DDM Analysis: 002536.SZ

Valuation Snapshot

Stable Growth	$102.70 - $121.00	$113.40
Multi-Stage	$87.65 - $96.17	$91.83
Blended Fair Value	$102.61
Current Price	$24.37
Upside	321.06%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.58%	14.65%	0.41	0.20	0.11	0.12	0.11	0.33	0.20	0.07	0.05	0.10
YoY Growth	-	-	108.71%	72.27%	-5.66%	8.44%	-65.98%	60.29%	187.02%	33.70%	-44.78%	-7.68%
Dividend Yield	-	-	2.75%	1.57%	1.01%	1.90%	2.17%	6.89%	2.74%	0.77%	0.59%	0.66%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	349.72
(-) Cash Dividends Paid (M)	235.29
(=) Cash Retained (M)	114.43

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	69.94	43.71	26.23
Cash Retained (M)	114.43	114.43	114.43
(-) Cash Required (M)	-69.94	-43.71	-26.23
(=) Excess Retained (M)	44.49	70.72	88.20
(/) Shares Outstanding (M)	574.79	574.79	574.79
(=) Excess Retained per Share	0.08	0.12	0.15
LTM Dividend per Share	0.41	0.41	0.41
(+) Excess Retained per Share	0.08	0.12	0.15
(=) Adjusted Dividend	0.49	0.53	0.56
WACC / Discount Rate	-2.16%	-2.16%	-2.16%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$102.70	$113.40	$121.00
Upside / Downside	321.44%	365.31%	396.52%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	349.72	372.45	396.66	422.44	449.90	479.15	493.52
Payout Ratio	67.28%	71.82%	76.37%	80.91%	85.46%	90.00%	92.50%
Projected Dividends (M)	235.29	267.51	302.92	341.81	384.47	431.23	456.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-2.16%	-2.16%	-2.16%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	270.85	273.42	275.99
Year 2 PV (M)	310.55	316.46	322.43
Year 3 PV (M)	354.80	364.98	375.36
Year 4 PV (M)	404.08	419.62	435.60
Year 5 PV (M)	458.90	481.06	504.08
PV of Terminal Value (M)	48,579.61	50,926.02	53,362.23
Equity Value (M)	50,378.78	52,781.57	55,275.70
Shares Outstanding (M)	574.79	574.79	574.79
Fair Value	$87.65	$91.83	$96.17
Upside / Downside	259.65%	276.81%	294.61%

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Feilong Auto Components Co., Ltd. (002536.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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