CVTE(SZ:002841) 智通财经网·2025-12-24 23:28Core Viewpoint - Guangzhou Shiyuan Electronic Technology Co., Ltd. (Shiyuan) has submitted a listing application to the Hong Kong Stock Exchange for the second time in 2023, with financial data indicating a profit of approximately RMB 982 million for the nine months ending September 30, 2025 [1]. Company Overview - Shiyuan is a leader in the global liquid crystal display (LCD) main control board market and has established a leading position in the interactive smart panel sector for education and enterprise services [4]. - The company offers two main categories of products: smart terminals and applications, and control components [5]. Market Position - Shiyuan's Seewo brand holds a 17.5% market share in the global education interactive smart panel market as of 2024, making it the market leader [4]. - 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 [4]. - In the LCD main control board market, Shiyuan holds a 23.8% market share globally, supplying nine of the top ten television brands by shipment volume in 2024 [4]. Financial Performance - The company's operating revenue for the fiscal years 2022, 2023, 2024, and the nine months ending September 30, 2025, were approximately RMB 20.99 billion, RMB 20.17 billion, RMB 22.40 billion, and RMB 18.09 billion, respectively [9]. - The annual profit for the same periods was approximately RMB 2.12 billion, RMB 1.40 billion, RMB 1.04 billion, and RMB 982 million [10]. - Gross profit figures for the respective years were approximately RMB 5.50 billion, RMB 4.95 billion, RMB 4.69 billion, and RMB 3.60 billion [10]. Industry Overview - The global commercial display equipment market is projected to grow from RMB 157.6 billion in 2020 to RMB 189.4 billion in 2024, with a compound annual growth rate (CAGR) of 4.7% [10]. - The revenue for education interactive smart panels, meeting interactive smart panels, LED displays, and digital signage in 2024 is expected to reach RMB 20 billion, RMB 9.1 billion, RMB 39.4 billion, and RMB 38.2 billion, respectively [10]. - The commercial audio-visual (AV) equipment market is expected to grow steadily, with global revenue projected to reach RMB 1,452 billion by 2029, reflecting a CAGR of 4.7% from 2024 to 2029 [12].