DDM Analysis: 002206.SZ

Valuation Snapshot

Stable Growth	$11.01 - $31.18	$17.18
Multi-Stage	$12.51 - $13.72	$13.11
Blended Fair Value	$15.14
Current Price	$6.10
Upside	148.21%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-4.77%	4.90%	0.19	0.20	0.15	0.24	0.14	0.24	0.22	0.23	0.19	0.13
YoY Growth	-	-	-5.02%	27.16%	-36.75%	71.80%	-40.30%	6.51%	-2.85%	21.86%	43.96%	13.41%
Dividend Yield	-	-	3.65%	4.39%	2.58%	4.02%	2.41%	6.87%	4.57%	4.51%	2.34%	2.17%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	529.06
(-) Cash Dividends Paid (M)	229.10
(=) Cash Retained (M)	299.96

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	105.81	66.13	39.68
Cash Retained (M)	299.96	299.96	299.96
(-) Cash Required (M)	-105.81	-66.13	-39.68
(=) Excess Retained (M)	194.15	233.83	260.28
(/) Shares Outstanding (M)	1,154.42	1,154.42	1,154.42
(=) Excess Retained per Share	0.17	0.20	0.23
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	0.17	0.20	0.23
(=) Adjusted Dividend	0.37	0.40	0.42
WACC / Discount Rate	6.36%	6.36%	6.36%
Growth Rate	2.93%	3.93%	4.93%
Fair Value	$11.01	$17.18	$31.18
Upside / Downside	80.55%	181.56%	411.18%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	529.06	549.86	571.47	593.93	617.27	641.53	660.78
Payout Ratio	43.30%	52.64%	61.98%	71.32%	80.66%	90.00%	92.50%
Projected Dividends (M)	229.10	289.46	354.21	423.60	497.89	577.38	611.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.36%	6.36%	6.36%
Growth Rate	2.93%	3.93%	4.93%
Year 1 PV (M)	269.54	272.16	274.78
Year 2 PV (M)	307.13	313.13	319.19
Year 3 PV (M)	342.03	352.09	362.35
Year 4 PV (M)	374.35	389.11	404.31
Year 5 PV (M)	404.24	424.26	445.07
PV of Terminal Value (M)	12,748.00	13,379.41	14,035.59
Equity Value (M)	14,445.29	15,130.16	15,841.28
Shares Outstanding (M)	1,154.42	1,154.42	1,154.42
Fair Value	$12.51	$13.11	$13.72
Upside / Downside	105.13%	114.86%	124.96%

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Zhejiang Hailide New Material Co.,Ltd (002206.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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