DDM Analysis: 301535.SZ

Valuation Snapshot

Stable Growth	$2.90 - $4.16	$3.52
Multi-Stage	$4.73 - $5.19	$4.95
Blended Fair Value	$4.24
Current Price	$20.14
Upside	-78.97%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	0.00%	0.00%	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	125.23
(-) Cash Dividends Paid (M)	53.72
(=) Cash Retained (M)	71.51

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	25.05	15.65	9.39
Cash Retained (M)	71.51	71.51	71.51
(-) Cash Required (M)	-25.05	-15.65	-9.39
(=) Excess Retained (M)	46.46	55.85	62.11
(/) Shares Outstanding (M)	300.19	300.19	300.19
(=) Excess Retained per Share	0.15	0.19	0.21
LTM Dividend per Share	0.18	0.18	0.18
(+) Excess Retained per Share	0.15	0.19	0.21
(=) Adjusted Dividend	0.33	0.37	0.39
WACC / Discount Rate	9.27%	9.27%	9.27%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$2.90	$3.52	$4.16
Upside / Downside	-85.59%	-82.53%	-79.34%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	125.23	123.98	122.74	121.51	120.29	119.09	122.66
Payout Ratio	42.90%	52.32%	61.74%	71.16%	80.58%	90.00%	92.50%
Projected Dividends (M)	53.72	64.86	75.78	86.47	96.93	107.18	113.46

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.27%	9.27%	9.27%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	58.76	59.36	59.96
Year 2 PV (M)	62.19	63.46	64.75
Year 3 PV (M)	64.28	66.27	68.30
Year 4 PV (M)	65.28	67.99	70.78
Year 5 PV (M)	65.39	68.80	72.35
PV of Terminal Value (M)	1,103.83	1,161.31	1,221.16
Equity Value (M)	1,419.74	1,487.19	1,557.29
Shares Outstanding (M)	300.19	300.19	300.19
Fair Value	$4.73	$4.95	$5.19
Upside / Downside	-76.52%	-75.40%	-74.24%

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Zhejiang Huayuan Auto Technology Co Ltd (301535.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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