事件 2025 年 11 月 26 日，公司公告其全资子公司北新防水有限公司将 以 4.18 亿元的总价，分别受让远大洪雨(唐山)防水材料有限公司 和远大洪雨(宿州)建材科技有限公司各 80%股权。 事件点评 （1）"防水翼"再添一员，补强华北份额。2019 年公司通过联合 重组进入防水材料业务领域，2019-2022 年进入收购高峰期。本次 收购在 2022 年即公布过收购计划、但并未履行，即拟以 6.0 亿元 的对价收购唐山远大洪雨 63.3%以及宿州远大洪雨 70%股权，本次 收购比例和对价有所变化，对价下调估计和防水行业较 22 年景气 度下滑有关。完成收购后，公司预计新增沥青防水卷材/高分子防 水卷材/防水涂料产能 12000 万平米/4000 万平米/159000 吨。 2025H1 北新防水业务收入 24.9 亿左右，同比增长 6%左右，实现 净利润 1.4 亿，同比增长 6%，净利率约 5.6%。 （2）结合拟收购标的的行业影响力看、收购估值相对合理。从行 业估值水平来看，东方雨虹/科顺股份 pb-lf 分别为 1.44x/1.27x。 1）公司收购远大洪雨（唐山）80%股权的对价为 3.36 ...

Industry Overview - Waterproof membranes are essential functional materials in the construction industry, comprising a significant part of the building materials industry. They mainly include SBS/APP modified bitumen waterproof membranes, self-adhesive membranes, and polymer waterproof membranes. Among these, polymer waterproof membranes are rapidly increasing their market share due to their durability, corrosion resistance, environmental friendliness, and ease of construction [1][18] - The market demand for polymer waterproof membranes has seen explosive growth due to accelerated urbanization and continuous investment in infrastructure. The market size for polymer waterproof membranes in China is projected to reach approximately 21.808 billion yuan in 2024 [1][18] Market Dynamics - The production of waterproof materials in China has maintained a steady growth rate of around 10% since 2015, with a significant increase in 2020 due to heightened demand. In 2023, the production of waterproof materials reached 5.81 billion square meters, a year-on-year increase of 19.16%. The production is expected to further increase to approximately 6.525 billion square meters in 2024 [14][15] - The polymer waterproof membrane market is expected to continue growing, supported by government policies favoring green building materials and increasing environmental regulations [1][18] Competitive Landscape - The market for polymer waterproof membranes in China is characterized by low concentration and a large number of companies. Major domestic players include Oriental Yuhong, Beixin Waterproof, and Kairun Building Materials, among others. There are also many small and medium-sized enterprises with varying product quality [21][22] - The competitive landscape is evolving, with larger companies expanding and smaller firms facing pressure, potentially leading to increased market concentration in the future [21] Industry Development Trends - The polymer waterproof membrane industry is expected to accelerate its focus on environmental sustainability, emphasizing the development and application of solvent-free and low-VOC materials. Traditional materials will gradually be replaced by recyclable high polymer materials [27] - Future advancements will focus on enhancing performance, including weather resistance, puncture resistance, and lifespan. Innovations such as self-healing materials and specialized membranes for unique applications will drive the industry towards high-end and professional development [28] - The integration of smart technologies in production and application processes is anticipated, with IoT and AI optimizing quality control and enabling real-time monitoring of material performance [29] - The industry will also prioritize ease of construction, developing products that reduce reliance on skilled labor and streamline installation processes [30]