The financial data of industrial enterprises released by the National Bureau of Statistics on May 27 showed that from January to April 2017, the total profits of industrial enterprises above designated size increased by 24.4% year-on-year, and the growth rate was It slowed down by 3.9 percentage points from January to March. Profits increased by 14% in April, of which the profits of the manufacturing industry of chemical raw materials and chemical products increased by 13%, a growth rate that was 20.8 percentage points lower than that in March.
1. Industrial profits continue to maintain a good growth trend
The slowdown in industrial profit growth is a reasonable return after the previous high growth. Overall, industrial profits still maintain a good growth trend.
First, the profit growth rate for the month was higher than the level in recent years. From 2012 to 2016, the profits of industrial enterprises above designated size increased by 5.3%, 12.2%, 3.3%, -2.3% and 8.5% respectively. The annual growth rates were lower than the growth level in April this year.
Second, cumulative profits maintain a relatively high growth rate. From January to April, industrial enterprises above designated size achieved a total profit of 2.27803 billion yuan, a growth rate of 24.4%, and new profits of 447.3 billion yuan, both the highest values in the same period since 2012.
2. The supporting role of consumer goods and high-tech manufacturing industry has been strengthened, and the performance of enterprises has continued to improve
Industrial profits not only maintain a good growth trend, but also the company’s various performance indicators continue to improve.
First, consumer goods manufacturing and high-tech manufacturing have strengthened their support for profit growth. In April, of the new profits of all industrial enterprises above designated size, consumer goods manufacturing accounted for 21.6%, an increase of 9.8 percentage points from March; high-tech manufacturing accounted for 23.2%, an increase of 19 percentage points. The raw material manufacturing industry accounted for 22.9%, a decrease of 15.2 percentage points from March.
Second, profit margins increased year-on-year. In April, the main business income profit margin of industrial enterprises was 5.79%, an increase of 0.1 percentage points year-on-year.
Third, the payment situation continues to improve. At the end of April, the average collection period of accounts receivable of industrial enterprises above designated size was 38.4 days, a year-on-year decrease of 1 day, continuing the year-on-year decrease trend since the beginning of the year.
Fourth, the leverage ratio continues to decline. At the end of April, the asset-liability ratio of industrial enterprises above designated size was 56.2%, a year-on-year decrease of 0.6 percentage points.
Fifth, product turnover continues to accelerate. At the end of April, the turnover days of finished products of industrial enterprises above designated size was 14.4 days, a year-on-year decrease of 0.7 days.
3. The contribution of price factors to profit growth declined
First, the ex-factory price of products and the purchase price of raw materials have returned to normal. In April, the ex-factory price of industrial producers increased by 6.4% year-on-year, 1.2 percentage points lower than that in March; the purchasing price of industrial producers increased by 9% year-on-year, and the increase was 1 percentage point lower than that in March. Price levels tended to be normal. Preliminary estimates show that price changes have increased profits of industrial enterprises above designated size by about 52.1 billion yuan year-on-year, which is about 59.5 billion yuan less than in March.
Second, looking at different industries, profit growth in industries such as steel, automobiles and chemicals has slowed down significantly. In April, mainly due to various factors such as the fall in price increases, slowdown in production and sales growth, and rising costs, the profits of the ferrous metal smelting and rolling processing industry fell by 7.8% year-on-year, while they increased 1.3 times in March; the profits of the automobile manufacturing industry fell by 6.7% %, compared with an increase of 18.7% in March; the profits of the chemical raw materials and chemical products manufacturing industry increased by 13%, a growth rate that was 20.8 percentage points lower than that in March; the new profits of the oil and natural gas extraction industry were 5.45 billion yuan, a decrease of 9.86 billion yuan from March. Yuan; the profit of the electricity and heat production and supply industry fell by 42% year-on-year, and the decline was 14.4 percentage points larger than in March. The above five industries collectively affected the profit growth rate of all industrial enterprises above designated size to slow down by 10.8 percentage points.
At present, in order to maintain steady growth of industrial profits, we need to pay close attention to the following issues: First, the purchase price of raw materials rises faster than the ex-factory price of products, causing the entire industry, especially the midstream and downstream industries, to Costs rise. In April, the annual income of industrial enterprises above designated size per 100 yuanThe cost of operating income was 86.22 yuan, a year-on-year increase of 0.18 yuan. Second, the growth of financial expenses is accelerating, and there is upward pressure on corporate financing costs. In April, corporate financial expenses increased by 4.2% year-on-year, 1.2 percentage points faster than in March.
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