In the first four months of the year, the profits of industrial enterprises above designated size increased by 11.4% year-on-year. The price increase of producers may continue to fall. On May 27, the National Bureau of Statistics released data showing that the profits of industrial enterprises above designated size in the first four months were 1,610.69 billion yuan, compared with last year. Increase over the same period...
In the first four months, the profits of industrial enterprises above designated size increased by 11.4% year-on-year. Producer price increases may continue to fall
On May 27, the National Bureau of Statistics released data showing that in the first four months of this year, the profits of industrial enterprises above designated size reached 1,610.69 billion yuan, an increase of 11.4% over the same period of last year. The growth rate dropped by 0.7 percentage points from January to March. In April, the profit reached 436.68 billion yuan, an increase of 9.3% over the same period last year. The growth rate was 4 percentage points higher than that in March, and 2.8 percentage points lower than that in January-March.
Generally speaking, the increase in corporate profits indicates that China's economic growth has increased, and the real economy has shown gratifying momentum. However, institutional research reports generally take a cautious view of the profit growth of industrial enterprises, and are not optimistic about the increase in industrial enterprise profit data in the coming months.
Judging from the cumulative caliber, the growth rate of industrial enterprises' income in January-April remained stable, while the profit growth rate declined slightly. However, if we look at the growth rate in a single month, the growth rate of revenue and profit in April will increase slightly.
Dr. Yu Jianxun from the Industry Department of the National Bureau of Statistics said that in April, the acceleration of industrial enterprise profit growth was mainly driven by the three industries of electric power production and supply, automobile manufacturing, computer communication and other electronic equipment manufacturing. Compared with March, the profit growth rate of the electricity, heat production and supply industries, as well as the computer, communications and other electronic equipment manufacturing industries increased significantly, and the profit of the automobile manufacturing industry increased. These three industries drove the profits of industrial enterprises in April to 5.4 percentage points faster than the growth in March.
From the perspective of new profit, it is mainly concentrated in four industries. Yu Jianxun analyzed that in April, industrial enterprise profits increased by 37.12 billion yuan over the same period of last year, mainly in the four industries of electric power production and supply, computer communication and other electronic equipment manufacturing, automobile manufacturing and non-metallic mineral products. Pull. The added profits of these four industries were 32.78 billion yuan, accounting for 88.3% of the new profits of industrial enterprises above designated size.
Yao Wei, an economist at Société Générale, also said that the profit data of industrial enterprises above designated size tends to fluctuate greatly. It cannot be said that the real economy is recovering based on only one month's data. The increase in income and profit margin in April were still unsatisfactory.
Yao Wei believes that the profits of industrial enterprises will remain under pressure in the coming months, as producer price increases may continue to fall, and the finished product price index is still in a shrinking region.
The briefing by the Goldman Sachs Asian Economic Research team also concluded that the profit growth of industrial enterprises rebounded in April, but due to the weak growth of industrial value added and the sluggish upstream prices, the growth rate of industrial enterprises' profits was still weak. However, the report also predicts that the profit growth rate of industrial enterprises in the second half of this year is expected to show a significant improvement due to the accelerated growth of external demand.
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