Chengdu Leejun Industrial Co., Ltd. (002651.SZ)

Chengdu Leejun Industrial Co., Ltd. (002651.SZ) — VMCI valuation read

Headline read on 002651.SZ: VMCI of 41/100 versus a Industrials sector median of 50. The 9-point below-median position is what makes Chengdu Leejun Industrial Co., Ltd. a relative-value laggard in the mid-cap cohort, before any pillar-level review.

Form 4 filings on 002651.SZ: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.

**Investor frame.** Three reads on 002651.SZ: value (002651.SZ trades at 23.0x earnings, 28% above the Industrials median of 18.0x), quality (ROIC of 15.0% sits 5.0pp above the Industrials median (10.0%)), and risk (net debt to EBITDA of 0.7x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Industrials 12.0x baseline.

002651.SZ rose 0.8% over the trailing 7 days, with a -1.7% read on a 30-day basis.