DDM Analysis: 001311.SZ

Valuation Snapshot

Stable Growth	$81.42 - $199.06	$186.55
Multi-Stage	$29.34 - $32.09	$30.69
Blended Fair Value	$108.62
Current Price	$25.43
Upside	327.13%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018
DPS	27.09%	0.00%	0.55	0.40	0.05	0.78	0.37	0.17	0.02	0.00	0.00	0.00
YoY Growth	-	-	38.40%	632.23%	-93.06%	112.10%	122.22%	585.69%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.51%	1.73%	0.13%	1.93%	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)	274.77
(-) Cash Dividends Paid (M)	148.21
(=) Cash Retained (M)	126.56

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	54.95	34.35	20.61
Cash Retained (M)	126.56	126.56	126.56
(-) Cash Required (M)	-54.95	-34.35	-20.61
(=) Excess Retained (M)	71.61	92.21	105.95
(/) Shares Outstanding (M)	274.51	274.51	274.51
(=) Excess Retained per Share	0.26	0.34	0.39
LTM Dividend per Share	0.54	0.54	0.54
(+) Excess Retained per Share	0.26	0.34	0.39
(=) Adjusted Dividend	0.80	0.88	0.93
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$81.42	$186.55	$199.06
Upside / Downside	220.15%	633.59%	682.79%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	274.77	292.63	311.66	331.91	353.49	376.46	387.76
Payout Ratio	53.94%	61.15%	68.36%	75.58%	82.79%	90.00%	92.50%
Projected Dividends (M)	148.21	178.95	213.06	250.85	292.65	338.82	358.68

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)	166.39	167.97	169.55
Year 2 PV (M)	184.21	187.71	191.26
Year 3 PV (M)	201.65	207.44	213.34
Year 4 PV (M)	218.75	227.16	235.81
Year 5 PV (M)	235.49	246.86	258.67
PV of Terminal Value (M)	7,046.74	7,387.11	7,740.49
Equity Value (M)	8,053.23	8,424.25	8,809.12
Shares Outstanding (M)	274.51	274.51	274.51
Fair Value	$29.34	$30.69	$32.09
Upside / Downside	15.36%	20.68%	26.19%

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Chuzhou Duoli Automotive Technology Co., Ltd. (001311.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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