DDM Analysis: 002318.SZ

Valuation Snapshot

Stable Growth	$37.74 - $88.70	$55.51
Multi-Stage	$27.81 - $30.32	$29.04
Blended Fair Value	$42.28
Current Price	$24.37
Upside	73.47%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	14.09%	22.84%	0.51	0.44	0.40	0.38	0.27	0.27	0.13	0.05	0.02	0.07
YoY Growth	-	-	16.16%	9.38%	5.26%	44.55%	0.00%	100.01%	150.00%	200.03%	-75.00%	7.89%
Dividend Yield	-	-	2.05%	1.97%	2.62%	2.60%	2.06%	3.58%	1.52%	0.80%	0.18%	0.69%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,707.04
(-) Cash Dividends Paid (M)	927.01
(=) Cash Retained (M)	780.03

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	341.41	213.38	128.03
Cash Retained (M)	780.03	780.03	780.03
(-) Cash Required (M)	-341.41	-213.38	-128.03
(=) Excess Retained (M)	438.62	566.65	652.00
(/) Shares Outstanding (M)	952.10	952.10	952.10
(=) Excess Retained per Share	0.46	0.60	0.68
LTM Dividend per Share	0.97	0.97	0.97
(+) Excess Retained per Share	0.46	0.60	0.68
(=) Adjusted Dividend	1.43	1.57	1.66
WACC / Discount Rate	9.51%	9.51%	9.51%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$37.74	$55.51	$88.70
Upside / Downside	54.85%	127.77%	263.97%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,707.04	1,818.00	1,936.17	2,062.02	2,196.05	2,338.79	2,408.96
Payout Ratio	54.31%	61.44%	68.58%	75.72%	82.86%	90.00%	92.50%
Projected Dividends (M)	927.01	1,117.05	1,327.88	1,561.40	1,819.67	2,104.91	2,228.28

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.51%	9.51%	9.51%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,010.47	1,020.04	1,029.62
Year 2 PV (M)	1,086.57	1,107.27	1,128.16
Year 3 PV (M)	1,155.75	1,188.92	1,222.73
Year 4 PV (M)	1,218.40	1,265.25	1,313.45
Year 5 PV (M)	1,274.91	1,336.49	1,400.43
PV of Terminal Value (M)	20,731.87	21,733.23	22,772.91
Equity Value (M)	26,477.96	27,651.21	28,867.29
Shares Outstanding (M)	952.10	952.10	952.10
Fair Value	$27.81	$29.04	$30.32
Upside / Downside	14.12%	19.17%	24.41%

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Financial Statements

Fundamentals

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Ticker

Industry

Sector

Zhejiang Jiuli Hi-Tech Metals Co., Ltd. (002318.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener