CVTE(SZ:002841) Zhi Tong Cai Jing·2025-12-24 23:33Company Overview - Guangzhou Shiyuan Electronic Technology Co., Ltd. (referred to as Shiyuan) has submitted a listing application to the Hong Kong Stock Exchange, marking its second application this year, with CICC and GF Securities as joint sponsors [1] - 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, making it the leader in this segment [4] - The MAXHUB brand leads the conference 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 - For the fiscal years ending September 30, 2022, 2023, 2024, and the nine months ending September 30, 2025, Shiyuan's revenue was approximately RMB 20.99 billion, RMB 20.17 billion, RMB 22.40 billion, and RMB 18.09 billion respectively [9] - The company's profit for the same periods was approximately RMB 2.12 billion, RMB 1.40 billion, RMB 1.04 billion, and RMB 0.98 billion [10] - Gross profit figures for the same periods 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% [11] - The revenue for education interactive smart panels, conference interactive smart panels, LED displays, and digital signage is expected to reach RMB 200 billion, RMB 91 billion, RMB 394 billion, and RMB 382 billion respectively by 2024 [11] - The commercial audio-visual (AV) equipment market is also expected to grow steadily, with projected revenue reaching RMB 1,452 billion by 2029, reflecting a CAGR of 4.7% from 2024 to 2029 [14]