DDM Analysis: 300761.SZ

Valuation Snapshot

Stable Growth	$81.12 - $154.64	$144.92
Multi-Stage	$24.66 - $26.97	$25.79
Blended Fair Value	$85.36
Current Price	$21.71
Upside	293.17%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-8.80%	24.31%	0.37	0.55	0.10	0.14	0.50	0.59	0.00	0.04	0.12	0.10
YoY Growth	-	-	-32.25%	443.38%	-25.85%	-72.64%	-15.53%	12,012.17%	-88.87%	-63.58%	25.86%	126.00%
Dividend Yield	-	-	1.98%	2.53%	0.46%	0.71%	2.41%	2.03%	0.01%	0.19%	0.00%	0.40%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	647.28
(-) Cash Dividends Paid (M)	451.49
(=) Cash Retained (M)	195.78

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	129.46	80.91	48.55
Cash Retained (M)	195.78	195.78	195.78
(-) Cash Required (M)	-129.46	-80.91	-48.55
(=) Excess Retained (M)	66.33	114.87	147.24
(/) Shares Outstanding (M)	832.42	832.42	832.42
(=) Excess Retained per Share	0.08	0.14	0.18
LTM Dividend per Share	0.54	0.54	0.54
(+) Excess Retained per Share	0.08	0.14	0.18
(=) Adjusted Dividend	0.62	0.68	0.72
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$81.12	$144.92	$154.64
Upside / Downside	273.66%	567.54%	612.31%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	647.28	689.35	734.16	781.88	832.70	886.83	913.43
Payout Ratio	69.75%	73.80%	77.85%	81.90%	85.95%	90.00%	92.50%
Projected Dividends (M)	451.49	508.76	571.56	640.37	715.71	798.15	844.93

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	474.07	478.56	483.06
Year 2 PV (M)	496.28	505.73	515.27
Year 3 PV (M)	518.12	532.99	548.15
Year 4 PV (M)	539.60	560.35	581.69
Year 5 PV (M)	560.72	587.80	615.92
PV of Terminal Value (M)	17,938.40	18,804.83	19,704.42
Equity Value (M)	20,527.18	21,470.26	22,448.51
Shares Outstanding (M)	832.42	832.42	832.42
Fair Value	$24.66	$25.79	$26.97
Upside / Downside	13.59%	18.81%	24.22%

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Jiangsu Lihua Animal Husbandry Co., Ltd. (300761.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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