财说| 九大行业“反内卷”成绩单，谁的盈利能力强？

Core Viewpoint - The article discusses the trend of "anti-involution" in various industries as reflected in the capital expenditure to depreciation ratio, indicating a shift towards more conservative investment strategies in response to market conditions [1]. Group 1: Lithium Battery Industry - The lithium battery industry has seen a significant reduction in the capital expenditure to depreciation ratio, dropping from 5.17 in 2022 to 2.37 in 2023, and further to a historical low of 1.77 in 2024, indicating a controlled expansion of capacity [1][2]. - In Q1 2025, major companies like CATL reported a 6.19% revenue growth, while EVE Energy experienced a 37.34% increase, confirming the industry's recovery [2]. Group 2: Silicon Material and Wafer Industry - The silicon material and wafer industry has drastically reduced its capital expenditure to depreciation ratio from 4.1 in 2023 to 1.94 in 2024, marking a historical low due to significant losses [4][5]. - Leading company Tongwei Co. reported an 18.58% revenue decline in Q1 2025, with a negative gross margin of -2.88%, indicating ongoing challenges in the industry [5]. Group 3: Special Steel Industry - The special steel industry saw its capital expenditure to depreciation ratio decrease from 0.93 in 2023 to 0.57 in 2024, suggesting a contraction in capacity but still maintaining profitability among major players [7]. - In 2024, China imported 2.555 million tons of special steel, valued at $5.248 billion, highlighting ongoing demand in high-end steel products [7]. Group 4: Organic Silicon Industry - The organic silicon industry experienced a decline in its capital expenditure to depreciation ratio from 6.98 in 2023 to 1.76 in 2024, indicating a slowdown in capacity expansion [10]. - In Q1 2025, leading company Hoshine Silicon reported a gross margin drop to 14.62%, the lowest in its history, reflecting the industry's ongoing struggles [10]. Group 5: Titanium Dioxide Industry - The titanium dioxide industry faced low prices in 2024, with a capital expenditure to depreciation ratio of 0.78, indicating a contraction in capacity [12]. - Leading company Longbai Group showed signs of stabilization in Q1 2025, with a slight recovery in gross margin, although demand remains uncertain due to external factors [12]. Group 6: Coking Industry - The coking industry is experiencing significant challenges, with a capital expenditure to depreciation ratio of 1.18 in 2024, despite being at a historical low price point [16]. - Leading company Shanxi Coking has reported negative gross margins for ten consecutive quarters, indicating persistent difficulties in the sector [16]. Group 7: Glass Fiber Industry - The glass fiber industry reported a capital expenditure to depreciation ratio of 1.45 in 2024, down from 2.3 in the previous year, suggesting a nearing of historical lows [17]. - Major player China Jushi saw a substantial increase in revenue and net profit in Q1 2025, indicating a clear recovery trend [17]. Group 8: Inorganic Salt Industry - The inorganic salt industry faced continuous price declines, with a capital expenditure to depreciation ratio of 1.06 in 2024, indicating a contraction in capacity [21]. - Leading company Sinochem International reported a gross margin of 9.48% in Q1 2025, the lowest since its listing, reflecting ongoing challenges [21]. Group 9: Inverter Industry - The inverter industry has seen a significant drop in its capital expenditure to depreciation ratio from previous years, now at 4.43 in 2024, indicating a slowdown in expansion [23]. - The industry is experiencing a divergence, with leading companies like Sungrow continuing to perform well, while smaller firms face losses [23].