DDM Analysis: 603305.SS

Valuation Snapshot

Stable Growth	$33.62 - $82.19	$77.03
Multi-Stage	$12.47 - $13.62	$13.04
Blended Fair Value	$45.03
Current Price	$18.15
Upside	148.11%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	20.08%	122.94%	0.27	0.13	0.07	0.16	0.00	0.11	0.04	0.02	0.01	0.05
YoY Growth	-	-	115.98%	74.59%	-54.02%	8,082.70%	-98.24%	151.66%	89.45%	120.32%	-78.90%	54,707.94%
Dividend Yield	-	-	1.99%	0.88%	0.26%	0.99%	0.01%	0.58%	0.26%	0.15%	0.13%	0.60%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	393.13
(-) Cash Dividends Paid (M)	385.89
(=) Cash Retained (M)	7.23

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	78.63	49.14	29.48
Cash Retained (M)	7.23	7.23	7.23
(-) Cash Required (M)	-78.63	-49.14	-29.48
(=) Excess Retained (M)	-71.39	-41.91	-22.25
(/) Shares Outstanding (M)	951.21	951.21	951.21
(=) Excess Retained per Share	-0.08	-0.04	-0.02
LTM Dividend per Share	0.41	0.41	0.41
(+) Excess Retained per Share	-0.08	-0.04	-0.02
(=) Adjusted Dividend	0.33	0.36	0.38
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$33.62	$77.03	$82.19
Upside / Downside	85.22%	324.39%	352.86%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	393.13	418.68	445.90	474.88	505.75	538.62	554.78
Payout Ratio	98.16%	96.53%	94.90%	93.26%	91.63%	90.00%	92.50%
Projected Dividends (M)	385.89	404.14	423.14	442.89	463.43	484.76	513.17

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)	375.78	379.34	382.91
Year 2 PV (M)	365.83	372.80	379.83
Year 3 PV (M)	356.04	366.26	376.67
Year 4 PV (M)	346.40	359.72	373.42
Year 5 PV (M)	336.92	353.19	370.09
PV of Terminal Value (M)	10,082.11	10,569.07	11,074.68
Equity Value (M)	11,863.08	12,400.39	12,957.61
Shares Outstanding (M)	951.21	951.21	951.21
Fair Value	$12.47	$13.04	$13.62
Upside / Downside	-31.29%	-28.17%	-24.95%

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Ningbo Xusheng Auto Technology Co., Ltd. (603305.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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