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中国经济发展表现炽热但潜藏着不容忽视的风险。东方通信股份有限公司是一家中国的电讯产品制造厂商。在中国电讯行业飞速发展之时,2003前9个月,东方通信亏损达到7.6亿元人民币,而在2002年同期,该公司却赚取了520万元人民币的纯利润。标准普尔董事白培睿今天以东方通信一年间盈利快速下降为例,说明制造行业的生产能力过剩正给中国企业带来巨大的负面影响,包括价格竞争风险提高、营运利润减少和现金流转弱。他认为,尽管中国的电信行业发展很快,但由于产能过剩造成了电讯行业的竞争十分激烈,东方通信营业亏损的主要原因是边际利润率下降和过期手机存货的冲销。而制造行业的生产能力过剩正是中国企业信用质量受到的最大威胁。
China’s economic development is hot but hidden risks that can not be ignored. Eastern Communications Co., Ltd. is a Chinese telecommunications product manufacturer. At the rapid development of China’s telecom industry, Eastern Telecom lost 760 million yuan in the first nine months of 2003, while in the same period of 2002, the company earned a net profit of 5.2 million yuan. Today, PwC director Bai Peairui cited the rapid decline in earnings of Dongfang Telecom over the past year as an example. This shows that overcapacity in the manufacturing sector is exerting a tremendous negative impact on Chinese enterprises, including the risk of price competition, the reduction of operating profit and the weakening of cash flow. He believes that despite the rapid development of China’s telecom industry, the competition in the telecommunications industry is very fierce due to overcapacity. The main reason for the loss of Dongfang Telecom’s business is the decrease in profit margin and the write-off of overdue mobile phone inventory. The overcapacity in manufacturing industry is the biggest threat to the credit quality of Chinese enterprises.