DDM Analysis: 001696.SZ

Valuation Snapshot

Stable Growth	$58.82 - $143.79	$134.75
Multi-Stage	$20.91 - $22.89	$21.88
Blended Fair Value	$78.32
Current Price	$24.54
Upside	219.14%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.47%	25.90%	0.30	0.29	0.25	0.30	0.30	0.23	0.03	0.03	0.36	0.03
YoY Growth	-	-	3.97%	15.46%	-16.67%	0.00%	30.43%	666.67%	0.00%	-91.67%	1,100.00%	0.00%
Dividend Yield	-	-	1.36%	3.49%	3.39%	5.07%	4.19%	4.17%	0.43%	0.49%	4.16%	0.29%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	827.87
(-) Cash Dividends Paid (M)	280.87
(=) Cash Retained (M)	547.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	165.57	103.48	62.09
Cash Retained (M)	547.00	547.00	547.00
(-) Cash Required (M)	-165.57	-103.48	-62.09
(=) Excess Retained (M)	381.43	443.52	484.91
(/) Shares Outstanding (M)	1,145.00	1,145.00	1,145.00
(=) Excess Retained per Share	0.33	0.39	0.42
LTM Dividend per Share	0.25	0.25	0.25
(+) Excess Retained per Share	0.33	0.39	0.42
(=) Adjusted Dividend	0.58	0.63	0.67
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$58.82	$134.75	$143.79
Upside / Downside	139.71%	449.12%	485.95%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	827.87	881.68	938.99	1,000.03	1,065.03	1,134.25	1,168.28
Payout Ratio	33.93%	45.14%	56.36%	67.57%	78.79%	90.00%	92.50%
Projected Dividends (M)	280.87	398.00	529.18	675.72	839.09	1,020.83	1,080.66

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)	370.07	373.58	377.09
Year 2 PV (M)	457.51	466.23	475.02
Year 3 PV (M)	543.22	558.81	574.70
Year 4 PV (M)	627.21	651.33	676.14
Year 5 PV (M)	709.51	743.78	779.36
PV of Terminal Value (M)	21,233.06	22,258.62	23,323.44
Equity Value (M)	23,940.57	25,052.35	26,205.74
Shares Outstanding (M)	1,145.00	1,145.00	1,145.00
Fair Value	$20.91	$21.88	$22.89
Upside / Downside	-14.80%	-10.84%	-6.74%

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Chongqing Zongshen Power Machinery Co.,Ltd (001696.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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