Tianfeng Securities released a research report stating that it maintains the Ideal Automobile-W (02015.HK) “buy” rating, with a target price of HK$136. Ideal faced drastic adjustments after the financial report. The bank believes that the core reason is that the 1Q profit decline and the delay in pure electric platforms caused the market to lower its ideal annual sales/profit expectations and to adjust the valuation in response; the bank judged the market or judged the ideal annual sales volume and profit with excessive pessimism, and there was a misjudgment on the deterioration of the competitive pattern (the ideal market share did not decline significantly). As 2QL6 climbs, the ideal market share is expected to increase further. However, the delay in pure electric models also caused the bank to lower its overall performance expectations for this year. The bank adjusted this year's sales forecast to 550,000 units, of which the L789 may return to 30,000 to 35,000 monthly sales, and the L6 is expected to be 15,000 to 20,000.