Core Viewpoint - The company Heng Er Da (恒而达) confirmed participation in the EMO Hannover 2025 international machine tool exhibition, showcasing its products alongside its subsidiary SMS's main grinding machines [2]. Group 1 - The EMO Hannover 2025 exhibition is scheduled from September 22 to September 26, 2025 [2]. - SMS, the company's wholly-owned subsidiary in Germany, will present its main grinding machine products at the exhibition [2]. - Heng Er Da will also display some of its products at the same event, indicating a collaborative approach to enhance technical exchanges and business cooperation [2]. Group 2 - The company aims to leverage various domestic and international top-tier exhibition platforms to drive technological communication and business collaboration with clients [2]. - This strategy is intended to inject new momentum into the company's business development [2].

Investment Rating - The report assigns an "Accumulate" investment rating for the company [3][7]. Core Insights - The company is a leader in heavy die-cutting tools with nearly thirty years of technical accumulation in metal material processing and heat treatment, maintaining its position as a global leader for over a decade [1][11]. - The acquisition of German company SMS is expected to significantly enhance the company's capabilities in high-precision grinding machines, contributing to cost optimization and efficiency improvements in ball screw production, which will be a key growth driver for future business [1][7]. - The company has a strong focus on developing intelligent CNC equipment and has successfully launched key rolling functional components, indicating a strategic expansion into high-end manufacturing [7][11]. Financial Data and Valuation - The company’s total revenue is projected to grow from 5.42 billion yuan in 2023 to 9.00 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 16% [2][7]. - The net profit attributable to shareholders is expected to increase from 870 million yuan in 2023 to 1.20 billion yuan in 2027, reflecting a significant growth trajectory [2][7]. - The company’s price-to-earnings (PE) ratio is projected to decrease from 83.7 in 2023 to 79.0 in 2027, indicating improving valuation metrics over time [2][7]. Business Overview - The company’s main business segments include metal cutting tools, intelligent equipment, and rolling functional components, with metal cutting tools accounting for over 80% of total revenue [7][22]. - The metal cutting tools segment is characterized by stable demand and repeat consumption, with a market space that continues to grow [7][19]. - The intelligent CNC equipment segment has shown rapid growth, with a revenue increase of 53.66% year-on-year in 2024, indicating successful market penetration [7][68]. - The rolling functional components segment is also expanding, with a revenue growth of 59.96% in 2024, reflecting the company's strategic investments in this area [7][76]. Market Potential - The global market for metal cutting tools is projected to reach 41.64 billion USD by 2029, with a CAGR of 6.9% from 2025 to 2029, highlighting significant growth opportunities for the company [36]. - The domestic market for cutting tools in China is expected to continue its upward trajectory, with a market size of approximately 53.8 billion yuan in 2023, growing at a CAGR of 7.9% from 2005 to 2023 [36][39]. - The company is well-positioned to capitalize on the high-end equipment import substitution trend, as the domestic market for high-end CNC machines remains underdeveloped compared to international standards [63][64].

Core Viewpoint - Heng Er Da's stock price increased by 15.83% on the trading day, with a turnover rate of 18.67% and a total transaction amount of 876 million yuan, indicating strong market interest and activity [2]. Trading Performance - The stock's price rise led to its inclusion on the Shenzhen Stock Exchange's list due to a closing price increase of 15.83% [2]. - The top five trading departments accounted for a total transaction amount of 268 million yuan, with a net buying amount of 70.30 million yuan [2]. Institutional Activity - Institutional investors net bought 106 million yuan worth of shares, while brokerage seats collectively net sold 36.11 million yuan [2]. - Four institutional specialized seats were involved in the buying activity, contributing to a total net purchase of 106 million yuan [2]. Capital Flow - The stock experienced a net inflow of 49.40 million yuan from major funds, with large orders contributing a net inflow of 60.64 million yuan, while large orders saw a net outflow of 11.24 million yuan [2]. - Over the past five days, the net inflow of major funds amounted to 40.43 million yuan [2]. Margin Trading Data - As of September 24, the margin trading balance for the stock was 16.7 million yuan, with a financing balance of 16.7 million yuan and a securities lending balance of 0.55 million yuan [2]. - In the last five days, the financing balance decreased by 5.60 million yuan, a decline of 3.25%, while the securities lending balance decreased by 414 yuan, a decline of 7.01% [2].

