DDM Analysis: 301539.SZ

Valuation Snapshot

Stable Growth	$68.12 - $80.30	$75.23
Multi-Stage	$44.99 - $49.52	$47.21
Blended Fair Value	$61.22
Current Price	$19.27
Upside	217.70%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	38.54%	0.00%	0.21	0.01	0.01	0.08	0.03	0.04	0.00	0.00	0.00	0.00
YoY Growth	-	-	1,356.35%	14.50%	-84.22%	164.67%	-26.74%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.94%	0.04%	0.04%	0.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	61.11
(-) Cash Dividends Paid (M)	17.43
(=) Cash Retained (M)	43.68

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.22	7.64	4.58
Cash Retained (M)	43.68	43.68	43.68
(-) Cash Required (M)	-12.22	-7.64	-4.58
(=) Excess Retained (M)	31.46	36.04	39.10
(/) Shares Outstanding (M)	146.68	146.68	146.68
(=) Excess Retained per Share	0.21	0.25	0.27
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	0.21	0.25	0.27
(=) Adjusted Dividend	0.33	0.36	0.39
WACC / Discount Rate	0.31%	0.31%	0.31%
Growth Rate	2.18%	3.18%	4.18%
Fair Value	$68.12	$75.23	$80.30
Upside / Downside	253.49%	290.41%	316.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	61.11	63.06	65.07	67.14	69.28	71.48	73.63
Payout Ratio	28.52%	40.82%	53.11%	65.41%	77.70%	90.00%	92.50%
Projected Dividends (M)	17.43	25.74	34.56	43.92	53.83	64.34	68.11

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	0.31%	0.31%	0.31%
Growth Rate	2.18%	3.18%	4.18%
Year 1 PV (M)	25.41	25.66	25.91
Year 2 PV (M)	33.68	34.34	35.01
Year 3 PV (M)	42.25	43.51	44.78
Year 4 PV (M)	51.13	53.16	55.25
Year 5 PV (M)	60.33	63.34	66.47
PV of Terminal Value (M)	6,386.41	6,705.08	7,036.34
Equity Value (M)	6,599.22	6,925.09	7,263.77
Shares Outstanding (M)	146.68	146.68	146.68
Fair Value	$44.99	$47.21	$49.52
Upside / Downside	133.47%	145.00%	156.98%

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Zhejiang Hongxin Technology Co Ltd (301539.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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