Expert Interpretation: In the first 5 months of 2024, the automotive industry's revenue reaches 3.9 trillion yuan, with a 7% increase, profits of 204.7 billion yuan, an 18% increase, and a profit margin of 5.3%.
Jun 28, 2024
Note: This analysis article represents the personal views of Cui Dongshu only. If you have any objections, please leave a message.
With the implementation of macro policy combinations and the continued recovery of market demand in May, the effects are continuously manifested.
In the first five months of 2024, industrial enterprises above designated size achieved a business income of 53.03 trillion yuan, a year-on-year increase of 2.9%; the business cost was 45.27 trillion yuan, an increase of 3.0%; the profit margin of business income was 5.19%, an increase of 0.02 percentage points year-on-year.
From January to May 2024, the automotive industry's revenue was 3896.6 billion yuan, a year-on-year increase of 7%; cost was 3409.9 billion yuan, an increase of 7%; profit was 204.7 billion yuan, a year-on-year increase of 17.9%; the profit margin of the automotive industry was 5.3%, still relatively low compared to the average profit margin of 6.1% of downstream industrial enterprises.
As the scale of the car market production expands, the PPI goes down, and the cost of upstream lithium carbonate decreases, the overall profit of car companies has slightly improved.
Due to the competitive pressure, profits mainly depend on exports and high-end luxury, and most other enterprises have experienced a sharp decline in profits, with some enterprises facing increased survival pressure.
Domestic effective demand is still insufficient, and the external environment remains complex and severe, so the foundation for the recovery of industrial enterprise benefits still needs to be consolidated.
Due to the slight profit of fuel vehicles, but the rapid shrinkage, some enterprises are severely loss-making; new energy vehicles are growing rapidly, but the losses are large, and the pressure is great.
Therefore, the central and local governments stabilize car production and actively stabilize fuel vehicle consumption, and the overall situation of the automotive industry is stable and improving.
From January to May, the business income of industrial enterprises above designated size was 53.03 trillion yuan, a year-on-year increase of 2.9%; the business cost was 45.27 trillion yuan, an increase of 3.0%; the profit margin of business income was 5.19%, an increase of 0.02 percentage points year-on-year.
The overall growth of income in the industrial field is stable, and the profit performance is relatively good. In recent years, the income and profit fluctuations of state-owned enterprises have been large. The performance of private enterprises is much more stable, but the profit is relatively low.
Currently, state-owned enterprises are performing well, with continuous growth in the proportion of income and profit. The sales profit trend of foreign-funded and private enterprises is relatively low. The profit margin of business income is also very good at the levels of mining industry and state-owned enterprises, while the profit margin of private enterprises is very poor, and the profit share of the manufacturing industry has recently decreased slightly.
In the first five months of 2024, under the high base and high price, mining still has a lot of growth momentum, and the profit rate in January-May at the level of 19.8% is also very good.
From January to May 2024, the coal and oil industries had the highest profits, and the recent profit rate growth of the oil industry is astonishing. The overall profit of the mining industry remains high.
The profits of the electricity industry have reached a historical high, the profits of the gas industry are slightly lower, but they have also achieved growth. The profits of water plants are exceptionally good.
In 2023, the sales income and profits of the upstream industry both fell after high growth, especially the profit rate fell to 1.9%. Among them, the sales profit rate represented by steel stamping and other industries continued to decline significantly, and negative profit rates have already appeared. The profits of the chemical raw material and non-ferrous metal smelting industries are still relatively good.
From January to May 2024, the growth of sales income and profits in the midstream industry was average. The sales profit rate of the midstream industry has decreased from 6.0% in 2018 to 4.3%, a significant drop. In 2023, the sales profit rate of the main midstream industries also declined, especially in waste material utilization and non-metallic mineral products industries.
From January to May 2024, the automotive industry's profits increased by 18%, which is much higher than the overall industrial profit growth rate of 4%, and the improvement speed of automotive profits is relatively good. However, the profit margin of the automotive industry is 5.3%, still lower than other downstream enterprises such as tobacco, medicine, and alcohol.
Currently, the main high-profit industries are still tobacco, pharmaceuticals, and alcohol, with the alcohol industry's profits growing rapidly and the pharmaceutical industry's profits maintaining a good growth trend. The computer, communication, and electronics industry is not very profitable, but it has also improved significantly year-on-year.
In 2022, the automobile production was 27.48 million units, a year-on-year increase of 3%, and the production of new energy vehicles was 7.22 million, an increase of 98%, with a penetration rate of 26%. In 2023, automobile production was 30.11 million units, a year-on-year increase of 9%; the production of new energy vehicles was 9.44 million units, a year-on-year increase of 30%, with a penetration rate of 31%, which is a high increase. In May 2024, automobile production was 2.35 million units, a year-on-year increase of 1%; the production of new energy vehicles was 920,000 units, a year-on-year increase of 34%, with a penetration rate of 39%; from January to May, automobile production was 11.33 million units, a year-on-year increase of 7%; the production of new energy vehicles was 3.88 million units, a year-on-year increase of 34%, with a penetration rate of 34%, which is a return to stable growth.
From January to May 2024, the automotive industry's revenue was 3896.6 billion yuan, a year-on-year increase of 7%; cost was 3409.9 billion yuan, an increase of 7%; profit was 204.7 billion yuan, a year-on-year increase of 17.9%; the profit margin of the automotive industry was 5.3%, still relatively low compared to the average profit margin of 6.1% of downstream industrial enterprises.
With the expansion of the car market production scale, the PPI goes down, and the cost of upstream lithium carbonate decreases, the overall profit of car companies has slightly improved. Looking at the downward trend of profit margins in previous years, the decline in profits in the automotive industry is still large, and the profit pressure on mainstream car companies has increased sharply due to the obvious price advantage of new energy under policy support.
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