On October 3, Morgan Stanley published a research report that Ideal Motor (LI.O) delivered 36,100 vehicles in September, an increase of 3%, and has continued this upward trend for eight consecutive months. On the other hand, ideal competitor Huawei's AITO M7 orders continued to be strong, and exceeded 30,000 confirmed orders from September 12 to 30. While the desired order momentum remains strong, increasing competition may force the company to respond with more aggressive promotional activities, which will limit the upside of its automotive gross margin in the second half of the year. In addition, the market is also closely watching the Li Mega, which will be officially launched in December, and it will be an important vehicle for investors to gauge the ideal upcoming lineup of pure electric vehicles. The bank has an overweight rating and a $53 price target.