Event:
On April 27, 2022, the Bureau of statistics released the benefit data of industrial enterprises in March. In March 2022, the profits of Enterprises above designated size increased by 8.5% year-on-year.
Comments:
In March 2022, the profits of Industrial Enterprises above designated size increased by 8.5% year-on-year, 3.5 percentage points higher than that from January to February. Under the background of weakening production and demand, the sharp rise in profits was mainly due to the rise in profit margin. Specifically, in March, the added value above Designated Size fell by 1.0 percentage points to 6.5% year-on-year. At the same time, the revenue of Industrial Enterprises above Designated Size fell by 1.2 percentage points to 12.7% year-on-year. Under the background of multi-point spread of China's epidemic in March, the production demand of industrial enterprises was affected.
Under the background of the continuous efforts of tax reduction and fee reduction and enterprise relief policies, the profit margin of industrial enterprises rebounded by 0.28 percentage points to 6.25%. From the operating conditions of different types of enterprises, the operating pressure of private enterprises has eased. In March, the net profit growth rate of private enterprises rebounded from negative to positive to 3.2%, an improvement of 4.9 percentage points; At the same time, the net profit growth rate of state-owned enterprises rose to 19.5%, an improvement of 2.8 percentage points, indicating that the improvement of the operation of private enterprises in March was stronger than that of state-owned enterprises with the continuous promotion of the enterprise relief policy.
From the perspective of industry income structure, the income growth rate of industrial enterprises in the upstream, middle and downstream fell from January to March. Upstream revenue growth fell by 0.75%, still maintaining a positive year-on-year growth of 27.17%. The decline in the middle reaches is still the most obvious. The growth rate of income from January to March fell by 1.55% to 12.48%. The downstream fell by 1.05% from January to March, and the revenue growth rate was only 7.54%. Overall, the revenue of oil, natural gas, coal and other related industries expanded under the influence of Russia and Ukraine, while the revenue growth rate of automobile, general equipment, chemical raw materials and chemical products manufacturing fell relatively significantly in important industries.
From the perspective of industry profit structure, the profit growth rate of upstream, middle and downstream industries has improved across the board. Upstream profit growth improved the most, further improved by 4.34% to 48.48% compared with the high level from January to February. The drag of negative profit growth in the midstream and downstream decreased year-on-year. The profit growth rates from January to March were - 10.46% and - 3.24%, respectively, 2.85% and 2.96% narrower than the decline from January to February. In addition to the substantial improvement in the profits of energy industries, the railway, shipbuilding, aerospace and other transportation equipment manufacturing industry, furniture manufacturing industry, computer, communication and other electronic equipment manufacturing industry also saw a significant marginal improvement in profit growth.
On the whole, although the operating efficiency of industrial enterprises in March was improved compared with that of the previous month, considering that the local epidemic was still fermenting in April, the production side of enterprises was affected by factors such as epidemic prevention and control, rising logistics costs and raw material costs, and the demand side was also suppressed by factors such as lack of residents' consumption scenes and poor expectations, so the short-term operating pressure of enterprises remained unabated.
Risk tip: China's economic downturn has increased, and the development of the global epidemic has exceeded expectations.
