DDM Analysis: 002003.SZ

Valuation Snapshot

Stable Growth	$97.75 - $115.17	$107.93
Multi-Stage	$64.73 - $71.01	$67.81
Blended Fair Value	$87.87
Current Price	$10.18
Upside	763.16%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	22.96%	14.32%	0.69	0.35	0.37	0.28	0.28	0.25	0.26	0.20	0.18	0.18
YoY Growth	-	-	97.76%	-5.41%	31.75%	1.58%	12.26%	-6.92%	34.61%	8.35%	0.49%	-0.59%
Dividend Yield	-	-	5.77%	3.28%	3.95%	2.95%	5.12%	5.60%	4.24%	2.92%	2.71%	2.73%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	660.07
(-) Cash Dividends Paid (M)	369.18
(=) Cash Retained (M)	290.89

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	132.01	82.51	49.51
Cash Retained (M)	290.89	290.89	290.89
(-) Cash Required (M)	-132.01	-82.51	-49.51
(=) Excess Retained (M)	158.88	208.38	241.39
(/) Shares Outstanding (M)	1,139.85	1,139.85	1,139.85
(=) Excess Retained per Share	0.14	0.18	0.21
LTM Dividend per Share	0.32	0.32	0.32
(+) Excess Retained per Share	0.14	0.18	0.21
(=) Adjusted Dividend	0.46	0.51	0.54
WACC / Discount Rate	2.96%	2.96%	2.96%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$97.75	$107.93	$115.17
Upside / Downside	860.21%	960.19%	1,031.29%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	660.07	702.97	748.67	797.33	849.16	904.35	931.48
Payout Ratio	55.93%	62.74%	69.56%	76.37%	83.19%	90.00%	92.50%
Projected Dividends (M)	369.18	441.07	520.76	608.94	706.38	813.92	861.62

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.96%	2.96%	2.96%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	424.39	428.41	432.44
Year 2 PV (M)	482.11	491.29	500.56
Year 3 PV (M)	542.42	557.99	573.86
Year 4 PV (M)	605.42	628.70	652.65
Year 5 PV (M)	671.20	703.62	737.28
PV of Terminal Value (M)	71,053.87	74,485.80	78,049.07
Equity Value (M)	73,779.40	77,295.81	80,945.85
Shares Outstanding (M)	1,139.85	1,139.85	1,139.85
Fair Value	$64.73	$67.81	$71.01
Upside / Downside	535.83%	566.13%	597.59%

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Financial Statements

Fundamentals

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Ticker

Industry

Sector

Zhejiang Weixing Industrial Development Co., Ltd. (002003.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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