DDM Analysis: 301004.SZ

Valuation Snapshot

Stable Growth	$503.83 - $969.69	$908.74
Multi-Stage	$152.83 - $167.22	$159.89
Blended Fair Value	$534.32
Current Price	$61.76
Upside	765.15%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	374.79%	0.00%	1.80	0.90	0.26	0.17	0.00	0.00	0.01	0.02	0.00	0.00
YoY Growth	-	-	99.37%	251.42%	50.14%	0.00%	-100.00%	-90.07%	-52.13%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.41%	1.82%	1.16%	1.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	569.47
(-) Cash Dividends Paid (M)	312.72
(=) Cash Retained (M)	256.75

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	113.89	71.18	42.71
Cash Retained (M)	256.75	256.75	256.75
(-) Cash Required (M)	-113.89	-71.18	-42.71
(=) Excess Retained (M)	142.86	185.57	214.04
(/) Shares Outstanding (M)	116.79	116.79	116.79
(=) Excess Retained per Share	1.22	1.59	1.83
LTM Dividend per Share	2.68	2.68	2.68
(+) Excess Retained per Share	1.22	1.59	1.83
(=) Adjusted Dividend	3.90	4.27	4.51
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$503.83	$908.74	$969.69
Upside / Downside	715.79%	1,371.41%	1,470.09%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	569.47	606.48	645.90	687.89	732.60	780.22	803.62
Payout Ratio	54.91%	61.93%	68.95%	75.97%	82.98%	90.00%	92.50%
Projected Dividends (M)	312.72	375.60	445.34	522.56	607.93	702.20	743.35

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	349.97	353.28	356.60
Year 2 PV (M)	386.63	393.99	401.43
Year 3 PV (M)	422.70	434.84	447.20
Year 4 PV (M)	458.20	475.82	493.95
Year 5 PV (M)	493.13	516.95	541.68
PV of Terminal Value (M)	15,739.17	16,499.38	17,288.68
Equity Value (M)	17,849.80	18,674.26	19,529.54
Shares Outstanding (M)	116.79	116.79	116.79
Fair Value	$152.83	$159.89	$167.22
Upside / Downside	147.46%	158.89%	170.75%

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Zhejiang Cayi Vacuum Container Co., Ltd. (301004.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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