DDM Analysis: 300481.SZ

Valuation Snapshot

Stable Growth	$50.41 - $101.50	$95.12
Multi-Stage	$16.07 - $17.57	$16.81
Blended Fair Value	$55.96
Current Price	$15.02
Upside	272.58%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	28.62%	43.76%	0.61	0.43	0.41	0.17	0.17	0.17	0.20	0.07	0.14	0.01
YoY Growth	-	-	43.38%	3.82%	136.45%	0.00%	0.00%	-14.29%	199.91%	-50.00%	1,954.22%	-59.43%
Dividend Yield	-	-	4.08%	2.89%	1.57%	0.74%	0.79%	1.08%	1.14%	0.47%	0.73%	0.04%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	150.23
(-) Cash Dividends Paid (M)	121.56
(=) Cash Retained (M)	28.68

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	30.05	18.78	11.27
Cash Retained (M)	28.68	28.68	28.68
(-) Cash Required (M)	-30.05	-18.78	-11.27
(=) Excess Retained (M)	-1.37	9.90	17.41
(/) Shares Outstanding (M)	294.37	294.37	294.37
(=) Excess Retained per Share	0.00	0.03	0.06
LTM Dividend per Share	0.41	0.41	0.41
(+) Excess Retained per Share	0.00	0.03	0.06
(=) Adjusted Dividend	0.41	0.45	0.47
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$50.41	$95.12	$101.50
Upside / Downside	235.63%	533.26%	575.74%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	150.23	160.00	170.40	181.47	193.27	205.83	212.01
Payout Ratio	80.91%	82.73%	84.55%	86.36%	88.18%	90.00%	92.50%
Projected Dividends (M)	121.56	132.37	144.07	156.73	170.43	185.25	196.11

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	123.29	124.46	125.63
Year 2 PV (M)	124.98	127.37	129.77
Year 3 PV (M)	126.65	130.28	133.99
Year 4 PV (M)	128.27	133.21	138.28
Year 5 PV (M)	129.86	136.14	142.65
PV of Terminal Value (M)	4,098.34	4,296.29	4,501.82
Equity Value (M)	4,731.40	4,947.74	5,172.13
Shares Outstanding (M)	294.37	294.37	294.37
Fair Value	$16.07	$16.81	$17.57
Upside / Downside	7.01%	11.90%	16.98%

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Puyang Huicheng Electronic Material Co., Ltd. (300481.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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