DDM Analysis: 301149.SZ

Valuation Snapshot

Stable Growth	$52.59 - $61.96	$58.06
Multi-Stage	$11.08 - $12.13	$11.60
Blended Fair Value	$34.83
Current Price	$10.78
Upside	223.10%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	118.25%	0.00%	0.27	0.11	0.10	0.01	0.00	0.01	0.01	0.01	0.01	0.04
YoY Growth	-	-	140.95%	12.00%	1,361.72%	0.00%	-100.00%	-46.54%	68.47%	-56.59%	-62.89%	0.00%
Dividend Yield	-	-	2.44%	0.96%	0.91%	0.04%	0.00%	0.02%	0.04%	0.02%	0.06%	0.15%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	135.00
(-) Cash Dividends Paid (M)	47.13
(=) Cash Retained (M)	87.87

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	27.00	16.88	10.13
Cash Retained (M)	87.87	87.87	87.87
(-) Cash Required (M)	-27.00	-16.88	-10.13
(=) Excess Retained (M)	60.87	71.00	77.75
(/) Shares Outstanding (M)	433.34	433.34	433.34
(=) Excess Retained per Share	0.14	0.16	0.18
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	0.14	0.16	0.18
(=) Adjusted Dividend	0.25	0.27	0.29
WACC / Discount Rate	5.90%	5.90%	5.90%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$52.59	$58.06	$61.96
Upside / Downside	387.83%	438.63%	474.75%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	135.00	143.78	153.12	163.08	173.68	184.97	190.52
Payout Ratio	34.91%	45.93%	56.95%	67.96%	78.98%	90.00%	92.50%
Projected Dividends (M)	47.13	66.04	87.20	110.83	137.17	166.47	176.23

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.90%	5.90%	5.90%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	61.77	62.36	62.94
Year 2 PV (M)	76.30	77.75	79.22
Year 3 PV (M)	90.71	93.32	95.97
Year 4 PV (M)	105.02	109.06	113.21
Year 5 PV (M)	119.21	124.97	130.95
PV of Terminal Value (M)	4,348.07	4,558.08	4,776.13
Equity Value (M)	4,801.08	5,025.53	5,258.42
Shares Outstanding (M)	433.34	433.34	433.34
Fair Value	$11.08	$11.60	$12.13
Upside / Downside	2.78%	7.58%	12.57%

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Shandong Longhua New Material Co., Ltd. (301149.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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