DDM Analysis: 000901.SZ

Valuation Snapshot

Stable Growth	$2.32 - $3.76	$2.97
Multi-Stage	$2.72 - $2.98	$2.85
Blended Fair Value	$2.91
Current Price	$16.79
Upside	-82.68%
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	4.02%	26.48%	0.07	0.01	0.03	0.03	0.01	0.05	0.00	0.02	0.04	0.01
YoY Growth	-	-	405.42%	-56.67%	-11.82%	193.20%	-78.49%	0.00%	-100.00%	-47.37%	401.71%	29.26%
Dividend Yield	-	-	0.60%	0.16%	0.30%	0.37%	0.15%	0.62%	0.00%	0.17%	0.22%	0.04%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	166.12
(-) Cash Dividends Paid (M)	33.71
(=) Cash Retained (M)	132.42

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	33.22	20.77	12.46
Cash Retained (M)	132.42	132.42	132.42
(-) Cash Required (M)	-33.22	-20.77	-12.46
(=) Excess Retained (M)	99.19	111.65	119.96
(/) Shares Outstanding (M)	795.48	795.48	795.48
(=) Excess Retained per Share	0.12	0.14	0.15
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.12	0.14	0.15
(=) Adjusted Dividend	0.17	0.18	0.19
WACC / Discount Rate	9.37%	9.37%	9.37%
Growth Rate	2.02%	3.02%	4.02%
Fair Value	$2.32	$2.97	$3.76
Upside / Downside	-86.17%	-82.32%	-77.59%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	166.12	171.15	176.32	181.66	187.15	192.81	198.60
Payout Ratio	20.29%	34.23%	48.17%	62.12%	76.06%	90.00%	92.50%
Projected Dividends (M)	33.71	58.59	84.94	112.84	142.34	173.53	183.70

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.37%	9.37%	9.37%
Growth Rate	2.02%	3.02%	4.02%
Year 1 PV (M)	53.05	53.57	54.09
Year 2 PV (M)	69.65	71.02	72.40
Year 3 PV (M)	83.77	86.26	88.80
Year 4 PV (M)	95.69	99.50	103.42
Year 5 PV (M)	105.63	110.91	116.40
PV of Terminal Value (M)	1,756.84	1,844.64	1,935.92
Equity Value (M)	2,164.64	2,265.91	2,371.03
Shares Outstanding (M)	795.48	795.48	795.48
Fair Value	$2.72	$2.85	$2.98
Upside / Downside	-83.79%	-83.03%	-82.25%

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Aerospace Hi-Tech Holding Group Co., Ltd. (000901.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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