CICC's research report indicates that Ideal Autos (02015.HK) outperformed market expectations in the fourth quarter of last year due to strong sales and reduced expenditures. The gross margin was below expectations due to MEGA and Other model Orders, interest-free plans, and provisions caused by the product mix. The firm maintains an "Outperform Market" rating for Ideal. In terms of non-GAAP, considering that the company is producing electric vehicles in large quantities, the profit forecast for this year is lowered by 11% to 12 billion yuan, while maintaining the profit forecast for next year. The firm remains optimistic about the company's new models and AI strategy, maintaining a Target Price of 155 HKD for H shares and a Target Price of 40 USD for US shares.