Core Viewpoint - Heng Er Da is accelerating the resolution of high-precision thread grinding machine localization, specialization, and automated assembly processes necessary for the large-scale production of planetary roller screws, indicating a strategic shift towards domestic manufacturing capabilities in high-end equipment [1][4]. Company Development - Since its establishment in 1995, Heng Er Da has evolved from innovations in metal materials and heat treatment processes to become a leading manufacturer of die-cutting and sawing tools, ranking first and second in the industry respectively [2]. - The company has enhanced its research and manufacturing capabilities in the planetary roller screw sector through overseas acquisitions and domestic technology integration, successfully entering the humanoid robot market [2][8]. Acquisition and Integration - In May, Heng Er Da acquired SMS Maschinenbau GmbH, a German precision grinding machine manufacturer, to obtain essential thread grinding technology and high-precision thread grinding machines for planetary roller screw production [2][4]. - The acquisition allows Heng Er Da to leverage SMS's expertise and technology, particularly in high-precision internal and external thread processing, which is critical for the performance and reliability of planetary roller screws [4][8]. Research and Development - Heng Er Da has established a European R&D design center for grinding machines and rolling components, focusing on product design, processing technology, and specialized grinding machines for humanoid robot applications [3][8]. - The company is collaborating with Northwestern Polytechnical University to develop domestic and specialized thread grinding machine technology for planetary roller screws, aiming to enhance processing precision and efficiency [6][7]. Market Demand and Challenges - The market demand for planetary roller screws has surged with the release of Tesla's humanoid robot, which is currently dominated by international giants, highlighting a significant opportunity for domestic alternatives [4]. - The precision processing of planetary roller screws is heavily reliant on high-precision grinding machines and advanced internal thread processing techniques, which are currently bottlenecks in domestic production capabilities [4][8]. Automation and Production Capacity - Heng Er Da is working with Xi'an Wangteng Information Technology Co., Ltd. to establish a joint venture aimed at automating the assembly of planetary roller screws, addressing challenges in production efficiency and cost [7][8]. - The company is building a comprehensive capability covering core equipment, key processes, and large-scale manufacturing to support the domestic production of planetary roller screws [8].

Core Points - The Shanghai Composite Index closed at 3859.62 points, above the five-day moving average, with a slight increase of 0.16% [1] - A total trading volume of A-shares reached 1,555.781 billion yuan, with 655 A-shares breaking through the five-day moving average [1] Summary by Category Stock Performance - The top three stocks with the highest deviation rates from the five-day moving average are: - Ha Huanhua (301137) with a deviation rate of 15.31% and a price increase of 19.99% [2] - Naipu Mining (300818) with a deviation rate of 15.09% and a price increase of 19.99% [2] - Yi Wang Yi Chuang (300792) with a deviation rate of 13.35% and a price increase of 19.99% [2] Trading Metrics - The trading turnover rates for the top three stocks with the highest deviation rates are: - Ha Huanhua (301137) at 11.45% [2] - Naipu Mining (300818) at 11.58% [2] - Yi Wang Yi Chuang (300792) at 16.97% [2] Additional Stocks - Other notable stocks with significant performance include: - Heng Er Da (300946) with a deviation rate of 13.19% and a price increase of 17.77% [2] - Ningbo Construction (601789) with a deviation rate of 8.35% and a price increase of 9.96% [2] - Jiaze New Energy (601619) with a deviation rate of 7.69% and a price increase of 9.98% [2]

