According to the financial data of industrial enterprises issued by the National Bureau of Statistics on June 27, from January to May in 2018, the profits of industrial enterprises above designated size increased by 16.5% year-on-year, and the growth rate was 1.5 percentage points faster than that in the first four months; among them, the growth in May 21.1%, slower than the growth rate of 0.8% in April, continued the momentum of rapid growth.
According to the analysis of the National Bureau of Statistics, there are four reasons: The effectiveness of the structural reforms on the supply side continues to emerge; the overall efficiency of industrial enterprises continues to improve, and the source of profit growth is mainly the raw materials processing and utilization industries such as steel, building materials, and chemical industries. Prices have risen, and costs have decreased. Profit maintained rapid growth in May
First, the effectiveness of supply-side structural reforms continues to show
First, the cost declines. From January to May, the cost of main business income per 100 yuan for industrial enterprises above designated size was 92.59 yuan, a year-on-year decrease of 0.35 yuan; of which, the cost per 100 yuan of main business income was 84.49 yuan. The second year was the decrease in leverage ratio. At the end of May, the asset-liability ratio of industrial enterprises above designated size was 56.6%, down 0.6% year-on-year. Among them, the asset-liability ratio of state-controlled enterprises was 59.5%, a year-on-year decrease of 1.5 percentage points. The effectiveness of corporate deleveraging is even more significant.
Second, the overall efficiency of industrial enterprises continued to improve
First, the inventory turnover of finished products accelerated. At the end of May, the turnover days of finished goods inventory of industrial enterprises above designated size was 16.6 days, a decrease of 0.2 days compared with the same period of the previous year. Second, the profitability was significantly enhanced. From January to May, the profit from the main business of industrial enterprises above designated size The rate was 6.36%, an increase of 0.35 percentage points year-on-year.
Third, the source of profit growth is mainly steel, building materials and chemical raw materials processing and utilization industries.
From January to May, the industries with more new profits were mainly: ferrous metal smelting and rolling processing industry, profit growth 1.1 times; non-metallic mineral products industry, an increase of 44.6%; chemical raw materials and chemical products manufacturing, an increase of 27.7%; The oil and gas exploration industry increased by 2.6 times; the power heat production and supply industry increased by 27.8%. The contribution rate of these five industries to the profit growth of all above-scale industrial enterprises was nearly 70%.
Fourth, the price increases, cost reductions help boost profit growth in May
Although the growth rate of industrial profits in May was slightly lower than that in April, it still maintained a rapid growth. In addition to cost reduction factors, it also benefited from rising prices. In May, the ex-factory price of industrial producers rose by 4.1% year-on-year, which was higher than that in April. The recovery rate was 0.7 percentage points; the purchase price of industrial producers increased by 4.3% year-on-year, which was a 0.6 percentage point increase from April. According to preliminary calculations, the effect of price changes on profit growth in May was 4.3 percentage points higher than that in April.