Luda Technology Group Ltd
LUD · Steel Pipe & Tubes · EDGAR filings ↗
Grade
C58Long-established China/HK steel flange and fittings manufacturer-trader, barely profitable with sharply declining revenue.
Strengths
- 20+ year operating history with diversified international customer base
- Adequate liquidity (current 1.63) and reasonable cash runway (8.3 quarters)
Risks
- Revenue down 25% (8.7th pct), gross margin only 17.6% (18th pct), operating margin -3.2%
- Near-zero returns (ROE 2.5%, ROA 1.1%) and negative FCF
- Commoditized, cyclical industry with PRC/HFCAA and trade-tariff exposure
Notable findings
- Restatement4 Subject to Cayman Islands law, the Companies Act and our amended and restated memorandum and articles of association, our board of directors may declare dividends in any currency 8-K ↗
- Cash burnNegative free cash flow (-2.2M)
- Revenue declineRevenue -25.3% YoY
Key metrics
Gross margin
17.7%
Operating margin
-3.2%
Net margin
1.7%
Return on equity
2.5%
Return on assets
1.1%
ROIC
-3.5%
Revenue growth (QoQ)
-25.3%
Debt / equity
0.1×
Current ratio
1.6×
Free cash flow
-$2M
Tangible book value
$21M
Cash & investments
$5M
Cash runway
8q
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-05-15 | 2025-12-31 | 0001213900-26-057512 ↗ |
| 20-F | 2025-04-30 | 2024-12-31 | 0001213900-25-037162 ↗ |