DDM Analysis: 300018.SZ

Valuation Snapshot

Stable Growth	$41.04 - $48.36	$45.32
Multi-Stage	$28.42 - $31.20	$29.78
Blended Fair Value	$37.55
Current Price	$9.11
Upside	312.19%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	2.12%	0.05	0.05	0.00	0.00	0.00	0.00	0.10	0.05	0.05	0.00
YoY Growth	-	-	0.00%	11,922.83%	-77.03%	-45.13%	0.00%	-100.00%	104.01%	-1.29%	0.00%	-100.00%
Dividend Yield	-	-	0.68%	0.89%	0.01%	0.03%	0.06%	0.00%	1.57%	0.71%	0.45%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	123.04
(-) Cash Dividends Paid (M)	33.66
(=) Cash Retained (M)	89.38

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	24.61	15.38	9.23
Cash Retained (M)	89.38	89.38	89.38
(-) Cash Required (M)	-24.61	-15.38	-9.23
(=) Excess Retained (M)	64.77	74.00	80.15
(/) Shares Outstanding (M)	503.83	503.83	503.83
(=) Excess Retained per Share	0.13	0.15	0.16
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.13	0.15	0.16
(=) Adjusted Dividend	0.20	0.21	0.23
WACC / Discount Rate	1.57%	1.57%	1.57%
Growth Rate	5.05%	6.05%	7.05%
Fair Value	$41.04	$45.32	$48.36
Upside / Downside	350.54%	397.47%	430.85%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	123.04	130.47	138.36	146.73	155.60	165.01	169.96
Payout Ratio	27.36%	39.89%	52.41%	64.94%	77.47%	90.00%	92.50%
Projected Dividends (M)	33.66	52.04	72.52	95.29	120.55	148.51	157.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.57%	1.57%	1.57%
Growth Rate	5.05%	6.05%	7.05%
Year 1 PV (M)	50.75	51.23	51.72
Year 2 PV (M)	68.98	70.30	71.63
Year 3 PV (M)	88.39	90.94	93.53
Year 4 PV (M)	109.05	113.26	117.59
Year 5 PV (M)	131.01	137.37	143.97
PV of Terminal Value (M)	13,869.33	14,542.17	15,240.88
Equity Value (M)	14,317.51	15,005.27	15,719.31
Shares Outstanding (M)	503.83	503.83	503.83
Fair Value	$28.42	$29.78	$31.20
Upside / Downside	211.94%	226.92%	242.48%

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Wuhan Zhongyuan Huadian Science & Technology Co.,Ltd. (300018.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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