Ferrari's 2014 contender, the F14T, has 'good scope for development', according to the team's deputy chief designer Simone Resta.
Ferrari is currently in third place in the constructors championship after fourth for Fernando Alonso and seventh for Kimi Raikkonen in Australia.
But Resta has insisted that Ferrari can make gains, starting at this weekend's Malaysian Grand Prix.
"Our car reliability was good, as was that of the power train, not just for the Scuderia but also for our customer teams," he said.
"Another positive aspect that emerged from the Melbourne weekend is that we found the F14 T performs well in terms of cornering speed. However, we also saw that we were lacking a bit of top speed, which made it difficult to overtake other cars on track.
"Sepang is a very difficult track because it has many high speed corners. That means aerodynamics is a key factor as always. We can be sure of having to deal with very high temperatures so cooling and reliability will be important. Another aspect of the weekend will be adapting the car to the new tyres Pirelli has brought for this track."
Resta insists that his team can challenge for the world title if they can establish the F14T as a reliable package.
"Reliability is always the most important factor for us: without a reliable car you cannot win titles," he added.
"[The F14T] clearly has greater scope for development than our cars from the past few seasons, which is good news.
"However, on a race weekend, we can only try and get the most out of what we have to work with at the track and in Malaysia, then in Bahrain a week later, we will keep moving forward down that path."