In October, with the vigorous advancement of policy measures such as ensuring supply and stabilizing prices and helping enterprises to relieve difficulties, the production and operation conditions of industrial enterprises above designated size continued to improve, and the profit growth rate rose steadily. According to data released by the National Bureau of Statistics a few days ago, in October, the profits of industrial enterprises above designated size nationwide increased by 24.6% year-on-year, an increase of 8.3 percentage points from the previous month, and rebounded for two consecutive months; the two-year average growth rate was 26.4%, an acceleration of 13.2 percentage points. From January to October, the profits of industrial enterprises above designated size increased by 42.2% year-on-year, and the two-year average growth rate was 19.7%, continuing to maintain a rapid growth trend.
Industry insiders predict that the year-on-year growth rate of industrial profits in November will likely remain at a relatively high level.
Many factors have led to the recovery of profits of industrial enterprises
Industry insiders said that factors such as accelerated production and eased cost pressures have supported the recovery of industrial corporate profits.
“In October, the operating income of industrial enterprises above designated size increased by 12.2% year-on-year, an acceleration of 2.1 percentage points from the previous month, laying a good foundation for the improvement of corporate profits.” Zhu Hong, a senior statistician at the Department of Industry of the National Bureau of Statistics, analyzed that in October, industrial production slightly With the rebound, the export of industrial products has grown rapidly, and the prices of some industrial products have continued to rise, which has led to an acceleration in the growth of corporate income.
At the same time, the cost pressure of enterprises has been eased, creating favorable conditions for expanding profitability. Zhu Hong said that in October, the effects of policies such as tax cuts and fee reductions, supply and stable prices continued to appear, and the pressure of rising costs of industrial enterprises was eased. The cost per hundred yuan of operating income of industrial enterprises above designated size was 83.45 yuan, a year-on-year decrease of 0.39 yuan and a decrease of 0.58 yuan from the previous month.
Profits of high-tech manufacturing industry maintained rapid growth. Guan Bing, director of the Institute of Industrial Economics of the China Electronics Information Industry Development Institute, said that the contribution rate of high-tech manufacturing profits to the profit growth of industrial enterprises above designated size reached 11% in October, becoming an important driving force for stable growth.
In addition, the contribution rate of private enterprises to the profit growth of industrial enterprises above designated size was 42.7% in October, an increase of 27.6 percentage points from the previous month. Zhu Hong said that with the further implementation of the relief policy for companies and a small number of companies confirming the impact of large investment incomes, the profit of private enterprises in October increased by 28.8% year-on-year, and the growth rate accelerated by 21 percentage points from the previous month, and rebounded for two consecutive months. .
It is worth mentioning that the profit of the consumer goods manufacturing industry turned from a decline to an increase in October. Zhu Hong said that in October, factors such as increased orders for the “Double Eleven” and other holidays drove the market demand for related consumer goods. The profit of the consumer goods manufacturing industry changed from a year-on-year decline in the previous month to an increase of 3.6%. Among them, more than 70% of consumer goods manufacturing industry profits rebounded.
Strengthen the cross-cycle adjustment of macro policies
Looking forward to the profit performance of industrial enterprises in the next stage, Wu Chaoming, chief economist of Caixin Securities, said that the current round of global economic recovery cycle has been lengthened, and the colder weather this year will push up energy demand. It is expected that the PPI growth rate in the fourth quarter will continue Maintaining the level above 10% will continue to support the profits of industrial enterprises to a certain extent. Zheng Houcheng, director of the Yingda Securities Research Institute, said that the year-on-year growth rate of the total profit of industrial enterprises in November is likely to be at a relatively high level.
Although the profits of industrial enterprises are expected to remain at a relatively high level, there is still pressure to promote the stable development of the industrial economy. Wu Chaoming said that due to the fact that mid- and downstream companies are still facing greater cost pressure, coupled with the supply constraints faced by upstream high-energy-consuming industries and the slowdown of industrial production and real estate investment, the two-year average growth rate of industrial corporate profits is expected to slow marginally.
Zhu Hong said that the profit of industrial enterprises continued to rebound in October, but the profit differentiation between upstream and downstream industries has not improved significantly. The cost of some downstream industries is still under pressure, and the downward pressure on the profitability of industrial enterprises still exists. In the next stage, it is necessary to strengthen the cross-cyclical adjustment of macroeconomic policies, in-depth implementation of relevant policies and measures to ensure supply and stable prices, promote the balance of market supply and demand, help enterprises to alleviate difficulties, and promote the sustained and stable development of the industrial economy. Return to Sohu to see more
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