DDM Analysis: 300800.SZ

Valuation Snapshot

Stable Growth	$2.11 - $3.53	$2.73
Multi-Stage	$2.25 - $2.46	$2.35
Blended Fair Value	$2.54
Current Price	$11.48
Upside	-77.85%
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	5.13%	24.29%	0.18	0.15	0.15	0.17	0.17	0.14	0.12	0.04	0.02	0.01
YoY Growth	-	-	19.04%	0.68%	-10.01%	-1.99%	21.49%	21.49%	170.47%	117.80%	96.54%	-51.30%
Dividend Yield	-	-	1.76%	1.40%	1.14%	0.85%	0.87%	0.65%	0.48%	0.18%	0.08%	0.04%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	40.28
(-) Cash Dividends Paid (M)	18.49
(=) Cash Retained (M)	21.79

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.06	5.04	3.02
Cash Retained (M)	21.79	21.79	21.79
(-) Cash Required (M)	-8.06	-5.04	-3.02
(=) Excess Retained (M)	13.74	16.76	18.77
(/) Shares Outstanding (M)	232.69	232.69	232.69
(=) Excess Retained per Share	0.06	0.07	0.08
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.06	0.07	0.08
(=) Adjusted Dividend	0.14	0.15	0.16
WACC / Discount Rate	9.90%	9.90%	9.90%
Growth Rate	3.13%	4.13%	5.13%
Fair Value	$2.11	$2.73	$3.53
Upside / Downside	-81.62%	-76.18%	-69.25%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	40.28	41.95	43.68	45.49	47.36	49.32	50.80
Payout Ratio	45.90%	54.72%	63.54%	72.36%	81.18%	90.00%	92.50%
Projected Dividends (M)	18.49	22.95	27.76	32.91	38.45	44.39	46.99

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.90%	9.90%	9.90%
Growth Rate	3.13%	4.13%	5.13%
Year 1 PV (M)	20.69	20.89	21.09
Year 2 PV (M)	22.54	22.98	23.42
Year 3 PV (M)	24.09	24.80	25.52
Year 4 PV (M)	25.36	26.36	27.38
Year 5 PV (M)	26.38	27.69	29.04
PV of Terminal Value (M)	404.72	424.73	445.51
Equity Value (M)	523.78	547.43	571.97
Shares Outstanding (M)	232.69	232.69	232.69
Fair Value	$2.25	$2.35	$2.46
Upside / Downside	-80.39%	-79.51%	-78.59%

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Lihe Technology (Hunan) Co., Ltd. (300800.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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