Core Viewpoint - The demand for information display and interaction is significantly increasing across various industries due to the wave of digital transformation, leading to a continuous rise in the adoption of commercial display devices [1] Company Overview - Guangzhou Shiyuan Electronic Technology Co., Ltd. (Shiyuan Electronics) has submitted an application for listing on the Hong Kong Stock Exchange, aiming for a main board listing with joint sponsors being CICC and GF Securities (Hong Kong) [2] - Shiyuan Electronics is a leading global company in commercial display devices, particularly in interactive smart panels for education and enterprise services, and has established a market-leading position in the LCD main control board sector [2][4] Financial Performance - Shiyuan Electronics has shown robust revenue growth, with projected revenues of RMB 20.99 billion, RMB 20.17 billion, and RMB 22.40 billion for the years 2022 to 2024, respectively [5] - The company has experienced a decline in net profit from RMB 2.12 billion in 2022 to RMB 1.04 billion in 2024, indicating a short-term profit decline [5][6] - The gross margin has also decreased from 26.2% in 2022 to 20.9% in 2024, attributed to the growth of lower-margin smart control components and increased expenses in sales and R&D [6] Market Position - Shiyuan Electronics holds a 17.5% market share in the global education interactive smart panel market and ranks first in mainland China with a 25.0% market share in the conference interactive smart panel segment [5][9] - The global commercial display device 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][8] Future Outlook - The global commercial display device market is expected to reach RMB 265.2 billion by 2029, with a CAGR of 7.0% from 2024 to 2029, driven by digital transformation, technological innovation, and policy support [8] - Shiyuan Electronics plans to use the funds raised from the IPO to enhance R&D capabilities, accelerate international expansion, and strengthen competitiveness in both domestic and international markets [9][10]