DDM Analysis: 301392.SZ

Valuation Snapshot

Stable Growth	$234.02 - $275.71	$258.38
Multi-Stage	$163.88 - $179.86	$171.72
Blended Fair Value	$215.05
Current Price	$119.21
Upside	80.40%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018
DPS	15.51%	0.00%	0.35	0.07	0.12	0.28	0.12	0.17	0.08	0.00	0.00	0.00
YoY Growth	-	-	403.13%	-43.01%	-56.20%	140.47%	-31.90%	126.58%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.57%	0.07%	0.12%	0.27%	0.11%	0.16%	0.07%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	115.24
(-) Cash Dividends Paid (M)	25.15
(=) Cash Retained (M)	90.08

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	23.05	14.40	8.64
Cash Retained (M)	90.08	90.08	90.08
(-) Cash Required (M)	-23.05	-14.40	-8.64
(=) Excess Retained (M)	67.04	75.68	81.44
(/) Shares Outstanding (M)	83.12	83.12	83.12
(=) Excess Retained per Share	0.81	0.91	0.98
LTM Dividend per Share	0.30	0.30	0.30
(+) Excess Retained per Share	0.81	0.91	0.98
(=) Adjusted Dividend	1.11	1.21	1.28
WACC / Discount Rate	1.67%	1.67%	1.67%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$234.02	$258.38	$275.71
Upside / Downside	96.31%	116.74%	131.28%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	115.24	122.73	130.71	139.20	148.25	157.89	162.62
Payout Ratio	21.83%	35.46%	49.10%	62.73%	76.37%	90.00%	92.50%
Projected Dividends (M)	25.15	43.52	64.17	87.32	113.21	142.10	150.43

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.67%	1.67%	1.67%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	42.41	42.81	43.21
Year 2 PV (M)	60.93	62.09	63.26
Year 3 PV (M)	80.78	83.10	85.46
Year 4 PV (M)	102.05	105.97	110.01
Year 5 PV (M)	124.80	130.83	137.09
PV of Terminal Value (M)	13,211.37	13,849.48	14,512.02
Equity Value (M)	13,622.33	14,274.27	14,951.04
Shares Outstanding (M)	83.12	83.12	83.12
Fair Value	$163.88	$171.72	$179.86
Upside / Downside	37.47%	44.05%	50.88%

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Guangdong Huicheng Vacuum Technology Co., Ltd. (301392.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener