On November 20th, Orient's research reports pointed out that lb group co., ltd. (002601.SZ) is currently the world's largest titanium dioxide producer, with an annual production capacity of 1.51 million tons of titanium dioxide, accounting for approximately 17% of the global market share in 2023. The company has fully proven its excellent internal and external growth capabilities in the development process over the past decade, gaining market recognition. The follow-up integration of upstream resources and the expansion project of chloride titanium dioxide will further consolidate and enhance the company's cost advantages and market share, achieving steady profit growth. Anti-dumping events are inevitable, and for leading companies with the strength to go global, it is an opportunity to leap in market share. Giving the company a 12 times pe ratio based on the average valuation of comparable companies in 2025, corresponding to a target price of 20.28 yuan, and initiating a shareholding rating for the first time.