DDM Analysis: 003021.SZ

Valuation Snapshot

Stable Growth	$18.46 - $39.90	$26.38
Multi-Stage	$82.18 - $90.81	$86.41
Blended Fair Value	$56.40
Current Price	$137.15
Upside	-58.88%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	49.98%	0.00%	0.40	0.13	0.14	0.45	0.00	0.05	0.11	0.26	0.02	0.00
YoY Growth	-	-	215.75%	-13.02%	-67.60%	9,305.18%	-90.93%	-51.26%	-58.59%	1,193.28%	0.00%	0.00%
Dividend Yield	-	-	0.31%	0.28%	0.26%	1.58%	0.01%	0.11%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	247.16
(-) Cash Dividends Paid (M)	68.27
(=) Cash Retained (M)	178.89

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	49.43	30.89	18.54
Cash Retained (M)	178.89	178.89	178.89
(-) Cash Required (M)	-49.43	-30.89	-18.54
(=) Excess Retained (M)	129.46	148.00	160.35
(/) Shares Outstanding (M)	238.46	238.46	238.46
(=) Excess Retained per Share	0.54	0.62	0.67
LTM Dividend per Share	0.29	0.29	0.29
(+) Excess Retained per Share	0.54	0.62	0.67
(=) Adjusted Dividend	0.83	0.91	0.96
WACC / Discount Rate	2.40%	2.40%	2.40%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$18.46	$26.38	$39.90
Upside / Downside	-86.54%	-80.76%	-70.91%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	247.16	244.69	242.24	239.82	237.42	235.04	242.10
Payout Ratio	27.62%	40.10%	52.57%	65.05%	77.52%	90.00%	92.50%
Projected Dividends (M)	68.27	98.11	127.35	156.00	184.06	211.54	223.94

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.40%	2.40%	2.40%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	94.84	95.81	96.78
Year 2 PV (M)	119.00	121.44	123.91
Year 3 PV (M)	140.91	145.27	149.72
Year 4 PV (M)	160.72	167.38	174.25
Year 5 PV (M)	178.56	187.86	197.54
PV of Terminal Value (M)	18,902.60	19,886.91	20,911.79
Equity Value (M)	19,596.64	20,604.67	21,653.98
Shares Outstanding (M)	238.46	238.46	238.46
Fair Value	$82.18	$86.41	$90.81
Upside / Downside	-40.08%	-37.00%	-33.79%

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Shenzhen Zhaowei Machinery & Electronic Co., Ltd. (003021.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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