2024年6月工业企业利润点评：工企利润增速回升，应收账款回收期偏长

Profit Growth - In the first half of 2024, the cumulative year-on-year profit growth rate of industrial enterprises increased by 0.1 percentage points to 3.5% compared to the first five months[1] - The profit growth rate for June alone was 3.6%, up by 2.9 percentage points from the previous month[1] Revenue and Inventory - The cumulative year-on-year revenue growth rate for industrial enterprises in the first half of 2024 was 2.9%, consistent with the growth rate from January to May, indicating stable profitability[2] - The year-on-year growth rate of finished goods inventory was 4.7%, an increase of 1.1 percentage points, marking six consecutive months of recovery[2] Industry Performance - Manufacturing profits grew by 5.0% year-on-year, while mining profits remained in negative territory but improved by 5.4 percentage points to -10.8%[10] - The water, electricity, gas, and heating industries saw a profit growth of 23.1%, despite a decline of 6.4 percentage points from previous values[10] Accounts Receivable - Accounts receivable increased by 8.6% year-on-year, with the average collection period extending to 66.2 days, which is historically high[2][44] Economic Outlook - The overall industrial enterprise performance remains strong, but insufficient effective demand poses a significant challenge[46] - Central government policies are expected to enhance market demand gradually, with industrial profits likely to stabilize and improve in the second half of the year[46]