DDM Analysis: 600063.SS

Valuation Snapshot

Stable Growth	$13.95 - $51.65	$42.39
Multi-Stage	$7.72 - $8.46	$8.09
Blended Fair Value	$25.24
Current Price	$6.21
Upside	306.42%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	30.22%	37.45%	0.09	0.15	0.09	0.09	0.05	0.02	0.01	0.09	0.04	0.02
YoY Growth	-	-	-44.35%	68.18%	0.00%	66.67%	140.00%	66.67%	-84.01%	129.53%	139.14%	339.53%
Dividend Yield	-	-	1.82%	3.79%	1.41%	1.52%	1.26%	0.62%	0.39%	2.61%	0.77%	0.32%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	549.46
(-) Cash Dividends Paid (M)	174.73
(=) Cash Retained (M)	374.73

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	109.89	68.68	41.21
Cash Retained (M)	374.73	374.73	374.73
(-) Cash Required (M)	-109.89	-68.68	-41.21
(=) Excess Retained (M)	264.83	306.04	333.52
(/) Shares Outstanding (M)	2,101.60	2,101.60	2,101.60
(=) Excess Retained per Share	0.13	0.15	0.16
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.13	0.15	0.16
(=) Adjusted Dividend	0.21	0.23	0.24
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	4.78%	5.78%	6.78%
Fair Value	$13.95	$42.39	$51.65
Upside / Downside	124.67%	582.63%	731.71%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	549.46	581.24	614.85	650.41	688.03	727.83	749.66
Payout Ratio	31.80%	43.44%	55.08%	66.72%	78.36%	90.00%	92.50%
Projected Dividends (M)	174.73	252.49	338.67	433.96	539.14	655.04	693.44

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	4.78%	5.78%	6.78%
Year 1 PV (M)	235.16	237.41	239.65
Year 2 PV (M)	293.77	299.41	305.09
Year 3 PV (M)	350.60	360.73	371.06
Year 4 PV (M)	405.68	421.39	437.55
Year 5 PV (M)	459.06	481.38	504.57
PV of Terminal Value (M)	14,487.02	15,191.62	15,923.38
Equity Value (M)	16,231.28	16,991.93	17,781.30
Shares Outstanding (M)	2,101.60	2,101.60	2,101.60
Fair Value	$7.72	$8.09	$8.46
Upside / Downside	24.37%	30.20%	36.25%

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Anhui Wanwei Updated High-Tech Material Industry Co.,Ltd (600063.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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