山西证券：研究早观点-20241204

Group 1: Chemical Industry - Jiangsu Province has released new policies for high-quality development in the chemical industry, emphasizing major project construction and breakthroughs in the industrialization of bio-based materials, which is expected to promote the rapid development of the synthetic biology industry [18] - The domestic bio-manufacturing market is projected to approach 2 trillion yuan by 2033, with a CAGR of 16.6% from 2023 to 2033, indicating significant growth potential in the sector [18] - The report suggests focusing on platform-type companies within the synthetic biology industry chain, such as Huaheng Biological, Kaisi Biological, and Lanxiao Technology [18] Group 2: Non-Bank Financial Industry - The report highlights a rapid increase in equity transfers among small and medium-sized securities firms, with several firms, including UBS Securities and Zhongshan Securities, currently listed for equity transfer [5] - The acceleration of mergers and acquisitions in the industry is expected to drive structural reforms on the supply side, enhancing competitive advantages through strategic acquisitions [5][6] - The overall market environment has improved, with major indices showing varying degrees of increase, indicating a supportive backdrop for the development of securities firms [6] Group 3: Communication Industry - Hainan Commercial Launch successfully completed its first launch at the country's first commercial space launch site, marking a significant milestone in the low-orbit internet satellite launch sector [10] - The launch capabilities are expected to stimulate market investment enthusiasm, with a projected annual launch capacity of 32 missions, significantly increasing satellite deployment capabilities [11] - The report anticipates that the demand for satellite internet will grow rapidly, particularly between 2025 and 2026, benefiting from ongoing technological advancements and market expansion [11] Group 4: Apparel Industry - Bosideng reported a revenue of 8.804 billion yuan for the first half of FY2024/25, representing a year-on-year growth of 17.8%, driven by strong performance in the brand down jacket segment [22] - The company has implemented refined channel management, resulting in a 36.7% increase in revenue from self-operated channels, while wholesale channel growth was slower due to strategic adjustments [24] - The report projects continued growth for Bosideng, with expected earnings per share of 0.32, 0.37, and 0.42 yuan for FY2025-2027, maintaining a "Buy-A" rating [29]