DDM Analysis: 002698.SZ

Valuation Snapshot

Stable Growth	$39.15 - $95.88	$89.85
Multi-Stage	$14.10 - $15.43	$14.75
Blended Fair Value	$52.30
Current Price	$17.45
Upside	199.73%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	21.91%	18.24%	0.25	0.25	0.25	0.20	0.18	0.09	0.05	0.05	0.05	0.05
YoY Growth	-	-	0.54%	0.00%	25.00%	11.11%	92.86%	75.00%	14.29%	0.00%	-0.83%	0.00%
Dividend Yield	-	-	1.42%	1.49%	1.53%	1.96%	1.27%	1.03%	0.74%	0.84%	0.59%	0.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	493.62
(-) Cash Dividends Paid (M)	256.35
(=) Cash Retained (M)	237.28

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	98.72	61.70	37.02
Cash Retained (M)	237.28	237.28	237.28
(-) Cash Required (M)	-98.72	-61.70	-37.02
(=) Excess Retained (M)	138.55	175.57	200.26
(/) Shares Outstanding (M)	1,023.88	1,023.88	1,023.88
(=) Excess Retained per Share	0.14	0.17	0.20
LTM Dividend per Share	0.25	0.25	0.25
(+) Excess Retained per Share	0.14	0.17	0.20
(=) Adjusted Dividend	0.39	0.42	0.45
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$39.15	$89.85	$95.88
Upside / Downside	124.35%	414.92%	449.45%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	493.62	525.71	559.88	596.27	635.03	676.31	696.60
Payout Ratio	51.93%	59.55%	67.16%	74.77%	82.39%	90.00%	92.50%
Projected Dividends (M)	256.35	313.04	376.01	445.85	523.18	608.68	644.35

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	291.06	293.82	296.58
Year 2 PV (M)	325.08	331.27	337.52
Year 3 PV (M)	358.40	368.69	379.17
Year 4 PV (M)	391.04	406.08	421.55
Year 5 PV (M)	423.01	443.44	464.66
PV of Terminal Value (M)	12,652.02	13,263.11	13,897.60
Equity Value (M)	14,440.60	15,106.41	15,797.07
Shares Outstanding (M)	1,023.88	1,023.88	1,023.88
Fair Value	$14.10	$14.75	$15.43
Upside / Downside	-19.18%	-15.45%	-11.58%

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Harbin Boshi Automation Co., Ltd. (002698.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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