Affected by such factors as the acceleration of production and the low base, the profit growth rate of industrial enterprises above designated size rebounded sharply in April, returning to more than 20%. Among them, the iron and steel, chemical, and automobile industries have a significant role to play.
According to the financial data of industrial enterprises released by the National Bureau of Statistics on the 27th, from January to April of this year, the profits of industrial enterprises above designated size increased by 15% year-on-year, an acceleration of 3.4 percentage points from January to March. Among them, April's growth was 21.9%, an acceleration of 18.8% from March.
From the data point of view, both the cumulative growth rate and monthly growth rate, the growth rate of industrial enterprises has been significantly accelerated. The reason for this is that He Ping of the Industry Department of the National Bureau of Statistics said that the main factors are the acceleration of production, the rebound of prices, and the low base.
Guotai Junan Securities pointed out in its research report that in April, the impact of the Spring Festival on production has completely subsided, and the high base of industrial product prices has also eased, and profit growth has rebounded. From the perspective of the whole year, with the input of industry-guided funds and the release of new kinetic energy in the manufacturing industry, it is hoped that the improvement of profits of industrial enterprises will continue.
From the perspective of industry performance, steel, chemical, automotive and other industries have a significant role to play.
According to the data, in April, due to the rise in product price increase, lower profit base last year, faster production, and lower cost, the profit of ferrous metal smelting and rolling processing industry increased by 2.6 times year-on-year, and increased by 20.8% in March; chemical raw materials and chemistry Profit from products manufacturing industry increased by 46.2% year-on-year, with growth rate accelerating by 41.5 percentage points from March; profit from automobile manufacturing sector increased by 12.5% year-on-year, and decreased by 9.6% year-on-year in March. In addition, the profit growth of the oil and gas exploration industry, non-metallic mineral products industry, etc. has also been significantly accelerated. The aforesaid five industries combined to drive the growth of the profits of all industrial enterprises above designated size to accelerate by 13.2 percentage points.
Minsheng Securities believes that in the future, or to increase support for manufacturing investment, infrastructure policies will also be tilted to key frontier industries. It is expected that the profitability or structural improvement of industrial enterprises should focus on the profit changes of mid-stream companies.
Yesterday's data also showed that at the end of April, the asset-liability ratio of industrial enterprises above designated size was 56.5%, a year-on-year decrease of 0.7 percentage points. Among them, the asset-liability ratio of the state-controlled enterprises was 59.5%, a year-on-year decrease of 1.5 percentage points, and the state-owned enterprises' deleveraging effect was even more significant. From January to April, the cost of main business income per 100 yuan for industrial enterprises above designated size was 92.65 yuan, a year-on-year decrease of 0.25 yuan. The reduction in corporate costs and leverage indicates that the effectiveness of supply-side reforms has continued to show, and the quality of the industrial economy continues to increase.
Source: Shanghai Securities News