The profits of industrial enterprises maintained a good growth trend in the third quarter.
Zhu Hong, a senior statistician of the Industry Department of the National Bureau of Statistics, interprets the profit data of industrial enterprises.
In the third quarter of 2021, industrial production continued to recover, profits maintained good growth, enterprise efficiency continued to improve, and profitability, asset-liability ratio and capital turnover continued to improve compared with the same period last year.
I. the profits of industrial enterprises maintain relatively rapid growth
From January to September, the profits of industrial enterprises above the national scale increased by 44.7% compared with the same period last year, with an average growth rate of 18.8% in two years (calculated by the geometric average method based on the same period in 2019). In the third quarter, the profits of industrial enterprises increased by 14.3% compared with the same period last year, continuing to maintain double-digit growth; the two-year average growth rate was 15.1%, which was slightly lower than that in the second quarter, and maintained a good growth trend as a whole. Of this total, profits in September rose 16.3% from a year earlier, an increase of 6.2 percentage points over the previous month.
The profit scale of more than 70% of the industry exceeds the pre-epidemic level. In the third quarter, the profits of 29 of the 41 major industrial industries increased compared with the same period in 2019, accounting for 70.7%, and the overall benefit of most industries was better than that before the epidemic. Among them, 18 industries have an average profit growth rate of 10% or more in two years.
The profits of high-tech manufacturing industries are growing rapidly. In the third quarter, the profits of high-tech manufacturing industries increased by 33.6% compared with the same period last year, which was 19.3 percentage points higher than the average level of industries above scale, and played a significant leading role. Among them, the pharmaceutical manufacturing industry was driven by factors such as the large demand for vaccines at home and abroad and the booming production and marketing of enterprises. Profits in the third quarter increased by 66.8 percent compared with the same period last year, continuing the trend of rapid growth since the beginning of the year. The electronic and communications equipment manufacturing industry was driven by steady growth in corporate income and investment income from decline to increase. Profits increased by 33.4 percent year on year, 14.6 percentage points faster than in the second quarter. Profits in the aerospace and equipment manufacturing industry increased by 25.4% over the same period last year, maintaining relatively rapid growth.
The profit scale of mining industry and raw material manufacturing industry has expanded significantly. In the third quarter, the profits of the mining industry increased by 2.04 times compared with the same period last year, and the raw material manufacturing industry grew by 42.5%, continuing to maintain rapid growth, providing important support for the improvement of industrial enterprises' profits. Among them, driven by factors such as rising product prices, profits in the coal industry increased 2.72 times in the third quarter compared with the same period last year, significantly faster than in the second quarter; profits in oil and gas exploration, non-ferrous metals, petroleum processing, chemical industry, and iron and steel industries increased by 2.97 times, 77.6%, 70.8%, 69.3%, and 42.6%, respectively.
Profits of the consumer goods manufacturing industry recovered steadily. In the third quarter, as market demand continued to recover, profits of the consumer goods manufacturing industry increased by 9.7% compared with the same period last year, with an average two-year growth rate of 12.0%, showing a steady recovery. Among them, the profits of the chemical fiber industry increased by 2.15 times compared with the same period last year, showing a rapid growth; the profits of the furniture manufacturing and cultural, educational, and beauty industries increased by 10.6% and 8.3% respectively, with relatively stable growth.
II. The operation of enterprises has been significantly improved.
The unit cost decreased and the profit level increased. In the third quarter, with the continued effectiveness of policies and measures such as reducing taxes and fees and supporting the development of the real economy, the expenses of industrial enterprises above 100 yuan in operating income decreased by 0.39 yuan compared with the same period last year, a significant decline. The profit margin of the enterprise's operating income was 6.70%, an increase of 0.13 percentage points over the same period last year. The improvement in profitability led to a continued decline in the corporate asset-liability ratio, which was 56.3% at the end of September, down 0.5 percentage points from the same period last year and 0.1 percentage points lower than at the end of last month.
The cash flow is accelerated and the operation efficiency is improved. At the end of September, accounts receivable and finished goods inventory of industrial enterprises above scale increased by 11.5% and 13.7% respectively over the same period last year, down 0.6 and 0.5 percentage points from the end of last month, and the occupation of liquidity improved. The average payback period of enterprise accounts receivable is 3.8 days shorter than the same period last year, 0.4 days shorter than at the end of last month. The inventory turnover days of finished goods were 1.5 days shorter than the same period last year, 0.3 days shorter than at the end of last month. The efficiency of the use of funds in enterprises has been improved, and the operating situation has been further improved.
The profits of industrial enterprises above scale maintained a good growth trend in the third quarter, but factors such as the high operation of commodity prices and the lack of smooth industrial chain in the supply chain affected the sustained recovery of corporate profits. at the same time, the problem of profit imbalance between upstream and downstream industries is more prominent, and the foundation of benefit recovery of industrial enterprises still needs to be further consolidated. Next, in accordance with the decisions and arrangements of the CPC Central Committee and the State Council, we should do a good job in the prevention and control of the regular epidemic situation, maintain the continuity and stability of macro policies, do a good job in cross-cyclical adjustment of the economy, stabilize commodity prices, continuously expand domestic demand, promote transformation and upgrading, stimulate the vitality of the main body of the market, and ensure that the industrial economy operates within a reasonable range.
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