CVTE(SZ:002841) 智通财经网·2025-12-24 23:53Company 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 holds a leading position in the commercial display industry, particularly in interactive smart panels for education and enterprise services [2] Product and Market Position - Shiyuan's product offerings include smart terminals and applications, as well as control components, with a focus on interactive smart panels [3] - The Seewo brand leads the global education interactive smart panel market with a 17.5% market share by revenue in 2024, while 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 [2][8] - Shiyuan's LCD main control boards hold a 23.8% market share globally by shipment volume, supplying nine of the top ten television brands [2] Financial Performance - Shiyuan's 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 [4] - The company's profits for the same periods were approximately RMB 2.12 billion, RMB 1.40 billion, RMB 1.04 billion, and RMB 0.98 billion [5] - Gross profits for the fiscal years were approximately RMB 5.50 billion, RMB 4.95 billion, RMB 4.69 billion, and RMB 3.60 billion [6] Industry Overview - The global commercial display 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% [7] - The market for education interactive smart panels is expected to reach RMB 30.7 billion from 2024 to 2029, with a CAGR of 8.9% [7] - The commercial audio-visual (AV) equipment market is anticipated to grow steadily, reaching RMB 1,452 billion by 2029, with a CAGR of 4.7% from 2024 to 2029 [8]