DDM Analysis: 002050.SZ

Valuation Snapshot

Stable Growth	$172.69 - $203.45	$190.66
Multi-Stage	$121.07 - $132.86	$126.86
Blended Fair Value	$158.76
Current Price	$48.43
Upside	227.81%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	20.05%	21.50%	0.36	0.26	0.26	0.24	0.21	0.15	0.15	0.15	0.05	0.04
YoY Growth	-	-	37.50%	2.72%	5.11%	14.96%	46.07%	-1.26%	1.54%	168.49%	50.91%	-30.78%
Dividend Yield	-	-	1.26%	1.09%	1.00%	1.47%	1.03%	1.18%	1.51%	1.38%	0.77%	0.84%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,039.55
(-) Cash Dividends Paid (M)	1,399.10
(=) Cash Retained (M)	2,640.45

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	807.91	504.94	302.97
Cash Retained (M)	2,640.45	2,640.45	2,640.45
(-) Cash Required (M)	-807.91	-504.94	-302.97
(=) Excess Retained (M)	1,832.54	2,135.50	2,337.48
(/) Shares Outstanding (M)	3,948.66	3,948.66	3,948.66
(=) Excess Retained per Share	0.46	0.54	0.59
LTM Dividend per Share	0.35	0.35	0.35
(+) Excess Retained per Share	0.46	0.54	0.59
(=) Adjusted Dividend	0.82	0.90	0.95
WACC / Discount Rate	1.69%	1.69%	1.69%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$172.69	$190.66	$203.45
Upside / Downside	256.57%	293.69%	320.10%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,039.55	4,302.12	4,581.76	4,879.57	5,196.75	5,534.53	5,700.57
Payout Ratio	34.64%	45.71%	56.78%	67.85%	78.93%	90.00%	92.50%
Projected Dividends (M)	1,399.10	1,966.42	2,601.57	3,310.99	4,101.64	4,981.08	5,273.03

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.69%	1.69%	1.69%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,915.57	1,933.72	1,951.88
Year 2 PV (M)	2,468.75	2,515.78	2,563.24
Year 3 PV (M)	3,060.70	3,148.56	3,238.09
Year 4 PV (M)	3,693.52	3,835.57	3,981.67
Year 5 PV (M)	4,369.46	4,580.51	4,799.64
PV of Terminal Value (M)	462,556.40	484,898.05	508,094.76
Equity Value (M)	478,064.41	500,912.18	524,629.27
Shares Outstanding (M)	3,948.66	3,948.66	3,948.66
Fair Value	$121.07	$126.86	$132.86
Upside / Downside	149.99%	161.94%	174.34%

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Zhejiang Sanhua Intelligent Controls Co.,Ltd (002050.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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