DDM Analysis: 301008.SZ

Valuation Snapshot

Stable Growth	$47.55 - $56.06	$52.52
Multi-Stage	$31.51 - $34.69	$33.07
Blended Fair Value	$42.79
Current Price	$43.46
Upside	-1.54%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	17.77%	0.00%	0.44	0.30	0.02	0.34	0.15	0.19	0.05	0.03	0.00	0.00
YoY Growth	-	-	45.71%	1,793.30%	-95.40%	135.87%	-24.31%	292.93%	88.16%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.91%	1.74%	0.08%	1.53%	0.34%	0.45%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	33.93
(-) Cash Dividends Paid (M)	12.56
(=) Cash Retained (M)	21.37

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.79	4.24	2.54
Cash Retained (M)	21.37	21.37	21.37
(-) Cash Required (M)	-6.79	-4.24	-2.54
(=) Excess Retained (M)	14.58	17.13	18.83
(/) Shares Outstanding (M)	116.36	116.36	116.36
(=) Excess Retained per Share	0.13	0.15	0.16
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	0.13	0.15	0.16
(=) Adjusted Dividend	0.23	0.26	0.27
WACC / Discount Rate	0.07%	0.07%	0.07%
Growth Rate	1.91%	2.91%	3.91%
Fair Value	$47.55	$52.52	$56.06
Upside / Downside	9.41%	20.84%	28.99%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	33.93	34.92	35.94	36.98	38.06	39.17	40.35
Payout Ratio	37.02%	47.62%	58.21%	68.81%	79.40%	90.00%	92.50%
Projected Dividends (M)	12.56	16.63	20.92	25.45	30.22	35.25	37.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	0.07%	0.07%	0.07%
Growth Rate	1.91%	2.91%	3.91%
Year 1 PV (M)	16.46	16.62	16.78
Year 2 PV (M)	20.49	20.89	21.30
Year 3 PV (M)	24.66	25.40	26.15
Year 4 PV (M)	28.99	30.14	31.33
Year 5 PV (M)	33.46	35.14	36.88
PV of Terminal Value (M)	3,542.43	3,719.67	3,903.94
Equity Value (M)	3,666.49	3,847.86	4,036.37
Shares Outstanding (M)	116.36	116.36	116.36
Fair Value	$31.51	$33.07	$34.69
Upside / Downside	-27.50%	-23.91%	-20.19%

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Zhejiang Hongchang Electrical Technology Co., Ltd. (301008.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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