DDM Analysis: 002730.SZ

Valuation Snapshot

Stable Growth	$45.59 - $53.71	$50.33
Multi-Stage	$31.02 - $34.03	$32.50
Blended Fair Value	$41.41
Current Price	$15.99
Upside	159.00%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.33%	10.70%	0.16	0.13	0.13	0.08	0.11	0.09	0.09	0.02	0.07	0.10
YoY Growth	-	-	21.49%	0.41%	53.58%	-24.61%	21.05%	6.80%	276.12%	-69.29%	-22.51%	69.13%
Dividend Yield	-	-	0.98%	1.59%	1.48%	0.82%	0.69%	1.30%	0.99%	0.21%	0.38%	0.52%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	95.33
(-) Cash Dividends Paid (M)	55.64
(=) Cash Retained (M)	39.69

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	19.07	11.92	7.15
Cash Retained (M)	39.69	39.69	39.69
(-) Cash Required (M)	-19.07	-11.92	-7.15
(=) Excess Retained (M)	20.62	27.77	32.54
(/) Shares Outstanding (M)	352.99	352.99	352.99
(=) Excess Retained per Share	0.06	0.08	0.09
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	0.06	0.08	0.09
(=) Adjusted Dividend	0.22	0.24	0.25
WACC / Discount Rate	2.40%	2.40%	2.40%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$45.59	$50.33	$53.71
Upside / Downside	185.09%	214.77%	235.89%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	95.33	101.52	108.12	115.15	122.64	130.61	134.53
Payout Ratio	58.37%	64.69%	71.02%	77.35%	83.67%	90.00%	92.50%
Projected Dividends (M)	55.64	65.68	76.79	89.07	102.61	117.55	124.44

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.40%	2.40%	2.40%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	63.54	64.14	64.74
Year 2 PV (M)	71.87	73.23	74.62
Year 3 PV (M)	80.64	82.95	85.31
Year 4 PV (M)	89.88	93.33	96.89
Year 5 PV (M)	99.60	104.41	109.41
PV of Terminal Value (M)	10,543.73	11,053.00	11,581.76
Equity Value (M)	10,949.25	11,471.07	12,012.72
Shares Outstanding (M)	352.99	352.99	352.99
Fair Value	$31.02	$32.50	$34.03
Upside / Downside	93.99%	103.23%	112.83%

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EXPD	Expeditors International of Washington, Inc.	0.99%	$1.50	24.32%
LISOX	Lazard International Strategic Equity Ptf Open Shares	0.99%	$0.13	36.87%
MXC	Mexco Energy Corporation	0.99%	$0.10	12.25%
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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Dianguang Explosion-proof Technology Co., Ltd. (002730.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener