DDM Analysis: 301133.SZ

Valuation Snapshot

Stable Growth	$70.91 - $83.54	$78.29
Multi-Stage	$54.92 - $60.27	$57.54
Blended Fair Value	$67.92
Current Price	$29.69
Upside	128.76%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	17.30%	0.00%	0.21	0.15	0.11	0.00	0.14	0.09	0.00	0.24	0.00	0.00
YoY Growth	-	-	37.17%	36.79%	2,500.28%	-96.96%	49.91%	0.00%	-100.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.87%	0.63%	0.44%	0.02%	0.24%	0.16%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	45.33
(-) Cash Dividends Paid (M)	13.12
(=) Cash Retained (M)	32.21

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9.07	5.67	3.40
Cash Retained (M)	32.21	32.21	32.21
(-) Cash Required (M)	-9.07	-5.67	-3.40
(=) Excess Retained (M)	23.15	26.55	28.81
(/) Shares Outstanding (M)	107.91	107.91	107.91
(=) Excess Retained per Share	0.21	0.25	0.27
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	0.21	0.25	0.27
(=) Adjusted Dividend	0.34	0.37	0.39
WACC / Discount Rate	-0.35%	-0.35%	-0.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$70.91	$78.29	$83.54
Upside / Downside	138.83%	163.69%	181.38%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	45.33	48.28	51.41	54.76	58.31	62.10	63.97
Payout Ratio	28.93%	41.15%	53.36%	65.57%	77.79%	90.00%	92.50%
Projected Dividends (M)	13.12	19.86	27.43	35.90	45.36	55.89	59.17

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-0.35%	-0.35%	-0.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	19.75	19.93	20.12
Year 2 PV (M)	27.11	27.63	28.15
Year 3 PV (M)	35.28	36.29	37.32
Year 4 PV (M)	44.30	46.01	47.76
Year 5 PV (M)	54.27	56.89	59.61
PV of Terminal Value (M)	5,745.18	6,022.67	6,310.79
Equity Value (M)	5,925.89	6,209.42	6,503.75
Shares Outstanding (M)	107.91	107.91	107.91
Fair Value	$54.92	$57.54	$60.27
Upside / Downside	84.97%	93.82%	103.00%

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Guangzhou Jinzhong Auto Parts Manufacturing Co., Ltd. (301133.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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