防水行业专家交流会 20230331 摘要 东方雨虹于 2026 年 3 月启动实质性提价，对代理商供货价涨幅达 10%-15%，4 月计划进行第二轮提价，预计涨幅超 5%。 头部企业凭借冬储策略对冲成本压力，东方雨虹年前囤积沥青约 30 万 吨（可维持一季度周转），提价部分有望直接转化为利润。 销售模式向合伙人/代理商倾斜，东方雨虹合伙人销售额占比已超 90%，旨在将回款风险与利润压力向渠道端转嫁。 北新建材通过低价策略与央企背景对三四线品牌形成降维打击，加速行 业出清，预计未来中小企业淘汰率将达 70%。 2026 年 Q1 需求因原材料上涨预期提前释放，部分产品销量同比增超 50%，市场呈现"宁选优质高价"趋势，集中度持续向头部靠拢。 东方雨虹战略重心转向海外（美国工厂 2026 年投产）及修缮市场，并 推出低标产品应对北新建材的低价竞争。 Q&A 在后地产时代，防水行业经历了哪些转变？目前行业现状如何？ 后房地产时代大约始于 2021 至 2022 年，以恒大爆雷事件为标志，叠加疫情 影响，整个行业雪上加霜。以东方雨虹为例，其在 2019 年进行了一次重大战 略调整，业务模式从"直销+分销"开始向以代 ...

Summary of Waterproof Materials Industry Conference Call Industry Overview - The waterproof materials industry plans to communicate price increases to customers between March 1 and March 15, targeting a range of 5%-10% but realistically expecting actual increases to be within 5% due to market conditions [1][2] - Historical data indicates that price increase expectations are common at the beginning or end of the year, with a price increase window from mid-March to mid-June, followed by price stabilization in the second half of the year [1] - The demand structure has shifted, with the real estate sector's share dropping from 70% to around 40%, while public construction projects have increased to approximately 70% [2][11] Key Points on Price Increase Strategy - Companies typically manage pricing based on customer size, cooperation duration, and payment performance, with tiered pricing for A-level customers [1][4] - Raw material price increases are driving companies to raise prices, but there is a lag in cost transmission due to existing inventory [4] - Leading companies like Oriental Yuhong, Keshun, and Beixin focus on raising prices for their main products to directly enhance profitability and sales [1][6] - The competitive landscape among leading firms is intense, with a tendency towards coordinated price increases, although risks of price competition remain [7] Customer Acceptance and Pricing Execution - Customers, especially long-term partners, are generally resistant to price increases, while new entrants may be more accepting [4] - Price increases may apply to new orders primarily, with existing contracts subject to negotiation [3][4] - If price increases are successfully implemented, profit margins could significantly improve, especially if companies are still consuming lower-cost inventory [5] Demand and Market Dynamics - The overall demand is expected to stabilize, with no significant declines anticipated, as the market is nearing the bottom [10][12] - Non-real estate sectors such as infrastructure and industrial projects are expected to provide new demand [12] - The industry is likely to evolve towards a "3+N" structure, with three leading firms and several regional or cross-category players [13] Competitive Landscape and Company Strategies - The survival of small enterprises is under pressure, with an estimated 50%-60% facing potential exit from the market due to intensified competition and financial strain [13][14] - Leading firms are focusing on maintaining stable operations rather than aggressive market share expansion, with a shift in focus towards profitability and cash flow [15] - Beixin's acquisition strategy has slowed, facing challenges in integration due to its approach of holding rather than fully acquiring companies [16] Conclusion - The waterproof materials industry is navigating a complex landscape of price adjustments, shifting demand structures, and competitive pressures. The focus is on maintaining profitability while managing customer relationships and market dynamics. The anticipated stabilization in demand and the evolving competitive structure will shape the industry's future trajectory.