DDM Analysis: 003043.SZ

Valuation Snapshot

Stable Growth	$17.67 - $69.94	$30.08
Multi-Stage	$27.01 - $29.68	$28.32
Blended Fair Value	$29.20
Current Price	$51.53
Upside	-43.34%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.20%	0.00%	0.21	0.31	0.23	0.00	0.17	0.17	0.23	0.01	0.48	0.01
YoY Growth	-	-	-30.90%	33.33%	40,131.73%	-99.67%	0.00%	-25.00%	2,620.83%	-98.24%	4,161.48%	0.00%
Dividend Yield	-	-	0.63%	1.10%	0.53%	0.00%	0.85%	0.85%	1.14%	0.04%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	63.64
(-) Cash Dividends Paid (M)	30.62
(=) Cash Retained (M)	33.02

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.73	7.96	4.77
Cash Retained (M)	33.02	33.02	33.02
(-) Cash Required (M)	-12.73	-7.96	-4.77
(=) Excess Retained (M)	20.29	25.07	28.25
(/) Shares Outstanding (M)	103.35	103.35	103.35
(=) Excess Retained per Share	0.20	0.24	0.27
LTM Dividend per Share	0.30	0.30	0.30
(+) Excess Retained per Share	0.20	0.24	0.27
(=) Adjusted Dividend	0.49	0.54	0.57
WACC / Discount Rate	5.05%	5.05%	5.05%
Growth Rate	2.20%	3.20%	4.20%
Fair Value	$17.67	$30.08	$69.94
Upside / Downside	-65.70%	-41.63%	35.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	63.64	65.68	67.78	69.95	72.19	74.50	76.74
Payout Ratio	48.11%	56.49%	64.87%	73.25%	81.62%	90.00%	92.50%
Projected Dividends (M)	30.62	37.10	43.97	51.24	58.92	67.05	70.98

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.05%	5.05%	5.05%
Growth Rate	2.20%	3.20%	4.20%
Year 1 PV (M)	34.98	35.32	35.66
Year 2 PV (M)	39.07	39.84	40.62
Year 3 PV (M)	42.92	44.20	45.49
Year 4 PV (M)	46.54	48.38	50.29
Year 5 PV (M)	49.92	52.41	55.00
PV of Terminal Value (M)	2,577.55	2,706.15	2,839.82
Equity Value (M)	2,790.99	2,926.30	3,066.88
Shares Outstanding (M)	103.35	103.35	103.35
Fair Value	$27.01	$28.32	$29.68
Upside / Downside	-47.59%	-45.05%	-42.41%

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Suzhou Huaya Intelligence Technology Co., Ltd. (003043.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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