DDM Analysis: 300473.SZ

Valuation Snapshot

Stable Growth	$93.85 - $110.66	$103.66
Multi-Stage	$63.21 - $69.64	$66.36
Blended Fair Value	$85.01
Current Price	$31.26
Upside	171.95%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-7.63%	5.62%	0.46	0.31	0.48	0.54	0.49	0.69	1.06	0.70	0.66	0.25
YoY Growth	-	-	48.81%	-35.02%	-11.82%	9.75%	-28.16%	-34.95%	51.16%	5.63%	169.12%	-8.12%
Dividend Yield	-	-	1.63%	1.85%	2.67%	2.94%	2.92%	2.94%	2.74%	1.74%	1.06%	0.32%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	87.51
(-) Cash Dividends Paid (M)	22.76
(=) Cash Retained (M)	64.75

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	17.50	10.94	6.56
Cash Retained (M)	64.75	64.75	64.75
(-) Cash Required (M)	-17.50	-10.94	-6.56
(=) Excess Retained (M)	47.25	53.82	58.19
(/) Shares Outstanding (M)	150.95	150.95	150.95
(=) Excess Retained per Share	0.31	0.36	0.39
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.31	0.36	0.39
(=) Adjusted Dividend	0.46	0.51	0.54
WACC / Discount Rate	-0.88%	-0.88%	-0.88%
Growth Rate	1.17%	2.17%	3.17%
Fair Value	$93.85	$103.66	$110.66
Upside / Downside	200.22%	231.61%	253.99%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	87.51	89.41	91.35	93.34	95.37	97.44	100.36
Payout Ratio	26.00%	38.80%	51.60%	64.40%	77.20%	90.00%	92.50%
Projected Dividends (M)	22.76	34.70	47.14	60.11	73.62	87.69	92.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-0.88%	-0.88%	-0.88%
Growth Rate	1.17%	2.17%	3.17%
Year 1 PV (M)	34.66	35.00	35.35
Year 2 PV (M)	47.05	47.99	48.93
Year 3 PV (M)	59.94	61.73	63.56
Year 4 PV (M)	73.34	76.28	79.31
Year 5 PV (M)	87.27	91.67	96.24
PV of Terminal Value (M)	9,238.53	9,704.23	10,188.51
Equity Value (M)	9,540.79	10,016.90	10,511.91
Shares Outstanding (M)	150.95	150.95	150.95
Fair Value	$63.21	$66.36	$69.64
Upside / Downside	102.20%	112.29%	122.78%

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Fuxin Dare Automotive Parts Co., Ltd. (300473.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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