DDM Analysis: 300611.SZ

Valuation Snapshot

Stable Growth	$14.55 - $34.29	$21.42
Multi-Stage	$10.38 - $11.34	$10.85
Blended Fair Value	$16.13
Current Price	$26.25
Upside	-38.53%
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	5.76%	14.69%	0.13	0.03	0.12	0.12	0.10	0.10	0.12	0.11	0.01	0.01
YoY Growth	-	-	339.33%	-75.67%	-0.69%	18.06%	5.58%	-18.38%	11.17%	1,956.52%	-54.68%	-64.82%
Dividend Yield	-	-	0.39%	0.32%	1.37%	1.27%	1.20%	1.22%	1.08%	0.87%	0.02%	0.14%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	145.90
(-) Cash Dividends Paid (M)	42.18
(=) Cash Retained (M)	103.71

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	29.18	18.24	10.94
Cash Retained (M)	103.71	103.71	103.71
(-) Cash Required (M)	-29.18	-18.24	-10.94
(=) Excess Retained (M)	74.53	85.48	92.77
(/) Shares Outstanding (M)	211.69	211.69	211.69
(=) Excess Retained per Share	0.35	0.40	0.44
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	0.35	0.40	0.44
(=) Adjusted Dividend	0.55	0.60	0.64
WACC / Discount Rate	9.50%	9.50%	9.50%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$14.55	$21.42	$34.29
Upside / Downside	-44.59%	-18.41%	30.61%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	145.90	155.38	165.48	176.23	187.69	199.89	205.89
Payout Ratio	28.91%	41.13%	53.35%	65.57%	77.78%	90.00%	92.50%
Projected Dividends (M)	42.18	63.91	88.28	115.55	145.99	179.90	190.44

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.50%	9.50%	9.50%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	57.82	58.36	58.91
Year 2 PV (M)	72.25	73.63	75.02
Year 3 PV (M)	85.55	88.01	90.51
Year 4 PV (M)	97.79	101.55	105.42
Year 5 PV (M)	109.02	114.28	119.75
PV of Terminal Value (M)	1,775.80	1,861.57	1,950.62
Equity Value (M)	2,198.23	2,297.41	2,400.24
Shares Outstanding (M)	211.69	211.69	211.69
Fair Value	$10.38	$10.85	$11.34
Upside / Downside	-60.44%	-58.66%	-56.81%

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Zhejiang Meili High Technology Co., Ltd. (300611.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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