Revenue and Profitability - In January-February 2024, industrial enterprises' revenue increased by 4.5% year-on-year, 3.4 percentage points higher than the full year of 2023[2] - The profit margin for combined revenue in January-February was 4.7%, an increase of 0.24 percentage points year-on-year[2] - The cost per 100 yuan of revenue was 84.97 yuan, an increase of 0.11 yuan year-on-year, while expenses decreased to 8.62 yuan per 100 yuan of revenue[2] Market Trends - The industrial added value grew by 7.0% year-on-year in January-February, indicating strong industrial production performance at the start of the year[2] - The Producer Price Index (PPI) fell to 2.7% year-on-year in February, with a decline of 0.2 percentage points compared to January, impacting profitability[2] Inventory and Supply Chain - By the end of February, the cumulative year-on-year growth of finished goods inventory was 2.4%, up from 2.1% previously, indicating a potential shift towards proactive restocking[19] - Actual inventory increased by 5.1% year-on-year, suggesting that revenue growth may lead to a gradual recovery in inventory levels[19] Sector Performance - The mining sector saw profits decline by 21.1% year-on-year, while manufacturing profits improved significantly from a decline of 2% to a growth of 17.4%[34] - The electricity, heat, gas, and water supply sector continued to see profit growth, rising from 54.7% to 63.1% year-on-year[34] Risks and Outlook - The report highlights that policy implementation has not met expectations, leading to a slower recovery in market demand and corporate revenue growth[14] - Future market volatility is anticipated, with projections indicating that the Shanghai-Shenzhen 300 Index could fluctuate between -20% and 20% over the next six months[15]
国内观察：2024年1-2月工业企业利润数据：低基数贡献较大，结构表现亮眼
Donghai Securities·2024-03-27 16:00