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Original Title: My Country’s Industrial Business Profits Accelerate Recovery of Over 90% of Industry Profit Growth in First Two Months
On March 27, the National Statistics Office released the monthly report on industrial economic benefits, which showed that the profits of industrial companies in my country recovered more quickly from January to February. From January to February, domestic industrial enterprises above the designated size made profit of 11.14.01 billion yuan, a year-on-year increase of 1.79 times, an increase of 72.1% over the same period in 2019, and an average increase of 31.2% in two years, continuing the good momentum of rapid growth since the second half of last year.
Zhu Hong, senior statistician of the Department of Industry of the National Bureau of Statistics, said that with the continued manifestation of the results of the overall planning of epidemic prevention and control and economic and social development, the stable recovery of the domestic market and external demand, the base falls during the same period and the “Chinese New Year spot” and other factors are common. Under the influence, the growth of industrial production and sales has accelerated, the recovery of corporate income and profits has accelerated, and the level of profitability has recovered significantly.
Zhu Hong said that multiple factors have promoted the rapid growth of industrial profits. The low base number superimposed on “New Years on the Spot” promoted rapid earnings growth; industrial production and sales growth accelerated, leading to a significant increase in profits; over 90% of industry profits increased and nearly 60% of industry profits doubled; corporate losses were significantly reduced and the contribution of loss-making companies was outstanding; The leading role of high-tech manufacturing and equipment is obvious; Raw material manufacturing profit growth is good.
In terms of specifics, from January to February last year, due to the impact of the epidemic, the profits of industrial companies above the designated size fell sharply by 38.3% year-on-year. The profit from January to February 2019 was reduced by 14% year-on-year, further reducing the base. Since the beginning of the year, market demand has continued to recover and industrial companies have continued to recover steadily, and production and sales have accelerated significantly compared to the same period last year. From January to February, the added value of industrial companies above the designated size increased 35.1% year-on-year, and the two-year average growth rate was 8.1%; Operating income increased 45.5% year-on-year, and the two-year average growth rate was 9.4%. Industrial production and sales have reached a good level in recent years, creating favorable conditions for improving business efficiency.
From January to February, among the 41 major industrial sectors, 38 industries increased their total profits year over year and the industry grew by more than 90%. Among them, there are 24 industries whose profit growth rate exceeds 100%. From January to February, the loss of industrial companies above the designated size decreased by 28.6% year-on-year, which represented a significant reduction in losses. At the end of February, the loss of industrial companies above the designated size was 27.1%, a year-on-year decrease of 9.0 percentage points. Among companies with losses in the same period last year, 47.2% of companies achieved profitability in the first two months of this year, driving profit growth for industrial companies above the designated size of 96, 1 percentage points, and companies with business losses stood out. Contributions to earnings growth.
In addition, from January to February, the cost per hundred yuan of operating income of industrial enterprises above the designated size decreased by 1.16 yuan year-on-year, and the unit cost fell to a lower level in recent years; the cost per hundred yuan of operating income decreased 1.38 yuan year on year. The fall in the level of costs and expenses has increased the profitability of the company. From January to February, the operating income profit margin of industrial companies above the designated size was 6.60%, a year-on-year increase of 3.15 percentage points, and profitability increased significantly. Among them, the operating income profit margin of the oil, coal and other fuel processing industries increased by 7.69 percentage points year-on-year, and the pharmaceutical industry increased by 5.67 percentage points.
The debt-asset ratio decreased. At the end of February, the asset-liability ratio of industrial companies above the designated size was 56.2%, a year-on-year decrease of 0.1%. The asset-liability ratio of state-owned companies was 56.9%, a year-on-year decrease of 0.2%.
Xie Yaxuan, chief macroeconomic analyst at China Merchants Securities, said that the profit growth of industrial companies from January to February was due to the following reasons. One is that a low base number promotes high growth; the other is that the incremental effect is mainly derived from internal and external demand. Prosperity is higher than in the same period last year; the third is to promote the production of enterprises during the Chinese New Year in the place; the fourth is the earnings growth of the raw materials manufacturing industry benefiting from the price increase.
Zheng Houcheng, director of the Yingda Securities Research Institute, told the “Securities Daily” reporter that overseas demand remains strong and the cumulative export delivery value is likely to continue to increase year on year. The March overlap is the peak season for construction, and the two together contributed to year-over-year accumulated industrial value added. In terms of prices, international oil prices, non-ferrous metal prices and ferrous metal prices have a low probability of sharp declines. Taking into account the low base effect, it is likely that the March PPI will continue to increase based on February. The total accumulated profit of industrial companies in March will maintain a high year-on-year growth rate.
Zhu Hong said that in general, the performance of industrial enterprises continues to recover rapidly, but it should be noted that the international situation is still complicated and serious, the prevention and control of domestic epidemics can not be relaxed, the benefits of various industries have yet to be achieved. balanced, and the profits of some consumer goods industries have not recovered. The foundations for the full recovery of the industrial economy must be further consolidated at the normal level before the epidemic.
