Stock 002601 LB GROUP CO., LTD.
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Financials LB Group Co., Ltd.

Equities

002601

CNE1000015M3

Specialty Chemicals

End-of-day quote Shenzhen S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
20.55 CNY +1.68% Intraday chart for LB Group Co., Ltd. +0.88% +19.96%
Apr. 24 LB Group's Q1 Profit Jumps 64%, Operating Income Rises 5% MT
Apr. 24 Chinese Shares Rise on Positive Outlook from Goldman Sachs, UBS; LB Group Up 7% on Titanium Asset Investment MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 31,273 62,525 68,086 44,805 40,498 49,005 - -
Enterprise Value (EV) 1 34,394 66,450 71,641 51,994 55,428 50,958 51,332 49,005
P/E ratio 11.9 x 27.2 x 13.5 x 13.1 x 12.7 x 12.1 x 10.2 x 8.75 x
Yield 4.87% 3.28% 4.02% - - 6.03% 6.77% 7.86%
Capitalization / Revenue 2.75 x 4.43 x 3.31 x 1.86 x 1.51 x 1.59 x 1.41 x 1.36 x
EV / Revenue 3.03 x 4.71 x 3.48 x 2.16 x 2.07 x 1.65 x 1.48 x 1.36 x
EV / EBITDA 8.56 x 16.8 x 10.2 x 8.98 x 8.58 x 6.3 x 5.79 x 5.03 x
EV / FCF - - 45.3 x -39.4 x 113 x 6.3 x 14.7 x 9.1 x
FCF Yield - - 2.21% -2.54% 0.88% 15.9% 6.82% 11%
Price to Book 2.25 x 4.4 x 3.6 x 2.17 x 1.82 x 2.03 x 1.82 x 1.55 x
Nbr of stocks (in thousands) 2,032,021 2,032,021 2,381,470 2,368,139 2,364,177 2,384,670 - -
Reference price 2 15.39 30.77 28.59 18.92 17.13 20.55 20.55 20.55
Announcement Date 2/28/20 4/15/21 4/12/22 4/27/23 4/23/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 11,359 14,108 20,566 24,113 26,765 30,896 34,733 35,997
EBITDA 1 4,018 3,960 7,040 5,788 6,459 8,094 8,870 9,746
EBIT 1 3,050 2,831 5,554 4,086 3,917 4,931 5,866 6,788
Operating Margin 26.86% 20.07% 27% 16.94% 14.64% 15.96% 16.89% 18.86%
Earnings before Tax (EBT) 1 3,022 2,820 5,519 4,073 3,917 4,847 5,749 6,681
Net income 1 2,594 2,289 4,676 3,419 3,226 4,063 4,818 5,598
Net margin 22.84% 16.22% 22.74% 14.18% 12.05% 13.15% 13.87% 15.55%
EPS 2 1.290 1.130 2.120 1.440 1.350 1.701 2.019 2.348
Free Cash Flow 1 - - 1,580 -1,321 490.2 8,088 3,500 5,384
FCF margin - - 7.68% -5.48% 1.83% 26.18% 10.08% 14.96%
FCF Conversion (EBITDA) - - 22.44% - 7.59% 99.92% 39.46% 55.24%
FCF Conversion (Net income) - - 33.78% - 15.19% 199.07% 72.64% 96.18%
Dividend per Share 2 0.7500 1.010 1.150 - - 1.240 1.391 1.614
Announcement Date 2/28/20 4/15/21 4/12/22 4/27/23 4/23/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 5,297 6,068 6,332 5,630 6,083 6,276 7,014 6,503 - 8,367 8,530 8,225 - -
EBITDA 1 1,346 1,717 1,769 1,480 - - - - - 1,721 1,786 1,615 - -
EBIT 1 1,012 1,294 1,447 1,070 274.9 812.5 1,125 1,232 - 1,303 1,368 1,198 - -
Operating Margin 19.11% 21.32% 22.86% 19% 4.52% 12.95% 16.04% 18.95% - 15.58% 16.04% 14.56% - -
Earnings before Tax (EBT) 1 994.9 1,292 1,443 1,066 271.6 818 1,125 1,226 - 1,248 1,265 1,094 - -
Net income 1 845.6 1,064 1,202 907 246.1 682.6 880 1,084 - 1,036 1,048 882.9 - -
Net margin 15.96% 17.54% 18.98% 16.11% 4.05% 10.88% 12.55% 16.68% - 12.38% 12.28% 10.73% - -
EPS 2 0.2600 0.4500 0.5600 0.4000 0.0300 0.2800 0.3700 0.4600 - 0.4340 0.4391 0.3700 - -
Dividend per Share 2 - 1.000 - 0.2000 - - - - 0.6000 0.3747 0.3747 0.3747 0.3747 0.3747
Announcement Date 4/12/22 4/19/22 8/19/22 10/24/22 4/27/23 8/25/23 10/13/23 4/23/24 - - - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 3,121 3,925 3,555 7,189 14,929 1,953 2,327 -
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 0.7766 x 0.9912 x 0.5049 x 1.242 x 2.312 x 0.2413 x 0.2623 x -
Free Cash Flow 1 - - 1,580 -1,321 490 8,088 3,500 5,384
ROE (net income / shareholders' equity) 19.5% 16.2% 27.1% 16.7% 14.6% 16.5% 18.6% 17.8%
ROA (Net income/ Total Assets) 11.1% 7.54% 11.7% - - 5.93% 6.71% 7.7%
Assets 1 23,432 30,358 40,051 - - 68,475 71,787 72,701
Book Value Per Share 2 6.830 6.990 7.940 8.710 9.420 10.10 11.30 13.30
Cash Flow per Share 2 0.9900 1.540 1.820 1.340 1.430 3.680 3.520 3.970
Capex 1 995 935 2,749 4,518 2,914 2,714 3,078 2,192
Capex / Sales 8.76% 6.62% 13.36% 18.74% 10.89% 8.79% 8.86% 6.09%
Announcement Date 2/28/20 4/15/21 4/12/22 4/27/23 4/23/24 - - -
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for LB Group Co., Ltd.

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
11
Last Close Price
20.55 CNY
Average target price
23.02 CNY
Spread / Average Target
+12.04%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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