专题报告：工业企业利润高增的背后

Profit Growth Analysis - In January-February 2024, industrial enterprises achieved a total profit of 9140.6 billion yuan, a year-on-year increase of 10.2%, compared to a decline of 2.3% in 2023[2] - The profit data for January-February 2024 is lower than the same period in 2022 (11575.6 billion yuan) and 2021 (11140.1 billion yuan)[14] - The two-year compound year-on-year growth rate for January-February 2024 is recorded at -11.1%, further declining from the end of 2023[14] Industry and Enterprise Type Insights - Downstream manufacturing profits improved significantly, with a year-on-year increase of 11.7%, recovering from a decline of 4.7% in 2023[18] - Private enterprises showed slower profit recovery, with a growth rate of 12.6% compared to 31.3% for foreign enterprises[20] - The gap between the official comparable year-on-year growth rate (10.2%) and the unadjusted rate (3.03%) indicates a significant adjustment in the base year, reflecting the weakness in smaller enterprises[12] Inventory and Demand Dynamics - The inventory turnover ratio decreased to 31% in January-February 2024, indicating a slowdown in enterprise turnover amid excess capacity and weak demand[27] - Finished product inventory growth was recorded at 2.4%, slightly up from 2.1% previously, but still reflects low inventory levels overall[27]