Three consecutive quarters of growth - profits of industrial enterprises above designated size continue to recover
2024-04-28
On April 27th, the National Bureau of Statistics released data showing that in the first quarter, industrial enterprises above designated size in China achieved a total profit of 1505.53 billion yuan, a year-on-year increase of 4.3%, from a decrease of 2.3% in the previous year to a positive growth. From a quarterly perspective, the profits of industrial enterprises above designated size have increased for three consecutive quarters, continuing their recovery trend. The market demand is gradually improving, and new driving forces are accelerating growth, driving the continued recovery of enterprise revenue. In the first quarter, the operating revenue of industrial enterprises above designated size increased by 2.3% year-on-year, with a growth rate 1.2 percentage points faster than the full year of the previous year. According to Yu Weining, a statistician from the Industrial Department of the National Bureau of Statistics, the revenue of the quarter has increased for three consecutive quarters, creating favorable conditions for the continuous recovery of corporate profits. Nearly 70% of industry profits have achieved growth. In the first quarter, out of 41 industrial sectors, 28 industries saw a year-on-year increase in profits, accounting for 68.3%, an increase of 2.4 percentage points from the previous year. By category, the profit of the manufacturing industry decreased by 2.0% for the whole year of the previous year and increased by 7.9%; The profit of the mining industry decreased by 18.5%, which is 1.2 percentage points narrower than the full year of the previous year; The profit of electricity, heat, gas, and water production and supply industries increased by 40.0%, maintaining a rapid growth trend. Yu Weining stated that high-tech manufacturing leads industrial profit growth. Cultivate and strengthen new productive forces, accelerate the shaping of new advantages, and achieve rapid growth in profits in high-tech manufacturing. In the first quarter, the profit of high-tech manufacturing industry decreased from 8.3% in the previous year to a year-on-year increase of 29.1%, with a growth rate 24.8 percentage points higher than the average level of large-scale industries. The real economy continues to consolidate and strengthen, new industrialization is deepening, and the profit growth of the equipment manufacturing industry is significantly accelerating. In the first quarter, the profit of the equipment manufacturing industry increased by 18.0% year-on-year, with a growth rate of 13.9 percentage points faster than the full year of the previous year, driving the growth of industrial profits above designated size by 4.9 percentage points, making it the industry sector with the largest contribution and playing a "ballast stone" role. Looking at different industries, the profits of the electronics and automotive industries increased by 82.5% and 32.0%, respectively, making them the manufacturing industries that have driven the largest growth in profits in large-scale industries; The profits of the railway, ship, aviation and aerospace transportation equipment, general equipment, and metal products industries increased by 45.8%, 7.9%, and 6.7% respectively. With the deepening implementation of the policy of expanding domestic demand and promoting consumption, consumer demand continues to be released, and coupled with the strong driving force of the Spring Festival holiday, the profits of the consumer goods manufacturing industry have maintained stable and rapid growth. In the first quarter, the profit of the consumer goods manufacturing industry decreased by 1.1% from the previous year to a year-on-year increase of 10.9%. The profit of the quarter maintained double-digit growth for three consecutive quarters, providing strong support for the recovery of profits in industrial enterprises above designated size. By industry, out of the 13 major consumer goods manufacturing industries, 12 achieved profit growth, an increase of 4 industries compared to the previous year. Overall, the profits of industrial enterprises above designated size maintained a growth trend in the first quarter, but it should also be noted that the recovery of enterprise profits is still uneven, and the foundation for the recovery of industrial enterprise benefits is still not solid. Yu Weining stated that in the next stage, we must resolutely implement the decisions and deployments of the Central Committee of the Communist Party of China and the State Council, implement policies and measures for large-scale equipment updates and the trade in of consumer goods, accelerate the construction of a modern industrial system, focus on expanding domestic demand, and continuously boost various types of operations
Edit：He Chuanning Responsible editor：Su Suiyue
Source：ECONOMIC DAILY
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