DDM Analysis: 300516.SZ

Valuation Snapshot

Stable Growth	$2.41 - $4.19	$3.17
Multi-Stage	$2.36 - $2.58	$2.47
Blended Fair Value	$2.82
Current Price	$36.20
Upside	-92.21%
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	46.97%	14.87%	0.35	0.12	0.12	0.10	0.07	0.05	0.07	0.24	0.00	0.10
YoY Growth	-	-	181.60%	5.04%	15.53%	47.14%	36.36%	-30.63%	-69.17%	0.00%	-100.00%	17.61%
Dividend Yield	-	-	1.03%	0.44%	0.40%	0.36%	0.28%	0.18%	0.28%	0.81%	0.00%	0.48%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	32.57
(-) Cash Dividends Paid (M)	12.42
(=) Cash Retained (M)	20.15

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.51	4.07	2.44
Cash Retained (M)	20.15	20.15	20.15
(-) Cash Required (M)	-6.51	-4.07	-2.44
(=) Excess Retained (M)	13.64	16.08	17.71
(/) Shares Outstanding (M)	180.05	180.05	180.05
(=) Excess Retained per Share	0.08	0.09	0.10
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.08	0.09	0.10
(=) Adjusted Dividend	0.14	0.16	0.17
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	3.77%	4.77%	5.77%
Fair Value	$2.41	$3.17	$4.19
Upside / Downside	-93.34%	-91.23%	-88.43%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	32.57	34.13	35.76	37.46	39.25	41.13	42.36
Payout Ratio	38.13%	48.50%	58.88%	69.25%	79.63%	90.00%	92.50%
Projected Dividends (M)	12.42	16.55	21.05	25.94	31.25	37.01	39.18

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	3.77%	4.77%	5.77%
Year 1 PV (M)	14.90	15.05	15.19
Year 2 PV (M)	17.07	17.40	17.73
Year 3 PV (M)	18.94	19.49	20.06
Year 4 PV (M)	20.54	21.35	22.17
Year 5 PV (M)	21.91	22.98	24.10
PV of Terminal Value (M)	331.33	347.60	364.51
Equity Value (M)	424.69	443.88	463.77
Shares Outstanding (M)	180.05	180.05	180.05
Fair Value	$2.36	$2.47	$2.58
Upside / Downside	-93.48%	-93.19%	-92.88%

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Hubei Jiuzhiyang Infrared System Co., Ltd (300516.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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