DDM Analysis: 002026.SZ

Valuation Snapshot

Stable Growth	$124.72 - $146.94	$137.70
Multi-Stage	$87.44 - $95.98	$91.63
Blended Fair Value	$114.67
Current Price	$14.22
Upside	706.38%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	19.41%	21.74%	0.18	0.08	0.18	0.11	0.08	0.08	0.06	0.06	0.05	0.04
YoY Growth	-	-	118.28%	-54.17%	71.35%	41.63%	0.00%	33.33%	0.00%	13.14%	19.20%	63.84%
Dividend Yield	-	-	1.58%	1.02%	1.78%	0.79%	0.70%	1.55%	0.81%	0.78%	0.47%	0.33%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	330.38
(-) Cash Dividends Paid (M)	34.14
(=) Cash Retained (M)	296.24

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	66.08	41.30	24.78
Cash Retained (M)	296.24	296.24	296.24
(-) Cash Required (M)	-66.08	-41.30	-24.78
(=) Excess Retained (M)	230.16	254.94	271.46
(/) Shares Outstanding (M)	447.15	447.15	447.15
(=) Excess Retained per Share	0.51	0.57	0.61
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.51	0.57	0.61
(=) Adjusted Dividend	0.59	0.65	0.68
WACC / Discount Rate	1.60%	1.60%	1.60%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$124.72	$137.70	$146.94
Upside / Downside	777.07%	868.38%	933.33%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	330.38	351.85	374.72	399.08	425.02	452.64	466.22
Payout Ratio	10.33%	26.27%	42.20%	58.13%	74.07%	90.00%	92.50%
Projected Dividends (M)	34.14	92.42	158.13	232.00	314.80	407.38	431.26

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.60%	1.60%	1.60%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	90.11	90.96	91.82
Year 2 PV (M)	150.33	153.19	156.08
Year 3 PV (M)	215.03	221.21	227.50
Year 4 PV (M)	284.49	295.43	306.68
Year 5 PV (M)	358.95	376.29	394.29
PV of Terminal Value (M)	37,999.03	39,834.40	41,740.01
Equity Value (M)	39,097.94	40,971.47	42,916.37
Shares Outstanding (M)	447.15	447.15	447.15
Fair Value	$87.44	$91.63	$95.98
Upside / Downside	514.90%	544.37%	574.95%

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Sector

Shandong Weida Machinery Co., Ltd. (002026.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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