Industrial enterprise profits increased by 15.5% in May
The data shows that from January to May, the total profits of industrial enterprises above designated size reached 20,81.25 billion yuan, an increase of 12.3% over the same period of last year. Among them, the main activity profit was 2,231.27 billion yuan, an increase of 11.4% over the same period last year. At the end of May, the accounts receivable of industrial enterprises above designated size were 870.67 billion yuan, an increase of 13.7% over the same period of last year. The inventory of finished products was 3,144.43 billion yuan, an increase of 7.1% over the same period of last year.
Beginning in May, the National Bureau of Statistics listed the profit of the main activity under the total profit. The main activity profit refers to the difference between the main business income and the main business cost, main business tax and surcharge, sales expenses, management expenses and financial expenses. This indicator is more closely related to industrial production activities.
From the data, in May, the national main activity of industrial enterprises above designated size was 497.14 billion yuan, an increase of 8.8% over the same period of last year, and the growth rate was 2.8 percentage points lower than that in April. Wen Caixia, a senior researcher at the Industrial Economics Research Center of the Ministry of Industry and Information Technology, believes that this shows that "the profitability of enterprises is still not optimistic."
She said that in the second half of the year, foreign trade may remain stable, but the upgrading of export enterprises' products still needs to be accelerated; if the overcapacity of industrial products and insufficient market demand cannot be effectively solved, the deflation phenomenon may further continue, and the industry's profit differentiation will further intensify.
Zhou Jingwei, a senior analyst at the Institute of International Finance of the Bank of China, believes that the growth of profits of industrial enterprises above designated size accelerated in May, but the slowdown in profit growth of the main activities was related to the current economic situation. The slowdown in the main profit reflects the overall slowdown in economic growth in the first half of the year, and the acceleration of the company's profit growth is related to the continued popularity of the current real estate industry. Regardless of where the company's profits come from, it indicates that industrial production may improve.
"From the perspective of future trends, the three factors will promote industrial production to rise steadily. First, the PM I index rebounded slightly. The PM I index in May was 50.8%, the second highest in 13 months, only slightly lower than March. 50.9%. Second, destocking is coming to an end. As of the end of April, the inventory of finished products of industrial enterprises was 3.12 trillion yuan, an increase of 8%, although it was lower than 8.8% in March, but higher than last November and December. In January of this year, it indicates that the enterprise destocking tends to end, which helps enterprises to resume production. The third is the recovery of foreign trade and consumption. The export delivery value increased by 3.5% in May, up 0.4 percentage points from April. It is expected that industrial production will stabilize in the future, and the industrial added value will increase by 9.5% in the third quarter of 2013, slightly higher than the second quarter." Zhou Jingyu said.
However, Zhou Jingyi also admitted that this improvement is only relative to the second quarter, not the overall level of improvement, the problem of severe overcapacity will have long plagued industrial production.