DDM Analysis: 300595.SZ

Valuation Snapshot

Stable Growth	$28.83 - $109.46	$83.90
Multi-Stage	$13.68 - $14.96	$14.31
Blended Fair Value	$49.10
Current Price	$17.15
Upside	186.32%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	44.33%	26.77%	0.23	0.14	0.14	0.14	0.05	0.04	0.03	0.03	0.08	0.01
YoY Growth	-	-	60.42%	1.80%	-0.03%	204.22%	26.11%	29.54%	5.30%	-67.69%	808.02%	-57.24%
Dividend Yield	-	-	1.43%	0.76%	0.42%	0.38%	0.07%	0.14%	0.18%	0.30%	1.00%	0.32%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	491.70
(-) Cash Dividends Paid (M)	205.49
(=) Cash Retained (M)	286.21

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	98.34	61.46	36.88
Cash Retained (M)	286.21	286.21	286.21
(-) Cash Required (M)	-98.34	-61.46	-36.88
(=) Excess Retained (M)	187.87	224.75	249.33
(/) Shares Outstanding (M)	893.33	893.33	893.33
(=) Excess Retained per Share	0.21	0.25	0.28
LTM Dividend per Share	0.23	0.23	0.23
(+) Excess Retained per Share	0.21	0.25	0.28
(=) Adjusted Dividend	0.44	0.48	0.51
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$28.83	$83.90	$109.46
Upside / Downside	68.11%	389.24%	538.27%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	491.70	523.66	557.70	593.95	632.56	673.67	693.88
Payout Ratio	41.79%	51.43%	61.08%	70.72%	80.36%	90.00%	92.50%
Projected Dividends (M)	205.49	269.34	340.62	420.02	508.31	606.31	641.84

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	249.10	251.46	253.82
Year 2 PV (M)	291.34	296.89	302.49
Year 3 PV (M)	332.26	341.80	351.52
Year 4 PV (M)	371.88	386.18	400.89
Year 5 PV (M)	410.23	430.05	450.62
PV of Terminal Value (M)	10,562.96	11,073.16	11,602.88
Equity Value (M)	12,217.77	12,779.53	13,362.21
Shares Outstanding (M)	893.33	893.33	893.33
Fair Value	$13.68	$14.31	$14.96
Upside / Downside	-20.25%	-16.59%	-12.78%

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UVSP	Univest Financial Corporation	2.69%	$0.87	28.95%
VBTX	Veritex Holdings, Inc.	2.69%	$0.81	38.53%
CBT	Cabot Corporation	2.68%	$1.80	29.00%
PKOH	Park-Ohio Holdings Corp.	2.68%	$0.56	33.19%
WINA	Winmark Corporation	2.68%	$10.76	96.24%
CHCO	City Holding Company	2.67%	$3.20	36.27%
IDA	IDACORP, Inc.	2.67%	$3.40	58.98%
LFVN	LifeVantage Corporation	2.67%	$0.16	18.67%
MMM	3M Company	2.67%	$4.31	68.77%
MSEX	Middlesex Water Company	2.67%	$1.34	56.69%
ONB	Old National Bancorp	2.67%	$0.60	35.48%
0HQU.L	CF Industries Holdings, Inc.	2.66%	$2.07	24.22%
MGY	Magnolia Oil & Gas Corporation	2.66%	$0.60	32.28%
PEBK	Peoples Bancorp of North Carolina, Inc.	2.66%	$0.95	30.99%
GSBC	Great Southern Bancorp, Inc.	2.65%	$1.63	26.64%
HD	The Home Depot, Inc.	2.65%	$9.15	62.39%
MVBF	MVB Financial Corp.	2.65%	$0.68	27.31%
PPG	PPG Industries, Inc.	2.65%	$2.76	62.85%
TWMIX	American Century Emerging Markets Investor Class	2.64%	$0.40	76.80%
0M2A.L	Adeia Inc.	2.63%	$0.35	53.29%
ALLY	Ally Financial Inc.	2.63%	$1.20	59.56%
FRAF	Franklin Financial Services Corporation	2.63%	$1.28	36.88%
LEA	Lear Corporation	2.63%	$3.12	37.81%
VHI	Valhi, Inc.	2.63%	$0.32	49.46%
FHI	Federated Hermes, Inc.	2.62%	$1.37	27.23%
MKC	McCormick & Company, Incorporated	2.62%	$1.76	61.04%
SLB	SLB N.V.	2.62%	$1.05	42.94%
BAH	Booz Allen Hamilton Holding Corporation	2.61%	$2.22	33.15%
GILD	Gilead Sciences, Inc.	2.61%	$3.18	49.10%
AWR	American States Water Company	2.60%	$1.88	55.89%
CBAN	Colony Bankcorp, Inc.	2.59%	$0.46	28.75%
MDU	MDU Resources Group, Inc.	2.59%	$0.51	62.41%
PLBC	Plumas Bancorp	2.59%	$1.14	27.38%
CRD-A	Crawford & Company	2.58%	$0.28	43.18%
WBS	Webster Financial Corporation	2.57%	$1.64	29.21%
FANG	Diamondback Energy, Inc.	2.56%	$3.90	26.98%
JEF	Jefferies Financial Group Inc.	2.56%	$1.63	49.77%
UNH	UnitedHealth Group Incorporated	2.56%	$8.60	44.61%
DOX	Amdocs Limited	2.55%	$2.04	39.68%
DVN	Devon Energy Corporation	2.55%	$0.96	22.55%
TGNA	TEGNA Inc.	2.55%	$0.49	23.26%
CFFI	C&F Financial Corporation	2.54%	$1.80	22.24%
MTH	Meritage Homes Corporation	2.54%	$1.68	21.92%
DTM	DT Midstream, Inc.	2.52%	$3.04	77.42%
LEVI	Levi Strauss & Co.	2.52%	$0.52	34.78%
NFG	National Fuel Gas Company	2.52%	$2.07	36.34%
AMNB	American National Bankshares Inc.	2.51%	$1.20	48.76%
HIMYX	Pioneer High Income Municipal Fund Class Y	2.51%	$0.14	81.31%
ACNB	ACNB Corporation	2.50%	$1.18	37.66%
FMBH	First Mid Bancshares, Inc.	2.50%	$0.96	26.52%

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Autek China Inc. (300595.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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