Investment Rating - The report maintains an "Outperform" rating for the company [7][6]. Core Views - The company is advancing its waterproof segment by acquiring Tangshan and Suzhou Yuanda Hongyu, enhancing its regional competitiveness and market share [7]. - The acquisition is deemed reasonably valued, with Tangshan Yuanda Hongyu's price-to-book (PB) ratio at 0.9 times and price-to-earnings (PE) ratio at 4.9 times based on 2024 net profit [7]. - The company is expected to see a recovery in waterproof demand by 2026, which may lead to significant profit elasticity [7]. Financial Data and Profit Forecast - Total revenue is projected to be 25,821 million yuan in 2024, with a slight increase to 25,997 million yuan in 2025, and further growth to 30,551 million yuan by 2027 [6]. - The net profit attributable to the parent company is forecasted to be 3,647 million yuan in 2024, decreasing to 3,516 million yuan in 2025, and then increasing to 4,802 million yuan by 2027 [6]. - The company's return on equity (ROE) is expected to improve from 9.6% in 2025 to 14.3% by 2027 [6]. Market Data - As of November 28, 2025, the closing price of the company's stock is 25.31 yuan, with a market capitalization of 42,761 million yuan [2]. - The company has a dividend yield of 3.42%, and its price-to-earnings ratio is projected to be 12 for 2025, decreasing to 9 by 2027 [2][6].