DDM Analysis: 002001.SZ

Valuation Snapshot

Stable Growth	$58.16 - $166.19	$90.94
Multi-Stage	$39.38 - $43.01	$41.16
Blended Fair Value	$66.05
Current Price	$23.83
Upside	177.16%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-0.60%	15.15%	0.54	0.60	0.69	0.60	0.45	0.56	0.31	0.23	0.09	0.14
YoY Growth	-	-	-9.27%	-14.04%	16.64%	32.95%	-19.77%	79.23%	33.77%	165.55%	-35.80%	3.39%
Dividend Yield	-	-	2.42%	3.49%	3.87%	2.26%	1.69%	2.95%	2.34%	1.71%	1.08%	1.58%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	7,199.75
(-) Cash Dividends Paid (M)	2,357.04
(=) Cash Retained (M)	4,842.71

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,439.95	899.97	539.98
Cash Retained (M)	4,842.71	4,842.71	4,842.71
(-) Cash Required (M)	-1,439.95	-899.97	-539.98
(=) Excess Retained (M)	3,402.76	3,942.74	4,302.73
(/) Shares Outstanding (M)	3,070.07	3,070.07	3,070.07
(=) Excess Retained per Share	1.11	1.28	1.40
LTM Dividend per Share	0.77	0.77	0.77
(+) Excess Retained per Share	1.11	1.28	1.40
(=) Adjusted Dividend	1.88	2.05	2.17
WACC / Discount Rate	8.90%	8.90%	8.90%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$58.16	$90.94	$166.19
Upside / Downside	144.06%	281.60%	597.38%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	7,199.75	7,667.73	8,166.14	8,696.93	9,262.23	9,864.28	10,160.21
Payout Ratio	32.74%	44.19%	55.64%	67.10%	78.55%	90.00%	92.50%
Projected Dividends (M)	2,357.04	3,388.39	4,543.85	5,835.22	7,275.26	8,877.85	9,398.19

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.90%	8.90%	8.90%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	3,082.16	3,111.37	3,140.59
Year 2 PV (M)	3,759.66	3,831.27	3,903.56
Year 3 PV (M)	4,391.81	4,517.88	4,646.34
Year 4 PV (M)	4,980.77	5,172.32	5,369.34
Year 5 PV (M)	5,528.64	5,795.68	6,072.93
PV of Terminal Value (M)	99,143.83	103,932.52	108,904.48
Equity Value (M)	120,886.88	126,361.04	132,037.24
Shares Outstanding (M)	3,070.07	3,070.07	3,070.07
Fair Value	$39.38	$41.16	$43.01
Upside / Downside	65.24%	72.72%	80.48%

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Zhejiang NHU Company Ltd. (002001.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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