DDM Analysis: 002008.SZ

Valuation Snapshot

Stable Growth	$12.51 - $20.66	$16.12
Multi-Stage	$24.13 - $26.54	$25.31
Blended Fair Value	$20.72
Current Price	$40.71
Upside	-49.11%
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	0.72%	1.55%	0.32	0.29	0.49	0.27	0.26	0.31	0.29	0.28	0.26	0.25
YoY Growth	-	-	9.79%	-39.70%	83.89%	2.44%	-16.87%	6.13%	5.42%	5.82%	6.43%	-10.71%
Dividend Yield	-	-	1.15%	1.52%	1.61%	0.69%	0.61%	1.10%	0.68%	0.51%	1.00%	1.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,131.19
(-) Cash Dividends Paid (M)	455.67
(=) Cash Retained (M)	675.51

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	226.24	141.40	84.84
Cash Retained (M)	675.51	675.51	675.51
(-) Cash Required (M)	-226.24	-141.40	-84.84
(=) Excess Retained (M)	449.28	534.12	590.67
(/) Shares Outstanding (M)	1,030.91	1,030.91	1,030.91
(=) Excess Retained per Share	0.44	0.52	0.57
LTM Dividend per Share	0.44	0.44	0.44
(+) Excess Retained per Share	0.44	0.52	0.57
(=) Adjusted Dividend	0.88	0.96	1.01
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	-0.45%	0.55%	1.55%
Fair Value	$12.51	$16.12	$20.66
Upside / Downside	-69.28%	-60.40%	-49.24%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,131.19	1,137.42	1,143.69	1,149.99	1,156.33	1,162.70	1,197.58
Payout Ratio	40.28%	50.23%	60.17%	70.11%	80.06%	90.00%	92.50%
Projected Dividends (M)	455.67	571.28	688.15	806.29	925.72	1,046.43	1,107.76

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	-0.45%	0.55%	1.55%
Year 1 PV (M)	530.89	536.22	541.55
Year 2 PV (M)	594.27	606.27	618.39
Year 3 PV (M)	647.06	666.76	686.85
Year 4 PV (M)	690.37	718.53	747.54
Year 5 PV (M)	725.21	762.37	801.04
PV of Terminal Value (M)	21,692.49	22,804.12	23,960.85
Equity Value (M)	24,880.28	26,094.26	27,356.22
Shares Outstanding (M)	1,030.91	1,030.91	1,030.91
Fair Value	$24.13	$25.31	$26.54
Upside / Downside	-40.72%	-37.82%	-34.82%

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Han's Laser Technology Industry Group Co., Ltd. (002008.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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