DDM Analysis: 300771.SZ

Valuation Snapshot

Stable Growth	$10.89 - $63.78	$20.11
Multi-Stage	$8.36 - $9.15	$8.75
Blended Fair Value	$14.43
Current Price	$12.39
Upside	16.46%
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	-3.27%	43.16%	0.11	0.33	0.23	0.28	0.17	0.13	0.00	0.00	0.00	0.00
YoY Growth	-	-	-65.52%	44.59%	-18.39%	60.00%	30.10%	2,677.75%	51.01%	-26.67%	28.51%	8.02%
Dividend Yield	-	-	1.07%	3.27%	1.59%	2.15%	0.90%	0.55%	0.03%	0.02%	0.02%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	74.77
(-) Cash Dividends Paid (M)	36.85
(=) Cash Retained (M)	37.92

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.95	9.35	5.61
Cash Retained (M)	37.92	37.92	37.92
(-) Cash Required (M)	-14.95	-9.35	-5.61
(=) Excess Retained (M)	22.96	28.57	32.31
(/) Shares Outstanding (M)	230.54	230.54	230.54
(=) Excess Retained per Share	0.10	0.12	0.14
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	0.10	0.12	0.14
(=) Adjusted Dividend	0.26	0.28	0.30
WACC / Discount Rate	6.79%	6.79%	6.79%
Growth Rate	4.30%	5.30%	6.30%
Fair Value	$10.89	$20.11	$63.78
Upside / Downside	-12.13%	62.33%	414.76%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	74.77	78.73	82.91	87.30	91.93	96.81	99.71
Payout Ratio	49.28%	57.43%	65.57%	73.71%	81.86%	90.00%	92.50%
Projected Dividends (M)	36.85	45.21	54.36	64.35	75.25	87.13	92.24

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.79%	6.79%	6.79%
Growth Rate	4.30%	5.30%	6.30%
Year 1 PV (M)	41.94	42.34	42.74
Year 2 PV (M)	46.77	47.67	48.58
Year 3 PV (M)	51.35	52.84	54.36
Year 4 PV (M)	55.70	57.87	60.10
Year 5 PV (M)	59.81	62.74	65.77
PV of Terminal Value (M)	1,670.99	1,752.64	1,837.45
Equity Value (M)	1,926.56	2,016.10	2,109.01
Shares Outstanding (M)	230.54	230.54	230.54
Fair Value	$8.36	$8.75	$9.15
Upside / Downside	-32.55%	-29.42%	-26.16%

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Shenzhen Zhilai Sci and Tech Co., Ltd. (300771.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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