Market Overview - The Shanghai Composite Index is at 3854.14 points, slightly above the five-day moving average, with a change of 0.01% [1] - The total trading volume of A-shares is 1,140.591 billion yuan [1] Stocks Performance - A total of 796 A-shares have surpassed the five-day moving average today [1] - Stocks with significant deviation rates include: - HaHuanHuaTong (15.31% deviation) with a price increase of 19.99% and a turnover rate of 11.08% [1] - NaiPuMiner (15.09% deviation) with a price increase of 19.99% and a turnover rate of 11.23% [1] - YiWangYiChuang (12.15% deviation) with a price increase of 18.36% and a turnover rate of 14.41% [1] Additional Notable Stocks - HengErDa shows a 9.05% deviation with a price increase of 12.27% [1] - NingBoJianGong has a deviation of 8.35% with a price increase of 9.96% [1] - Other stocks with notable performance include JiaZeXinNeng (7.69% deviation) and GuangDianDianQi (7.67% deviation) [1]

Group 1 - The company, Heng Er Da, announced the approval of changes to its registered capital and business scope during the first extraordinary general meeting of shareholders in 2025 [2] - The registered capital has been increased from 120,006,000 yuan to 156,007,800 yuan, reflecting a significant change in the company's financial structure [2] - The business scope now includes "mechanical equipment leasing," indicating an expansion of the company's operational capabilities [2]

证券代码：300946 证券简称：恒而达 编号：2025-047 福建恒而达新材料股份有限公司 关于完成公司注册资本、经营范围变更登记的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 福建恒而达新材料股份有限公司（以下简称公司）2025年第一次临时股东大 会审议通过了《关于变更注册资本、增加经营范围、修改<公司章程>并办理变 更登记的议案》，同意根据经营需要及《关于新<公司法>配套制度规则实施相 关过渡期安排》《上市公司章程指引》等规定变更公司注册资本、经营范围及对 《公司章程》的部分条款进行修改，具体内容详见公司于2025年8月29日在巨潮 资讯网（www.cninfo.com.cn）披露的《关于变更注册资本、增加经营范围、修 改<公司章程>并办理变更登记及修改、制定公司部分治理制度的公告》（公告 编号：2025-042）。 近日，公司完成了注册资本、经营范围的变更及《公司章程》备案等登记手 续，并领取了莆田市市场监督管理局换发的《营业执照》。本次变更后，公司注 册资本由120,006,000元变更为156,007,800元，经营范围增加"机械设备租赁 ...

Group 1 - The core viewpoint of the news is that Heng Er Da's stock price has declined by 5.04% to 55.41 CNY per share, with a total market capitalization of 8.644 billion CNY as of the report date [1] - Heng Er Da, established on November 20, 1995, specializes in the research, production, and sales of metal cutting tools and supporting intelligent CNC equipment, with its main business revenue composition being: die-cutting tools 42.21%, sawing tools 38.74%, rolling functional components 12.79%, intelligent CNC equipment 3.34%, and others 2.92% [1] Group 2 - From the perspective of fund holdings, one fund under Hive Fund has a significant position in Heng Er Da, with 6,000 shares held, accounting for 2.38% of the fund's net value, ranking as the ninth largest holding [2] - The Hive Advanced Manufacturing Mixed Initiation A Fund (019006) was established on August 16, 2023, with a latest scale of 11.7676 million CNY, and has achieved a year-to-date return of 41.98%, ranking 1517 out of 8172 in its category [2] Group 3 - The fund managers of Hive Advanced Manufacturing Mixed Initiation A are Wu Qiong and Sun Ke, with Wu Qiong having a cumulative tenure of 2 years and 36 days, and Sun Ke having a tenure of 254 days [3] - The total asset scale of the fund is 11.8569 million CNY, with Wu Qiong achieving a best fund return of 35.96% and a worst return of 34.84% during his tenure, while Sun Ke achieved a best return of 44.21% and a worst return of 43.83% [3]

Core Points - Heng Er Da announced a governance structure adjustment, leading to Lin Zhengxiong's resignation from the position of non-independent director and member of the strategic committee of the third board of directors [2] - Despite the resignation, Lin Zhengxiong will continue to serve as the deputy general manager of the company [2] - The company held a staff representative meeting on September 15, 2025, where Su Jianxiong was elected as the staff representative director of the third board of directors, with a term lasting until the end of the current board's term [2]