Stonehill Technology(SZ:002195)2023-09-04 17:46Company Overview - Nullmax is a leading autonomous driving technology company focused on creating all-scenario driverless applications to accelerate the intelligent transformation of the mobility industry [2][3]. - Founded in Silicon Valley in 2016, Nullmax established its headquarters in Shanghai in 2017 and was one of the first companies in China to obtain road testing licenses [2][3]. Development and Technology - Nullmax is a pioneer in the progressive route and machine learning methods, achieving an optimal balance between commercialization and technological iteration [3]. - The company has developed two major product lines: MaxDrive and MaxVision, providing comprehensive intelligent driving system solutions and customized perception modules [3]. - Nullmax is the only company in the industry to offer a single TDA4 chip integrated driving and parking solution, with continuous resource sharing among all sensors [3]. Financial Performance - The company's recent financial report shows zero revenue for the last year, but it has received contract prepayments totaling RMB 29.55 million (including tax) [4]. - The main sources of income currently include one-time development fees and royalties per vehicle, with development fees ranging from RMB 10 million to several tens of millions [4]. Market Strategy - Nullmax aims to focus on the market for vehicles priced below RMB 200,000, which is the largest segment for mass production [4]. - The company is currently the only intelligent driving technology company capable of providing a single TDA4 integrated driving and parking solution for vehicles in this price range [4]. Future Plans - The company plans to continue its development in artificial intelligence and expand its business directions, including the establishment of subsidiaries focused on AIGC and brain-like intelligence research [7]. - Nullmax is also preparing to develop concepts similar to Tesla's Full Self-Driving (FSD) capabilities in collaboration with global automotive manufacturers [6]. Competitive Landscape - The company faces competition from other suppliers, but it maintains a unique position by leveraging its proprietary technology and partnerships, particularly with Texas Instruments [5][6]. - The challenge for competitors lies in understanding the entire autonomous driving architecture and maximizing engineering efficiency on limited chipsets [5]. Investor Relations - The investor relations activity took place on September 4, 2023, with participation from various financial institutions and analysts [2][8].