【IPO一线】视源电子正式递表港交所，液晶显示主控板卡市占率全球第一

Core Viewpoint - Guangzhou Shiyuan Electronic Technology Co., Ltd. (Shiyuan Electronics) has officially submitted its application for listing on the Hong Kong Stock Exchange, marking the beginning of its journey to go public [2] Group 1: Market Position and Leadership - Shiyuan Electronics is a global leader in commercial display devices and has established a leading position in interactive smart panels (IFPD) and LCD main control boards for education and enterprise services [2] - The company's Seewo brand holds a 17.5% market share in the global education interactive smart panel market for 2024, according to Frost & Sullivan [2] - The MAXHUB brand leads the meeting interactive smart panel market in mainland China with a 25.0% market share and ranks second globally with a 9.9% market share for 2024 [2] - Shiyuan Electronics ranks first globally in LCD main control boards with a 23.8% market share by shipment volume for 2024, supplying nine of the top ten television brands worldwide [2] Group 2: Revenue and Financial Performance - The company's revenue decreased by 3.9% from 20,990.3 million yuan in 2022 to 20,172.6 million yuan in 2023, primarily due to declines in smart terminal and application revenues [3] - Revenue from smart terminals and applications fell from 11,844.7 million yuan in 2022 to 11,154.6 million yuan in 2023, a decrease of 5.8% [3] - Revenue from smart control components decreased from 8,802.2 million yuan in 2022 to 8,535 million yuan in 2023, a decline of 3.0% [3] - In contrast, other business revenues increased from 343.3 million yuan in 2022 to 483 million yuan in 2023 [3] - Revenue is projected to increase by 11% from 20,172.6 million yuan in 2023 to 22,401.2 million yuan in 2024, driven by a 20.4% growth in smart control component revenue [4] - Research and development expenditures were 1,280.9 million yuan, 1,422.5 million yuan, and 1,540.2 million yuan for 2022, 2023, and 2024, respectively, representing 6.1%, 7.1%, and 6.9% of total revenue [4]