DDM Analysis: 002001.SZ

Valuation Snapshot

Stable Growth	$191.65 - $466.39	$437.08
Multi-Stage	$67.86 - $74.28	$71.01
Blended Fair Value	$254.04
Current Price	$23.83
Upside	966.06%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-0.60%	15.15%	0.54	0.60	0.69	0.60	0.45	0.56	0.31	0.23	0.09	0.14
YoY Growth	-	-	-9.27%	-14.04%	16.64%	32.95%	-19.77%	79.23%	33.77%	165.55%	-35.80%	3.39%
Dividend Yield	-	-	2.42%	3.49%	3.87%	2.26%	1.69%	2.95%	2.34%	1.71%	1.08%	1.58%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	7,199.75
(-) Cash Dividends Paid (M)	2,357.04
(=) Cash Retained (M)	4,842.71

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,439.95	899.97	539.98
Cash Retained (M)	4,842.71	4,842.71	4,842.71
(-) Cash Required (M)	-1,439.95	-899.97	-539.98
(=) Excess Retained (M)	3,402.76	3,942.74	4,302.73
(/) Shares Outstanding (M)	3,070.07	3,070.07	3,070.07
(=) Excess Retained per Share	1.11	1.28	1.40
LTM Dividend per Share	0.77	0.77	0.77
(+) Excess Retained per Share	1.11	1.28	1.40
(=) Adjusted Dividend	1.88	2.05	2.17
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$191.65	$437.08	$466.39
Upside / Downside	704.24%	1,734.14%	1,857.16%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	7,199.75	7,667.73	8,166.14	8,696.93	9,262.23	9,864.28	10,160.21
Payout Ratio	32.74%	44.19%	55.64%	67.10%	78.55%	90.00%	92.50%
Projected Dividends (M)	2,357.04	3,388.39	4,543.85	5,835.22	7,275.26	8,877.85	9,398.19

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	3,150.74	3,180.60	3,210.47
Year 2 PV (M)	3,928.83	4,003.67	4,079.21
Year 3 PV (M)	4,691.55	4,826.22	4,963.45
Year 4 PV (M)	5,439.10	5,648.27	5,863.42
Year 5 PV (M)	6,171.72	6,469.81	6,779.32
PV of Terminal Value (M)	184,938.58	193,871.18	203,145.66
Equity Value (M)	208,320.52	217,999.76	228,041.53
Shares Outstanding (M)	3,070.07	3,070.07	3,070.07
Fair Value	$67.86	$71.01	$74.28
Upside / Downside	184.75%	197.98%	211.70%

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Zhejiang NHU Company Ltd. (002001.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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