DDM Analysis: 301580.SZ

Valuation Snapshot

Stable Growth	$19.32 - $30.22	$24.34
Multi-Stage	$45.82 - $50.50	$48.11
Blended Fair Value	$36.23
Current Price	$44.01
Upside	-17.69%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	0.00%	0.00%	0.00	0.00	0.00	0.01	0.19	0.25	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	-100.00%	-94.05%	-23.19%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.00%	0.00%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	180.93
(-) Cash Dividends Paid (M)	49.60
(=) Cash Retained (M)	131.33

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	36.19	22.62	13.57
Cash Retained (M)	131.33	131.33	131.33
(-) Cash Required (M)	-36.19	-22.62	-13.57
(=) Excess Retained (M)	95.15	108.72	117.76
(/) Shares Outstanding (M)	90.15	90.15	90.15
(=) Excess Retained per Share	1.06	1.21	1.31
LTM Dividend per Share	0.55	0.55	0.55
(+) Excess Retained per Share	1.06	1.21	1.31
(=) Adjusted Dividend	1.61	1.76	1.86
WACC / Discount Rate	6.14%	6.14%	6.14%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$19.32	$24.34	$30.22
Upside / Downside	-56.10%	-44.70%	-31.34%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	180.93	179.12	177.33	175.55	173.80	172.06	177.22
Payout Ratio	27.41%	39.93%	52.45%	64.96%	77.48%	90.00%	92.50%
Projected Dividends (M)	49.60	71.52	93.00	114.05	134.66	154.85	163.93

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.14%	6.14%	6.14%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	66.70	67.38	68.06
Year 2 PV (M)	80.89	82.55	84.23
Year 3 PV (M)	92.51	95.37	98.29
Year 4 PV (M)	101.87	106.09	110.44
Year 5 PV (M)	109.25	114.94	120.86
PV of Terminal Value (M)	3,679.57	3,871.17	4,070.67
Equity Value (M)	4,130.79	4,337.50	4,552.56
Shares Outstanding (M)	90.15	90.15	90.15
Fair Value	$45.82	$48.11	$50.50
Upside / Downside	4.11%	9.32%	14.74%

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Aidite Qinhuangdao Technology Co Ltd (301580.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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