希沃母公司视源股份拟赴港IPO

Core Viewpoint - The company, Guangzhou Shiyuan Electronic Technology Co., Ltd. (referred to as Shiyuan), has submitted an application for listing on the Hong Kong Stock Exchange, aiming to issue H-shares and list on the main board [2][4]. Financial Performance - Shiyuan's revenue for the years 2022, 2023, and 2024 is approximately RMB 20.99 billion, RMB 20.17 billion, and RMB 22.40 billion respectively, with corresponding profits of RMB 2.12 billion, RMB 1.40 billion, and RMB 1.04 billion [4][5]. - The company has seen a rising trend in overseas revenue, with the overseas revenue proportion expected to continue increasing in 2024 [5][6]. Market Position - Shiyuan is recognized as a leading expert in intelligent control technology and commercial display devices, with a product ecosystem covering various sectors including white goods, automotive, energy storage, and robotics [4][6]. - The company operates in over 100 countries and regions, primarily marketing its brands, Seewo and MAXHUB, in the education and corporate collaboration sectors [6][7]. Product and Brand Analysis - In the education interactive smart panel market, Seewo holds a market share of 17.5%, while in the meeting interactive smart panel market, MAXHUB has a market share of 9.9% [7][9]. - The global sales volume for education interactive smart panels is projected to reach 2.30 million units in 2024, with Seewo leading at 18.4% market share [7][9]. Research and Development - Shiyuan places significant emphasis on research and development, with a total of 6,693 employees as of the end of 2024, of which 3,849 are technical personnel, accounting for 57.5% of the workforce [12]. - The funds raised from the IPO will be allocated to support product development and enhance the product portfolio to meet diverse global customer needs in education and enterprise services [12].