DDM Analysis: 002364.SZ

Valuation Snapshot

Stable Growth	$29.47 - $34.75	$32.55
Multi-Stage	$17.68 - $19.46	$18.55
Blended Fair Value	$25.55
Current Price	$28.27
Upside	-9.61%
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	-12.68%	0.79%	0.05	0.00	0.11	0.11	0.13	0.10	0.11	0.11	0.04	0.02
YoY Growth	-	-	2,534.24%	-98.19%	-2.83%	-8.86%	20.35%	-1.31%	0.00%	147.55%	128.07%	-61.77%
Dividend Yield	-	-	0.36%	0.03%	1.42%	1.29%	1.38%	0.83%	0.89%	1.00%	0.24%	0.08%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	96.22
(-) Cash Dividends Paid (M)	56.21
(=) Cash Retained (M)	40.01

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	19.24	12.03	7.22
Cash Retained (M)	40.01	40.01	40.01
(-) Cash Required (M)	-19.24	-12.03	-7.22
(=) Excess Retained (M)	20.77	27.98	32.80
(/) Shares Outstanding (M)	533.33	533.33	533.33
(=) Excess Retained per Share	0.04	0.05	0.06
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	0.04	0.05	0.06
(=) Adjusted Dividend	0.14	0.16	0.17
WACC / Discount Rate	2.34%	2.34%	2.34%
Growth Rate	2.10%	3.10%	4.10%
Fair Value	$29.47	$32.55	$34.75
Upside / Downside	4.25%	15.14%	22.91%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	96.22	99.20	102.28	105.45	108.72	112.09	115.45
Payout Ratio	58.42%	64.73%	71.05%	77.37%	83.68%	90.00%	92.50%
Projected Dividends (M)	56.21	64.22	72.67	81.58	90.98	100.88	106.79

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.34%	2.34%	2.34%
Growth Rate	2.10%	3.10%	4.10%
Year 1 PV (M)	62.14	62.75	63.36
Year 2 PV (M)	68.05	69.39	70.74
Year 3 PV (M)	73.93	76.12	78.36
Year 4 PV (M)	79.78	82.95	86.21
Year 5 PV (M)	85.60	89.87	94.32
PV of Terminal Value (M)	9,061.53	9,514.07	9,984.51
Equity Value (M)	9,431.02	9,895.15	10,377.49
Shares Outstanding (M)	533.33	533.33	533.33
Fair Value	$17.68	$18.55	$19.46
Upside / Downside	-37.45%	-34.37%	-31.17%

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Hangzhou Zhongheng Electric Co., Ltd (002364.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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