DDM Analysis: 600348.SS

Valuation Snapshot

Stable Growth	$11.95 - $43.24	$19.91
Multi-Stage	$10.80 - $11.83	$11.30
Blended Fair Value	$15.61
Current Price	$7.37
Upside	111.75%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	37.54%	18.41%	0.92	0.80	0.34	0.50	0.42	0.19	0.32	0.19	0.14	0.11
YoY Growth	-	-	15.39%	138.83%	-33.13%	19.22%	123.99%	-40.82%	65.47%	35.70%	33.69%	-38.04%
Dividend Yield	-	-	13.72%	8.67%	3.64%	6.23%	12.49%	6.12%	7.62%	3.99%	3.09%	2.35%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,529.94
(-) Cash Dividends Paid (M)	549.00
(=) Cash Retained (M)	980.94

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	305.99	191.24	114.75
Cash Retained (M)	980.94	980.94	980.94
(-) Cash Required (M)	-305.99	-191.24	-114.75
(=) Excess Retained (M)	674.95	789.70	866.19
(/) Shares Outstanding (M)	3,583.47	3,583.47	3,583.47
(=) Excess Retained per Share	0.19	0.22	0.24
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.19	0.22	0.24
(=) Adjusted Dividend	0.34	0.37	0.39
WACC / Discount Rate	6.73%	6.73%	6.73%
Growth Rate	3.77%	4.77%	5.77%
Fair Value	$11.95	$19.91	$43.24
Upside / Downside	62.14%	170.12%	486.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,529.94	1,602.86	1,679.26	1,759.30	1,843.16	1,931.01	1,988.94
Payout Ratio	35.88%	46.71%	57.53%	68.35%	79.18%	90.00%	92.50%
Projected Dividends (M)	549.00	748.65	966.08	1,202.54	1,459.35	1,737.91	1,839.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.73%	6.73%	6.73%
Growth Rate	3.77%	4.77%	5.77%
Year 1 PV (M)	694.73	701.43	708.12
Year 2 PV (M)	831.94	848.05	864.32
Year 3 PV (M)	960.99	989.04	1,017.63
Year 4 PV (M)	1,082.22	1,124.54	1,168.10
Year 5 PV (M)	1,195.97	1,254.72	1,315.76
PV of Terminal Value (M)	33,921.77	35,588.11	37,319.29
Equity Value (M)	38,687.62	40,505.89	42,393.22
Shares Outstanding (M)	3,583.47	3,583.47	3,583.47
Fair Value	$10.80	$11.30	$11.83
Upside / Downside	46.49%	53.37%	60.52%

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Shan Xi Huayang Group New Energy Co.,Ltd. (600348.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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