2024年10月工业企业利润分析利润改善仍需耐心等待

Profit and Revenue Trends - From January to October 2024, industrial enterprises achieved a total profit of CNY 58,680.4 billion, a year-on-year decrease of 4.3% (previous value: -3.5%) [2] - The total operating revenue for the same period was CNY 110.96 trillion, reflecting a year-on-year growth of 1.9% (previous value: 2.1%) [2] - In October alone, profits decreased by 10% year-on-year, an improvement from the previous month's decline of 27.1% [2] Cost and Profit Margin Analysis - The profit margin for October was 5.29%, down by 0.34 percentage points year-on-year, indicating pressure from both pricing and profit margins on industrial profits [2] - Operating costs increased by 2.3%, surpassing the revenue growth rate 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, the total inventory of finished goods was CNY 6.53 trillion, growing by 3.9% year-on-year, with inventory growth rates declining for two consecutive months [3] - Accounts receivable reached CNY 26.33 trillion, a year-on-year increase of 7.8%, with prolonged collection periods negatively impacting cash flow and increasing uncertainty for enterprises [4] Sector Performance - The mining and manufacturing sectors experienced profit declines of 12.7% and 4.2% respectively, while the public utilities sector saw a profit increase of 11.5% [5] - State-owned enterprises reported a profit total of CNY 18,530.9 billion, down 8.2% year-on-year, contributing to the overall profit decline [5] Future Outlook - The current upward trend in production and revenue suggests a potential recovery in demand driven by policy measures, although profit recovery may lag behind due to existing pricing pressures [10] - Continued fiscal policy support and new measures aimed at stimulating demand are expected to enhance industrial product demand and improve profit margins over time [10]