DDM Analysis: 300943.SZ

Valuation Snapshot

Stable Growth	$44.66 - $52.62	$49.31
Multi-Stage	$31.74 - $34.84	$33.26
Blended Fair Value	$41.29
Current Price	$16.18
Upside	155.17%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	16.75%	52.83%	0.12	0.15	0.07	0.07	0.00	0.05	0.27	0.00	0.00	0.01
YoY Growth	-	-	-19.73%	104.55%	10.00%	319,317.02%	-99.96%	-80.02%	0.00%	-100.00%	-76.88%	643.85%
Dividend Yield	-	-	0.83%	1.24%	0.51%	0.38%	0.00%	0.23%	1.13%	0.00%	0.01%	0.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	55.04
(-) Cash Dividends Paid (M)	27.20
(=) Cash Retained (M)	27.84

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11.01	6.88	4.13
Cash Retained (M)	27.84	27.84	27.84
(-) Cash Required (M)	-11.01	-6.88	-4.13
(=) Excess Retained (M)	16.83	20.96	23.71
(/) Shares Outstanding (M)	207.47	207.47	207.47
(=) Excess Retained per Share	0.08	0.10	0.11
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.08	0.10	0.11
(=) Adjusted Dividend	0.21	0.23	0.25
WACC / Discount Rate	1.25%	1.25%	1.25%
Growth Rate	5.22%	6.22%	7.22%
Fair Value	$44.66	$49.31	$52.62
Upside / Downside	176.01%	204.76%	225.21%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	55.04	58.46	62.09	65.96	70.06	74.41	76.64
Payout Ratio	49.41%	57.53%	65.65%	73.77%	81.88%	90.00%	92.50%
Projected Dividends (M)	27.20	33.63	40.76	48.65	57.36	66.97	70.90

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.25%	1.25%	1.25%
Growth Rate	5.22%	6.22%	7.22%
Year 1 PV (M)	32.91	33.22	33.53
Year 2 PV (M)	39.02	39.77	40.52
Year 3 PV (M)	45.57	46.88	48.21
Year 4 PV (M)	52.56	54.59	56.68
Year 5 PV (M)	60.04	62.95	65.97
PV of Terminal Value (M)	6,356.04	6,663.88	6,983.53
Equity Value (M)	6,586.14	6,901.29	7,228.45
Shares Outstanding (M)	207.47	207.47	207.47
Fair Value	$31.74	$33.26	$34.84
Upside / Downside	96.19%	105.58%	115.33%

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Zhejiang Chunhui Intelligent Control Co., Ltd. (300943.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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