湘潭电化：公司年报点评：主营业务保持稳定，研发迈上新台阶

Investment Rating - The investment rating for the company is "Outperform the Market" [26][29]. Core Insights - The company has maintained a stable performance in its main business areas, particularly in the electrolytic manganese dioxide sector, which has seen consistent market leadership and recognition as a "National Manufacturing Single Champion Product" [28]. - The company has positioned itself as a leading player in the manganese lithium market, with a significant increase in market share from 1.24% in 2021 to 15.22% in 2023, ranking third in the industry [25]. - The company is focusing on innovation and R&D, with a strong emphasis on product iteration, resource utilization, and smart manufacturing, leading to the launch of new products and advancements in technology [29]. Financial Summary - The company achieved a revenue of 21.63 billion yuan in 2023, a year-on-year increase of 3.01%, while the net profit was 3.52 billion yuan, a decrease of 10.63% [25]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.54 yuan, 0.60 yuan, and 0.75 yuan respectively, with a corresponding reasonable value range of 12.96-13.50 yuan based on a PE ratio of 24-25 times [29]. - The gross profit margin is expected to recover in 2024-2025 due to improved market conditions for manganese lithium products [31]. Business Segmentation - The company's revenue from electrolytic manganese dioxide is projected to be 10.92 billion yuan in 2023, with a gross margin of 36% [12]. - The lithium manganese oxide segment is expected to see a revenue of 7.56 billion yuan in 2023, although it is currently facing challenges with a negative gross margin [12]. - The wastewater treatment segment is projected to generate 0.35 billion yuan in revenue in 2023, with a gross margin of 38% [12].