DDM Analysis: 300604.SZ

Valuation Snapshot

Stable Growth	$29.77 - $64.64	$42.62
Multi-Stage	$21.14 - $23.12	$22.11
Blended Fair Value	$32.36
Current Price	$99.62
Upside	-67.51%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	43.59%	72.82%	0.16	0.14	0.10	0.06	0.00	0.03	0.02	0.02	0.00	0.00
YoY Growth	-	-	13.93%	30.62%	80.70%	1,290.78%	-83.68%	36.02%	17.04%	0.00%	-100.00%	511.58%
Dividend Yield	-	-	0.37%	0.41%	0.22%	0.16%	0.03%	0.21%	0.17%	0.18%	0.00%	0.19%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	966.44
(-) Cash Dividends Paid (M)	31.68
(=) Cash Retained (M)	934.76

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	193.29	120.80	72.48
Cash Retained (M)	934.76	934.76	934.76
(-) Cash Required (M)	-193.29	-120.80	-72.48
(=) Excess Retained (M)	741.47	813.96	862.28
(/) Shares Outstanding (M)	626.51	626.51	626.51
(=) Excess Retained per Share	1.18	1.30	1.38
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	1.18	1.30	1.38
(=) Adjusted Dividend	1.23	1.35	1.43
WACC / Discount Rate	9.87%	9.87%	9.87%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$29.77	$42.62	$64.64
Upside / Downside	-70.11%	-57.22%	-35.11%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	966.44	1,029.25	1,096.16	1,167.41	1,243.29	1,324.10	1,363.82
Payout Ratio	3.28%	20.62%	37.97%	55.31%	72.66%	90.00%	92.50%
Projected Dividends (M)	31.68	212.25	416.17	645.70	903.32	1,191.69	1,261.54

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.87%	9.87%	9.87%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	191.37	193.18	195.00
Year 2 PV (M)	338.30	344.74	351.25
Year 3 PV (M)	473.23	486.81	500.66
Year 4 PV (M)	596.89	619.84	643.45
Year 5 PV (M)	709.95	744.24	779.84
PV of Terminal Value (M)	10,935.26	11,463.44	12,011.83
Equity Value (M)	13,244.99	13,852.25	14,482.02
Shares Outstanding (M)	626.51	626.51	626.51
Fair Value	$21.14	$22.11	$23.12
Upside / Downside	-78.78%	-77.81%	-76.80%

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Hangzhou Changchuan Technology Co.,Ltd (300604.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener