	1.92
WACC / Discount Rate	7.99%	7.99%	7.99%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$70.62	$130.44	$413.69
Upside / Downside	62.42%	200.01%	851.45%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	765.31	815.05	868.03	924.45	984.54	1,048.54	1,080.00
Payout Ratio	9.66%	25.73%	41.80%	57.86%	73.93%	90.00%	92.50%
Projected Dividends (M)	73.94	209.71	362.81	534.93	727.90	943.69	999.00

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.99%	7.99%	7.99%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	192.38	194.20	196.02
Year 2 PV (M)	305.32	311.13	317.00
Year 3 PV (M)	412.96	424.81	436.89
Year 4 PV (M)	515.48	535.30	555.69
Year 5 PV (M)	613.06	642.67	673.42
PV of Terminal Value (M)	13,016.16	13,644.84	14,297.59
Equity Value (M)	15,055.35	15,752.96	16,476.61
Shares Outstanding (M)	367.91	367.91	367.91
Fair Value	$40.92	$42.82	$44.78
Upside / Downside	-5.88%	-1.52%	3.00%

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Luoyang Xinqianglian Slewing Bearing Co., Ltd. (300850.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener