DDM Analysis: 002204.SZ

Valuation Snapshot

Stable Growth	$52.31 - $61.63	$57.75
Multi-Stage	$36.55 - $40.11	$38.30
Blended Fair Value	$48.02
Current Price	$6.41
Upside	649.21%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.38%	5.95%	0.06	0.04	0.03	0.04	0.04	0.04	0.03	0.02	0.02	0.02
YoY Growth	-	-	25.41%	46.78%	-17.30%	-14.12%	14.38%	44.07%	34.18%	14.62%	-31.64%	-21.28%
Dividend Yield	-	-	0.90%	0.95%	0.59%	0.95%	1.21%	1.28%	0.60%	0.47%	0.31%	0.67%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	592.57
(-) Cash Dividends Paid (M)	126.42
(=) Cash Retained (M)	466.15

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	118.51	74.07	44.44
Cash Retained (M)	466.15	466.15	466.15
(-) Cash Required (M)	-118.51	-74.07	-44.44
(=) Excess Retained (M)	347.64	392.08	421.71
(/) Shares Outstanding (M)	1,912.29	1,912.29	1,912.29
(=) Excess Retained per Share	0.18	0.21	0.22
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.18	0.21	0.22
(=) Adjusted Dividend	0.25	0.27	0.29
WACC / Discount Rate	1.71%	1.71%	1.71%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$52.31	$57.75	$61.63
Upside / Downside	716.01%	800.97%	861.40%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	592.57	631.08	672.10	715.79	762.32	811.87	836.22
Payout Ratio	21.33%	35.07%	48.80%	62.53%	76.27%	90.00%	92.50%
Projected Dividends (M)	126.42	221.30	327.99	447.61	581.39	730.68	773.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.71%	1.71%	1.71%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	215.54	217.58	219.62
Year 2 PV (M)	311.12	317.05	323.03
Year 3 PV (M)	413.53	425.40	437.49
Year 4 PV (M)	523.13	543.25	563.94
Year 5 PV (M)	640.33	671.26	703.37
PV of Terminal Value (M)	67,785.94	71,060.03	74,459.42
Equity Value (M)	69,889.58	73,234.56	76,706.88
Shares Outstanding (M)	1,912.29	1,912.29	1,912.29
Fair Value	$36.55	$38.30	$40.11
Upside / Downside	470.16%	497.45%	525.78%

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Dalian Huarui Heavy Industry Group Co., Ltd. (002204.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener