DDM Analysis: 300446.SZ

Valuation Snapshot

Stable Growth	$78.21 - $213.25	$199.84
Multi-Stage	$29.82 - $32.65	$31.21
Blended Fair Value	$115.53
Current Price	$16.81
Upside	587.25%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	19.12%	12.87%	0.11	0.05	0.07	0.00	0.01	0.05	0.06	0.04	0.04	0.03
YoY Growth	-	-	132.67%	-28.29%	3,213.15%	-75.12%	-82.57%	-21.39%	33.33%	0.00%	33.48%	0.00%
Dividend Yield	-	-	0.54%	0.28%	0.57%	0.01%	0.11%	0.39%	0.41%	0.40%	0.25%	0.16%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	906.55
(-) Cash Dividends Paid (M)	253.85
(=) Cash Retained (M)	652.70

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	181.31	113.32	67.99
Cash Retained (M)	652.70	652.70	652.70
(-) Cash Required (M)	-181.31	-113.32	-67.99
(=) Excess Retained (M)	471.39	539.38	584.71
(/) Shares Outstanding (M)	845.44	845.44	845.44
(=) Excess Retained per Share	0.56	0.64	0.69
LTM Dividend per Share	0.30	0.30	0.30
(+) Excess Retained per Share	0.56	0.64	0.69
(=) Adjusted Dividend	0.86	0.94	0.99
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$78.21	$199.84	$213.25
Upside / Downside	365.27%	1,088.84%	1,168.58%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	906.55	965.47	1,028.23	1,095.06	1,166.24	1,242.05	1,279.31
Payout Ratio	28.00%	40.40%	52.80%	65.20%	77.60%	90.00%	92.50%
Projected Dividends (M)	253.85	390.06	542.91	713.99	905.01	1,117.84	1,183.36

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	362.28	365.72	369.15
Year 2 PV (M)	468.34	477.26	486.26
Year 3 PV (M)	572.04	588.47	605.20
Year 4 PV (M)	673.45	699.35	725.99
Year 5 PV (M)	772.58	809.90	848.64
PV of Terminal Value (M)	22,363.70	23,443.88	24,565.40
Equity Value (M)	25,212.40	26,384.57	27,600.64
Shares Outstanding (M)	845.44	845.44	845.44
Fair Value	$29.82	$31.21	$32.65
Upside / Downside	77.40%	85.65%	94.21%

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Aerospace Intelligent Manufacturing Technology Co., Ltd. (300446.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener