On March 4th, Glonghui reported that Soochow's Research Reports indicated that Arctech (688472.SH) is expected to have a net profit attributable to shareholders of 2.29 billion yuan in 2024, a decrease of 21% year-on-year; the net profit in Q4 is projected to be 0.34 billion yuan, an increase of 430% year-on-year but a decrease of 53% quarter-on-quarter. Prioritizing profitability to balance shipments, with robust operations of the components. In 2024, the company's energy storage shipments are expected to reach 6.5 GWh, an increase of 505% year-on-year; Q4 shipments are expected to be 2.1 GWh, with the USA's proportion improving quarter-on-quarter. The company anticipates that energy storage system shipments will reach 11-13 GWh in 2025, with about 1 GWh to be used for the group's own projects, representing a year-on-year growth of 72%-103%, indicating rapid growth in energy storage. Advantageous markets such as Canada and the United Kingdom are beginning to scale, with great potential to contribute to large-scale energy storage growth. Expanding residential energy storage distribution networks in North America, Europe, and Japan is expected to contribute new growth points. Based on the company's leading position in the energy storage business, an 18x PE is recommended for 2025, with a target price of 18 yuan, maintaining a ‘Buy’ rating.