DDM Analysis: 002248.SZ

Valuation Snapshot

Stable Growth	$0.31 - $0.41	$0.36
Multi-Stage	$0.81 - $0.90	$0.85
Blended Fair Value	$0.61
Current Price	$10.43
Upside	-94.18%
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	-24.48%	-24.02%	0.01	0.02	0.02	0.02	0.03	0.06	0.09	0.17	0.12	0.15
YoY Growth	-	-	-40.74%	2.58%	0.73%	-24.29%	-47.02%	-35.63%	-46.77%	40.67%	-23.05%	-29.61%
Dividend Yield	-	-	0.16%	0.33%	0.24%	0.30%	0.67%	0.66%	0.83%	1.66%	1.09%	1.29%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	22.44
(-) Cash Dividends Paid (M)	1.75
(=) Cash Retained (M)	20.70

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.49	2.81	1.68
Cash Retained (M)	20.70	20.70	20.70
(-) Cash Required (M)	-4.49	-2.81	-1.68
(=) Excess Retained (M)	16.21	17.89	19.01
(/) Shares Outstanding (M)	278.21	278.21	278.21
(=) Excess Retained per Share	0.06	0.06	0.07
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.06	0.06	0.07
(=) Adjusted Dividend	0.06	0.07	0.07
WACC / Discount Rate	7.34%	7.34%	7.34%
Growth Rate	-11.18%	-10.18%	-9.18%
Fair Value	$0.31	$0.36	$0.41
Upside / Downside	-97.03%	-96.53%	-96.07%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	22.44	20.16	18.10	16.26	14.60	13.12	13.51
Payout Ratio	7.78%	24.22%	40.67%	57.11%	73.56%	90.00%	92.50%
Projected Dividends (M)	1.75	4.88	7.36	9.29	10.74	11.81	12.50

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.34%	7.34%	7.34%
Growth Rate	-11.18%	-10.18%	-9.18%
Year 1 PV (M)	4.50	4.55	4.60
Year 2 PV (M)	6.25	6.39	6.53
Year 3 PV (M)	7.26	7.51	7.76
Year 4 PV (M)	7.74	8.09	8.46
Year 5 PV (M)	7.83	8.28	8.76
PV of Terminal Value (M)	191.04	202.04	213.54
Equity Value (M)	224.62	236.86	249.65
Shares Outstanding (M)	278.21	278.21	278.21
Fair Value	$0.81	$0.85	$0.90
Upside / Downside	-92.26%	-91.84%	-91.40%

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Weihai Huadong Automation Co., Ltd (002248.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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