工业企业利润数据点评：盈利阶段性承压

Profit Trends - From January to September 2024, the total profit of industrial enterprises above designated size reached CNY 52,281.6 billion, a year-on-year decrease of 3.5%[1] - The operating revenue for the same period was CNY 99.2 trillion, reflecting a year-on-year growth of 2.1%, with a continuous decline in growth rate[2] - The profit margin for industrial enterprises was 5.3%, down from the previous eight months, while the gross profit margin slightly increased to 14.6%[2] Industry Performance - The mining industry reported a total profit of CNY 8,963.8 billion, down 10.7% year-on-year, with the decline accelerating by 1.5 percentage points compared to the previous eight months[2] - Manufacturing profits totaled CNY 37,325 billion, a decrease of 3.8% year-on-year, marking a significant slowdown in growth[2] - The electrical and water industries saw profits of CNY 5,992.9 billion, up 12.1% year-on-year, but the growth rate slowed by 2.6 percentage points[2] Contribution to Profit Growth - Manufacturing's contribution to profit growth shifted from positive to negative, dragging down the overall profit growth by 2.7 percentage points, a significant increase of 3.5 percentage points from the previous eight months[2] - Resource manufacturing, particularly coal mining, saw a profit decline of 21.9%, contributing a 2.4 percentage point drag on total profits[2] - Consumer goods manufacturing contributed positively to profit growth, albeit at a reduced rate of 0.5 percentage points[2] Financial Ratios - As of September 2024, the asset-liability ratio for industrial enterprises was 57.7%, a slight increase of 0.1 percentage points from August[2] - Foreign-invested enterprises experienced an increase in asset-liability ratio from 52.9% to 53.2%[2] Risk Factors - Key risks include unexpected geopolitical tensions, macroeconomic performance falling short of expectations, and significant fluctuations in overseas markets[2]