According to data released by the National Bureau of Statistics on the 27th, in May, the profits of industrial enterprises above designated size across the country fell by 6.5% year-on-year, a decrease of 2 percentage points from the previous month.Among them, the year-on-year decline in the profit of the equipment manufacturing industry narrowed by 23.2 percentage points from the previous month, which is the industry sector that has the greatest impact on the improvement of the profit margin of industrial enterprises above designated size.
"The overall situation of domestic epidemic prevention and control has gradually improved. Enterprises have resumed work and production, and logistics have been maintained in an orderly manner. Industrial enterprises have gradually resumed production and operation, and the decline in corporate profits has narrowed." Zhu Hong, senior statistician of the Industrial Department of the National Bureau of Statistics, said. .
Zhu Hong analyzed that, driven by the gradual recovery of production logistics and the gradual smooth flow of the industrial chain and supply chain, the sales situation of industrial enterprises has improved.In May, the operating income of industrial enterprises above designated size increased by 6.8% year-on-year, and the growth rate rebounded from the previous month, creating favorable conditions for the improvement of corporate profits.In addition, the effects of tax cuts and fee reductions, and corporate relief policies continued to be released, and the cost burden of industrial enterprises continued to ease.
In May, as companies continued to resume work and production, although the profits of industrial companies in the Yangtze River Delta and Northeast regions fell year-on-year, the decline was significantly narrower than the previous month.Among them, the profit declines in Shanghai, Jiangsu, Jilin, and Liaoning all narrowed by more than 20 percentage points from the previous month.
Among the 41 major industrial sectors, 20 industries experienced faster growth or narrower decline in profits compared with the previous month, and 5 industries saw profits from decline to increase, accounting for more than 60% of the total.The profits of energy industries such as coal and oil have continued to grow exponentially.The policy of ensuring energy supply has been implemented in depth, and the output of energy products has maintained rapid growth. Coupled with the high prices, the profits of the coal, oil and natural gas mining industries have increased by 1.16 times and 1.26 times year-on-year respectively.These two industries together drove the profits of industrial enterprises above designated size to increase by 9.5 percentage points.
In addition, with the orderly progress of the resumption of work and production of enterprises in key areas of equipment manufacturing, the logistics blocking points have been effectively smoothed, and the efficiency of equipment manufacturing has improved significantly.In May, the profit of the equipment manufacturing industry fell by 9.0% year-on-year, a decrease of 23.2 percentage points from the previous month, and it was the industry sector that affected the profit margin improvement of industrial enterprises above designated size the most.With the gradual recovery of market demand and the continuous release of the policy effects of expanding domestic demand and promoting consumption, the profitability of the basic consumer goods industry continued to recover.In May, 8 of the 13 consumer goods industries reported improved profits, accounting for 61.5%.
However, Zhu Hong also said that the profits of industrial enterprises continued to decline year-on-year in May, the pressure on enterprises to increase costs was still great, production and operation were still facing many difficulties, and the foundation for the recovery of industrial enterprises' efficiency was not yet solid.The current international situation is becoming more complex and severe, and there are still many uncertainties in the recovery of industrial enterprises' efficiency.In the next stage, it is necessary to implement a package of policies and measures to stabilize the industrial economy in detail, help enterprises to relieve difficulties, and promote the sustained and stable recovery of the industrial economy.
Looking forward to the trend in the next stage, Zhou Maohua, a macro researcher of the Financial Market Department of China Everbright Bank, believes that as the domestic epidemic is effectively controlled, economic activity picks up and the effect of domestic measures to ensure supply and stabilize prices will continue to show, and the profitability of the mid-stream and downstream will gradually improve.
Zheng Houcheng, director of Yingda Securities Research Institute, predicts that it is difficult for the epidemic situation to improve and international oil prices to rise significantly. The industrial added value in June is likely to rise on the basis of May, and the producer price index (PPI) of the month is likely to rise at 5. On a monthly basis, the total profit of industrial enterprises in June is likely to rise on a year-on-year basis on the basis of May.
