DDM Analysis: 600741.SS

Valuation Snapshot

Stable Growth	$354.74 - $418.28	$391.83
Multi-Stage	$242.05 - $266.73	$254.15
Blended Fair Value	$322.99
Current Price	$20.50
Upside	1,475.57%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-4.74%	8.81%	0.93	1.04	0.98	0.86	0.99	1.19	1.15	1.12	0.89	0.54
YoY Growth	-	-	-10.12%	5.55%	14.28%	-12.66%	-17.16%	3.78%	2.72%	24.74%	66.48%	33.99%
Dividend Yield	-	-	5.16%	5.88%	5.87%	4.31%	3.57%	5.52%	5.44%	4.60%	4.91%	3.53%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6,904.97
(-) Cash Dividends Paid (M)	342.91
(=) Cash Retained (M)	6,562.06

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,380.99	863.12	517.87
Cash Retained (M)	6,562.06	6,562.06	6,562.06
(-) Cash Required (M)	-1,380.99	-863.12	-517.87
(=) Excess Retained (M)	5,181.07	5,698.94	6,044.19
(/) Shares Outstanding (M)	3,152.72	3,152.72	3,152.72
(=) Excess Retained per Share	1.64	1.81	1.92
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	1.64	1.81	1.92
(=) Adjusted Dividend	1.75	1.92	2.03
WACC / Discount Rate	-1.18%	-1.18%	-1.18%
Growth Rate	1.23%	2.23%	3.23%
Fair Value	$354.74	$391.83	$418.28
Upside / Downside	1,630.45%	1,811.38%	1,940.37%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6,904.97	7,059.09	7,216.66	7,377.74	7,542.41	7,710.76	7,942.09
Payout Ratio	4.97%	21.97%	38.98%	55.99%	72.99%	90.00%	92.50%
Projected Dividends (M)	342.91	1,551.09	2,813.03	4,130.53	5,505.45	6,939.69	7,346.43

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-1.18%	-1.18%	-1.18%
Growth Rate	1.23%	2.23%	3.23%
Year 1 PV (M)	1,554.19	1,569.55	1,584.90
Year 2 PV (M)	2,824.31	2,880.38	2,937.01
Year 3 PV (M)	4,155.39	4,279.76	4,406.58
Year 4 PV (M)	5,549.68	5,772.23	6,001.42
Year 5 PV (M)	7,009.44	7,362.56	7,729.76
PV of Terminal Value (M)	742,027.22	779,408.30	818,280.94
Equity Value (M)	763,120.24	801,272.78	840,940.60
Shares Outstanding (M)	3,152.72	3,152.72	3,152.72
Fair Value	$242.05	$254.15	$266.73
Upside / Downside	1,080.74%	1,139.77%	1,201.14%

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HUAYU Automotive Systems Company Limited (600741.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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