DDM Analysis: 300403.SZ

Valuation Snapshot

Stable Growth	$62.86 - $74.06	$69.41
Multi-Stage	$50.38 - $55.30	$52.79
Blended Fair Value	$61.10
Current Price	$15.38
Upside	297.26%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	13.80%	22.60%	0.38	0.26	0.08	0.16	0.15	0.20	0.50	0.06	0.12	0.11
YoY Growth	-	-	46.79%	225.00%	-50.00%	8.92%	-26.55%	-60.31%	778.85%	-53.09%	10.00%	123.33%
Dividend Yield	-	-	2.32%	3.16%	1.09%	2.85%	2.39%	4.20%	8.16%	0.76%	0.96%	1.06%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	224.49
(-) Cash Dividends Paid (M)	31.87
(=) Cash Retained (M)	192.62

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	44.90	28.06	16.84
Cash Retained (M)	192.62	192.62	192.62
(-) Cash Required (M)	-44.90	-28.06	-16.84
(=) Excess Retained (M)	147.72	164.56	175.78
(/) Shares Outstanding (M)	602.82	602.82	602.82
(=) Excess Retained per Share	0.25	0.27	0.29
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.25	0.27	0.29
(=) Adjusted Dividend	0.30	0.33	0.34
WACC / Discount Rate	-1.09%	-1.09%	-1.09%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$62.86	$69.41	$74.06
Upside / Downside	308.71%	351.27%	381.53%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	224.49	239.08	254.62	271.17	288.80	307.57	316.80
Payout Ratio	14.20%	29.36%	44.52%	59.68%	74.84%	90.00%	92.50%
Projected Dividends (M)	31.87	70.19	113.35	161.83	216.13	276.81	293.04

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-1.09%	-1.09%	-1.09%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	70.29	70.96	71.63
Year 2 PV (M)	113.69	115.86	118.05
Year 3 PV (M)	162.57	167.23	171.99
Year 4 PV (M)	217.44	225.80	234.41
Year 5 PV (M)	278.91	292.38	306.37
PV of Terminal Value (M)	29,525.58	30,951.68	32,432.36
Equity Value (M)	30,368.49	31,823.92	33,334.79
Shares Outstanding (M)	602.82	602.82	602.82
Fair Value	$50.38	$52.79	$55.30
Upside / Downside	227.55%	243.25%	259.54%

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Hanyu Group Joint-Stock Co., Ltd. (300403.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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