On November 17th, Shanxi Securities released a research report, giving a buy rating to Ates (688472. SH). The main reasons for the rating include: 1) The energy storage business reached a new high in Q3 volume and profit, with sufficient orders on hand; 2) The component business adheres to the principle of "profit first" and orderly promotes overseas production capacity; 3) Equity incentives demonstrate confidence in future business development. Risk Warning: Insufficient domestic and international demand, intensified competition risks, trade policy risks, and unexpected capacity expansion.