New waterproof regulations are on the way
On March 2, 2022, the building waterproof Association issued the letter on quality risk of engineering waterproof materials, which mentioned that “actively pay attention to the full text mandatory national standard general code for waterproofing of building and municipal engineering (hereinafter referred to as” general code “) will be issued soon”. The full text mandatory documents (40 documents) under the Ministry of housing and urban rural development solicited opinions from the public for the first time in February 2019. This set of engineering specifications represents the regulatory bottom line requirements of China’s engineering construction. All provisions must be strictly implemented, and the relevant mandatory provisions of the current engineering construction standards shall be abolished at the same time.
The new waterproof regulations put forward the concept of “design working life” for the first time, and made specific requirements for the design working life of waterproof works in different parts. The design working life of roof, exterior wall and indoor waterproof works is required to be no less than 15-25 years, and some parts are required to have the same life as the building. However, the original waterproof standard only required a warranty period of 5 years, and the waterproof design life is greatly increased.
Local governments should raise the standard first, the requirements are becoming stricter, and pay attention to the upgrading of waterproof materials
In recent years, Beijing, Qingdao, Hainan, Shanghai and Chengdu have issued waterproof standards. Among them, the waterproof standards in Beijing and Shanghai focus on project construction safety, while Chengdu and Hainan focus more on products, especially working years, to promote the upgrading of traditional hot-melt SBS asphalt coiled materials to more environmentally friendly polymer coiled materials.
Discussion on the classification and upgrading of waterproof materials caused by the new waterproof regulations in Chengdu. ① Waterproof coiled material: the proportion of SBS / APP gradually decreases due to environmental, construction safety, human health and other reasons. The growth rate of polymer and self-adhesive is fast. The main direction of polymer permeability improvement is the permeability improvement of base sector materials + building photovoltaic integration, and the waterproof faucet accelerates to enter the photovoltaic building industry (BIPV); ② Waterproof coating: water-based waterproof coating is more popular, and the proportion is increased with mechanized construction.
Improve quality and expand capacity, and the prospect of waterproof industry is clearer
The “new regulations” greatly improve the waterproof design life, and the stricter requirements bring changes to the product system and construction mode. We calculate that under the condition of strict implementation, the waterproof “new regulations” can increase the industrial space by 39%, and the industrial expansion comes from the increase in the amount of waterproof materials per unit and the increase in the proportion of first-class waterproof projects. In terms of products, accelerate the withdrawal of non-standard materials, highlight the age advantages of polymer coiled materials, and promote the proportion of waterproof coatings by mechanized construction. In addition, the material leader has the power to expand the construction business.
Investment suggestion: we suggest to look at the impact of the implementation of the “new waterproof regulations” from the aspects of industrial capacity expansion, structural upgrading and industrial clearance, and the sustainability of downstream demand for construction period and centralized mining. We are optimistic about the waterproof sector for a long time. The core waterproof targets include [ Beijing Oriental Yuhong Waterproof Technology Co.Ltd(002271) ] [ Keshun Waterproof Technologies Co.Ltd(300737) ] [ Jiangsu Canlon Building Materials Co.Ltd(300715) ] [ Beijing New Building Materials Public Limited Company(000786) ] [ Skshu Paint Co.Ltd(603737) ] [ Sobute New Materials Co.Ltd(603916) ] (TPO waterproof) [ Asia Cuanon Technology (Shanghai) Co.Ltd(603378) ].
Risk warning: the landing of new waterproof regulations is not as expected; The risk of continued tightening of real estate regulation; The price fluctuation of raw materials is less than expected; There is an error in the calculation.
