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Industrial profits maintained double-digit growth in the first quarter
2018-10-10

According to the financial data of industrial enterprises released by the National Bureau of Statistics on April 27, from January to March 2018, the profits of industrial enterprises above designated size increased by 11.6% year-on-year, and the double-digit growth continued. The profit structure was optimized and the enterprise benefits continued. Improvement, the industrial economy is stable and the pattern has not changed.


First, profitability has increased the proportion of manufacturing. From January to March, the profit margin of the main business of industrial enterprises above designated size was 6.18%, an increase of 0.11 percentage points year-on-year. In the first three months of this year, among the total profits of industrial enterprises above designated size, the proportion of manufacturing industry was 83.9%, up 0.3 percentage points from January to February; the proportion of mining industry was 8.9%, down 0.2 percentage points from January to February. . According to estimates, from January to March, the profit of industrial strategic emerging industries increased by 10.7%, maintaining a relatively fast growth momentum.


Second, the cost is reduced and the leverage ratio is lowered. From January to March, the cost per 100 yuan of main business income of industrial enterprises above designated size was 92.61 yuan, down by 0.13 yuan year-on-year; among them, the cost per 100 yuan of main business income was 84.33 yuan, down 0.18 yuan year-on-year. At the end of March, the asset-liability ratio of industrial enterprises above designated size was 56.4%, down 0.8 percentage points year-on-year. Among them, the asset-liability ratio of state-owned holding companies was 59.5%, a decrease of 1.5 percentage points year-on-year.


Third, the turnover of finished products and accounts receivable accelerated. At the end of March, the inventory turnover days of finished products of industrial enterprises above designated size were 16.8 days, a decrease of 0.1 days compared with the same period of last year; the average payback period of accounts receivable was 45.3 days, a decrease of 0.1 days compared with the same period of last year.


In March, the profits of industrial enterprises above designated size increased by 3.1% year-on-year, and the growth rate dropped by 13 percentage points from January to February, mainly due to the following factors. - It is the impact of the Spring Festival. The 2018 Spring Festival holiday is in the middle and late February, and the Yuanxiao Festival is on March 2, some enterprises have not resumed work, and the actual production and operation days have decreased compared with the same period of the previous year. Affected by this, the added value of industrial enterprises above designated size and the growth rate of revenue from main operations have all declined. Second, the price increase of industrial products declined. In March, the ex-factory price of industrial producers rose by 3.1% year-on-year; the growth rate dropped by 0.9 percentage points from January to February; the purchase price of industrial producers rose by 3.7% year-on-year, and fell by 1.1 percentage points from January to February. According to preliminary estimates, due to price changes, profits increased by approximately 62.46 billion yuan year-on-year, and the profit growth rate was 10.9 percentage points, down 5.9 percentage points from January to February, and was significantly weakened. Third, exchange losses and other financial expenses have increased. Since the previous year, due to exchange losses and increased net interest expenses, the growth of corporate financial expenses has accelerated. In March, the financial expenses of industrial enterprises above designated size increased by 15.1% year-on-year. Compared with January-February, the previous year's annual growth rate was 2.8 and 8.6 percentage points respectively.


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