In June, the profits of industrial enterprises achieved double-digit growth
The industrial economy is picking up
Our reporter Lu Yanan
According to the data released by the National Bureau of Statistics on July 27, in the first half of this year, the profit growth rate of industrial enterprises showed a trend of "low in the beginning and high in the latter, from a decline to an increase". In the second quarter, the profit of industrial enterprises increased by 4.8% year-on-year, and fell by 36.7 in the first quarter. %, especially in May and June, profits increased by 6.0% and 11.5% respectively, and the growth rate accelerated month by month.
Benefited from four factors, the profit growth of industrial enterprises accelerated in June
Statistics show that in June, the national industrial enterprises above designated size achieved a total profit of 666.55 billion yuan, an increase of 11.5% year-on-year. The growth rate was 5.5% faster than that in May, achieving a double-digit growth.
According to Zhu Hong, a senior statistician at the Department of Industry of the National Bureau of Statistics, the continued acceleration of industrial profit growth in June was mainly due to four aspects.
The foundation was consolidated and the production and sales growth accelerated. In June, the added value of industrial enterprises above designated size increased by 4.8% year-on-year in real terms, and the growth rate was 0.4 percentage points faster than that in May; the operating income of industrial enterprises increased by 4.2% year-on-year, and the growth rate accelerated by 2.8 percentage points. The expansion of the scale of the enterprise has brought about an increase in profitability.
The market improved and the decline in industrial product prices narrowed. In June, the drop rates of the factory price index and purchase price index of industrial producers narrowed by 0.7 and 0.6 percentage points respectively compared with May, both of which reversed the trend of continuous expansion since the beginning of this year. Zhu Hong preliminarily estimated that changes in industrial product prices in June affected the profit growth rate of all industrial enterprises above designated size, which rebounded by 5.3 percentage points from May.
The burden is reduced and the unit cost of the enterprise is reduced. Zhu Hong introduced that in June, the cost per hundred yuan of operating income of industrial enterprises above designated size decreased by 0.22 yuan year-on-year, which was the first decline this year and eased the pressure on business operations caused by the sharp increase in the previous cost.
Prices have recovered, and profits in key industries have improved significantly. Affected by multiple favorable factors such as improvement in market demand, recovery of industrial product prices, easing of cost pressures, and the effects of relevant support policies, the profits of key industries such as steel, oil and gas exploration, oil processing, and non-ferrous metals have improved significantly.
Over half of the industrial sectors achieved profit growth in the second quarter
Not only in June, but from statistical data, the profit of industrial enterprises in the second quarter increased by 4.8% year-on-year, an increase of 41.5 percentage points from the first quarter.
"In the first half of this year, with the gradual implementation of various policies and measures for the overall promotion of epidemic prevention and control and economic and social development, the resumption of work and production has been intensified, the production and operation order has been steadily restored, and the profit situation of industrial enterprises has continued to improve." Zhu Hong introduced, the second quarter. Among the 41 major industrial sectors, 37 industries have accelerated their profit growth compared to the first quarter, and 25 industries have achieved profit growth. It can be said that the profit growth of most industries has recovered.
The industry with the largest profit recovery is the equipment manufacturing industry. In the second quarter, the profit of the equipment manufacturing industry increased by 31.8% year-on-year, and fell by 46.7% in the first quarter, making it the industry sector with the largest rebound. Among them, the switching of environmental protection standards and the accelerated advancement of infrastructure projects have led to a significant rebound in the automotive and special equipment industries. In the second quarter, the profits of the automotive and special equipment industries increased by 26.0% and 63.5%, while the first quarter fell by 80.2% and 34.7%.
The industry with the highest profit growth rate is high-tech manufacturing. In the second quarter, the profit of the high-tech manufacturing industry increased by 34.6%, which was the industry sector with the highest growth rate. In the first quarter, it fell by 17.1%. Among them, due to the transfer of orders to the country and the increase in domestic demand, the profits of the electronics industry in the second quarter increased by 47.6%, while the first quarter was down 12.0%.
The profit decline of the raw material manufacturing industry has significantly narrowed. Zhu Hong analyzed that in the second quarter, affected by factors such as the acceleration of infrastructure projects and the rebound of prices of major bulk raw materials products, the profit of the raw material manufacturing industry fell by 17.9% year-on-year, and the decline was significantly narrower than the first quarter by 45.0 percentage points. Among them, the oil processing industry achieved a profit of 10.45 billion yuan in the second quarter and a loss of 24.70 billion yuan for the entire industry in the first quarter.
Continuously consolidate the recovery of the industrial economy to a good momentum
Industrial profit growth in the second quarter turned from negative to positive, supported by multiple factors.
The recovery of production is obvious, laying a solid foundation for corporate profit growth. A quick survey of industrial enterprises above designated size by the National Bureau of Statistics shows that as of mid-June, industrial enterprises above designated size have basically started operations, and 68.4% of them have reached 80% or more of normal production levels, an increase of 17.2 percentage points from the beginning of April.
Emerging products continue to make efforts to continuously explore new growth points for enterprises. In the second quarter, the added value of the equipment manufacturing industry increased by 9.5% year-on-year, 4.2 percentage points higher than the same period last year. In June, the automobile industry was affected by policy factors such as the switch of environmental protection standards, subsidies for car purchases, and accelerated infrastructure construction. The consumer market resumed, and production continued to accelerate to 13.4%, a record high in the past two years; 3D printing equipment, integrated circuit wafers, and smart Watches increased by 1 to 5 times year-on-year; semiconductor discrete devices, high-performance chemical fibers, service robots, etc. increased by 32.9%-81.9%.
"Under the situation that various industries are generally hit by the epidemic, demand for emerging products has performed well, and orders have increased against the trend, reflecting the development resilience and continuity of growth of new momentum." said Zhang Weihua, deputy director of the Industry Department of the National Bureau of Statistics.
The export situation has improved, and some industries have made better use of the two markets. In the context of the ever-expanding decline in global merchandise trade, my country’s industrial exports increased in the second quarter, with export delivery value increasing by 0.8% year-on-year. In the second quarter, the export delivery value of my country's pharmaceutical manufacturing industry increased by 52.3% year-on-year, and the export growth rate of the electronics industry rose to 14.5%, which strongly spurred the positive growth of industrial exports.
"Although the profit situation of industrial enterprises in the second quarter has clearly recovered to improve, overall, due to the impact of the new crown pneumonia epidemic, market demand is still weak, and enterprises still face many difficulties in production and operation." Zhu Hong said that the current global epidemic is still It continues to spread, the international economic and trade situation is complex and severe, and the sustainability of industrial profit growth remains uncertain. In the next stage, we still need to do a good job in the "six stability" work, fully implement the "six guarantees" task, actively implement various policies to aid enterprises, stabilize the economic fundamentals, and continue to consolidate the momentum of industrial economic recovery.