2024年10月工业企业利润分析：利润改善仍需耐心等待

Profit Trends - From January to October 2023, the total profit of industrial enterprises above designated size reached CNY 58,680.4 billion, a year-on-year decline of 4.3% (previous value: -3.5%) [2] - In October 2023, the profit decreased by 10% year-on-year, an improvement from the previous month's decline of 27.1% [2] Revenue and Cost Analysis - The operating revenue for the same period was CNY 110.96 trillion, showing a year-on-year growth of 1.9% (previous value: 2.1%) [2] - Operating costs increased by 2.3%, outpacing revenue growth of 1.9%, resulting in a cost of CNY 85.39 per CNY 100 of operating revenue, an increase of CNY 0.32 year-on-year [2] Inventory and Accounts Receivable - As of October 2023, accounts receivable for industrial enterprises totaled CNY 26.33 trillion, a year-on-year increase of 7.8%, indicating a longer collection period which negatively impacts cash flow [4] - Finished goods inventory reached CNY 6.53 trillion, growing by 3.9% year-on-year, with inventory growth rate declining for two consecutive months [3] Sector Performance - The mining and manufacturing sectors experienced profit declines of 12.7% and 4.2% respectively, while the public utilities sector's profit growth slowed to 11.5% [5] - State-owned enterprises saw a profit total of CNY 18,530.9 billion, down 8.2% year-on-year, significantly dragging down overall profit performance [5] Future Outlook - The report suggests that improvements in industrial profits will lag behind price recovery due to the delayed effects of policy measures [10] - Increased fiscal spending and supportive policies are expected to boost industrial demand and potentially improve profit margins in the future [10]