油品龙头，要“换挡跨界”卖芯片

Core Viewpoint - Heshun Petroleum plans to diversify into the semiconductor industry by acquiring a significant stake in Shanghai Kuixin Integrated Circuit Design Co., aiming to find new growth opportunities as its traditional gas station business slows down [1][2][3]. Group 1: Business Transition - Heshun Petroleum's main business includes gas station retail, oil storage, logistics, and wholesale, primarily dealing with diesel and gasoline [2]. - The company intends to acquire at least 34% of Kuixin Technology's equity and control 51% of its voting rights, allowing it to influence the company's operations and financial decisions [2][4]. - The acquisition is part of a strategic move to enter the high-barrier semiconductor IP and Chiplet market, which is expected to provide new profit growth points [3][4]. Group 2: Financial Performance of Target Company - Kuixin Technology, established in 2021, has incurred losses exceeding 80 million yuan over two and a half years, with projected revenues of 146 million yuan, 193 million yuan, and 110 million yuan for 2023, 2024, and the first half of 2025, respectively [4][5]. - The company has a high debt ratio of 65.29% as of June 2025, with total assets of 224 million yuan and equity of 77.89 million yuan [5][7]. - Despite its financial struggles, Kuixin Technology has developed a comprehensive product matrix for high-speed interface IP and Chiplet solutions, serving over 60 clients in various sectors, including AI and data centers [4][5]. Group 3: Performance Commitments - The acquisition agreement includes performance commitments, with Kuixin Technology promising cumulative revenues of at least 2.1 billion yuan over four years from 2025 to 2028 [8]. - The annual revenue targets are set at 300 million yuan, 450 million yuan, 600 million yuan, and 750 million yuan for the respective years, with net profits expected to be positive [8]. Group 4: Market Reaction - Following the announcement, Heshun Petroleum's stock price surged by 59%, closing at 28.03 yuan per share on November 13, up from 17.62 yuan on October 27 [10]. - Analysts caution that the significant leap from oil products to semiconductors may involve speculative elements, urging investors to monitor the transaction's evaluation report and performance commitments closely [10].