DDM Analysis: 002534.SZ

Valuation Snapshot

Stable Growth	$41.08 - $48.42	$45.37
Multi-Stage	$26.18 - $28.78	$27.46
Blended Fair Value	$36.41
Current Price	$16.95
Upside	114.83%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-4.83%	5.15%	0.15	0.17	0.25	0.41	0.39	0.20	0.19	0.14	0.07	0.10
YoY Growth	-	-	-10.05%	-32.97%	-38.45%	6.64%	97.30%	2.95%	39.44%	105.30%	-33.72%	8.30%
Dividend Yield	-	-	1.20%	1.59%	1.74%	2.06%	2.42%	2.62%	2.71%	1.54%	0.65%	1.14%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	192.89
(-) Cash Dividends Paid (M)	168.40
(=) Cash Retained (M)	24.49

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	38.58	24.11	14.47
Cash Retained (M)	24.49	24.49	24.49
(-) Cash Required (M)	-38.58	-24.11	-14.47
(=) Excess Retained (M)	-14.09	0.38	10.02
(/) Shares Outstanding (M)	774.85	774.85	774.85
(=) Excess Retained per Share	-0.02	0.00	0.01
LTM Dividend per Share	0.22	0.22	0.22
(+) Excess Retained per Share	-0.02	0.00	0.01
(=) Adjusted Dividend	0.20	0.22	0.23
WACC / Discount Rate	2.03%	2.03%	2.03%
Growth Rate	3.15%	4.15%	5.15%
Fair Value	$41.08	$45.37	$48.42
Upside / Downside	142.38%	167.67%	185.69%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	192.89	200.89	209.21	217.89	226.92	236.32	243.41
Payout Ratio	87.30%	87.84%	88.38%	88.92%	89.46%	90.00%	92.50%
Projected Dividends (M)	168.40	176.47	184.91	193.75	203.00	212.69	225.16

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.03%	2.03%	2.03%
Growth Rate	3.15%	4.15%	5.15%
Year 1 PV (M)	171.29	172.95	174.61
Year 2 PV (M)	174.22	177.62	181.04
Year 3 PV (M)	177.20	182.40	187.71
Year 4 PV (M)	180.21	187.31	194.60
Year 5 PV (M)	183.28	192.34	201.75
PV of Terminal Value (M)	19,402.03	20,360.97	21,357.45
Equity Value (M)	20,288.24	21,273.58	22,297.17
Shares Outstanding (M)	774.85	774.85	774.85
Fair Value	$26.18	$27.46	$28.78
Upside / Downside	54.48%	61.98%	69.77%

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Xizi Clean Energy Equipment Manufacturing Co.,ltd. (002534.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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