Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [3]. Core Viewpoints - The acquisition of SMS Maschinenbau GmbH by Hengerd is a strategic move to enhance domestic high-precision grinding technology and meet the growing demand for components in humanoid robots and advanced manufacturing sectors [3]. - The report highlights the challenges in mass production of screw rods, particularly in thread processing technology and equipment, with a focus on the need for high-end grinding machines [3]. - Domestic manufacturers are making significant progress in the high-end grinding machine market, gradually closing the gap with European and Japanese competitors [3]. - The acquisition is expected to facilitate rapid domestic production of high-precision grinding machines, enabling companies to transition from domestic substitution to international leadership [3]. Summary by Sections Industry Overview - The global thread grinding machine market is dominated by European and Japanese companies, with limited supply and high prices for overseas equipment [3]. - Domestic companies like Hanjiang Machine Tool and Huachen Equipment are improving their product quality and performance through continuous R&D investment [3]. Company Analysis - Hengerd plans to acquire SMS for €8.5 million, which will enhance its capabilities in high-precision grinding machines [3]. - SMS has been in the industry for 30 years and specializes in CNC thread grinding machines, serving leading companies in various sectors [3]. Market Potential - The report emphasizes the potential growth in demand for screw rods and other components driven by the mass production of humanoid robots and advancements in sectors like new energy vehicles and aerospace [3]. - Key companies to watch include Hengerd, Qin Chuan Machine Tool, Shuanglin Co., and Huachen Equipment, all of which are positioned to benefit from this trend [3]. Financial Projections - The report provides a valuation table for key companies, indicating projected net profits and price-to-earnings ratios for the years 2024 to 2027 [4].

Group 1 - The core point of the article is that Heng'erda plans to acquire the high-precision CNC grinding business of SMS Maschinenbau GmbH for €8.5 million, aiming to enhance its capabilities in high-precision grinding technology [1] - The acquisition is expected to fill the gap in domestic high-precision grinding technology and accelerate the mass production of high-precision grinding machines in China, thereby enhancing the company's competitiveness in advanced manufacturing sectors such as robotics and aerospace [4] - SMS Maschinenbau GmbH has been in the industry for 30 years, focusing on the research and manufacturing of CNC thread grinding machines, with a strong international delivery capability [3] Group 2 - The current challenges in the mass production of lead screws are related to thread processing technology and equipment, with various methods such as grinding, hard turning, and whirlwind milling each having their own advantages and limitations [2] - The global thread grinding machine market is dominated by European and Japanese companies, while domestic manufacturers are making breakthroughs and improving their equipment quality and performance [2] - Key domestic players in the high-precision grinding machine market include Qin Chuan Machine Tool, Shuanglin Co., Huachen Equipment, and others, which are expected to benefit from the increasing demand for components like lead screws due to the rise of humanoid robots [4]

Core Viewpoint - Fujian Hengerdan New Materials Co., Ltd. announced an asset acquisition plan to purchase the high-precision CNC grinding business from SMS Maschinenbau GmbH for €8.5 million, leading to a significant stock price increase of 20% over three consecutive trading days [2][3][8]. Group 1: Acquisition Details - The acquisition will be executed through a cash payment of €8.5 million (approximately ¥69.36 million), funded by Hengerdan's own or self-raised funds, without involving share issuance [3]. - The transaction will be carried out by Hengerdan's wholly-owned subsidiary registered in Germany, Blitz 25-430 GmbH, which will acquire tangible and intangible assets, including inventory, technical equipment, and intellectual property [3][6]. - The total book value of the related tangible and intangible assets is approximately €8.4 million as of December 31, 2024, with a completion deadline for the transaction set no later than June 30, 2025 [3][5]. Group 2: Strategic Rationale - Hengerdan aims to accelerate its international expansion and enhance its core technology and innovation capabilities in intelligent CNC equipment through this acquisition [7]. - The decision to pursue an asset purchase rather than a share transaction was made to avoid extensive due diligence and potential legal and debt risks associated with equity transactions, allowing for quicker integration of SMS's business and assets [5][6]. Group 3: Market Reaction - Following the announcement of the acquisition plan, Hengerdan's stock price experienced a notable increase, with a cumulative rise of over 30% across several trading days [8]. - Prior to the announcement, the stock had already seen a rise of 15.78%, indicating strong market interest and investor confidence in the acquisition strategy [8].

关于福建恒而达新材料股份有限公司 2024 年年度股东大会的 法 律 意 见 书 福建至理律师事务所 关于福建恒而达新材料股份有限公司 2024 年年度股东大会的法律意见书 闽理非诉字〔2025〕第 083 号 致：福建恒而达新材料股份有限公司 福建至理律师事务所（以下简称本所）接受福建恒而达新材料股份有限公司 （以下简称公司）之委托，指派蒋浩、谢婷律师出席公司 2024 年年度股东大会 （以下简称本次会议），并依据《中华人民共和国公司法》（以下简称《公司法》）、 《中华人民共和国证券法》（以下简称《证券法》）、《上市公司股东会规则》 （中国证券监督管理委员会公告〔2025〕7 号）、《深圳证券交易所上市公司股 东会网络投票实施细则(2025 年修订)》（深证上〔2025〕223 号，以下简称《网 络投票实施细则》）等有关法律、法规、规章、规范性文件以及《公司章程》之 规定出具法律意见。 福建至理律师事务所 地址：中国福州市鼓楼区洪山园路华润万象城三期 TB#写字楼 22 层 邮政编码：350025 电话：（86 591）8806 5558 传真：（86 591）8806 8008 网址：http://www ...

证券代码：300946 证券简称：恒而达 编号：2025-025 福建恒而达新材料股份有限公司 2024年年度股东大会会议决议公告 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。 特别提示： 1.本次股东大会未出现否决议案的情形。 2.本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开方式：以现场会议与网络投票相结合的方式 2.会议召开时间： （1）现场会议召开时间：2025年5月15日15:00。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为 2025年5月15日9:15-9:25、9:30-11:30及13:00-15:00；通过深圳证券交易所互联网 投票系统进行网络投票的时间为2025年5月15日9:15-15:00期间的任意时间。 3.现场会议召开地点：福建省莆田市荔城区新度镇新度村亭道尾228号福建 恒而达新材料股份有限公司（以下简称公司）会议室 4.会议召集人：公司董事会 （2）通过网络投票的股东总共73人，代表股份275,900股，占公司股份总额 120,006,000 ...

Group 1 - Vanke A received a loan of 1.552 billion yuan from its largest shareholder, Shenzhen Metro Group, to repay the principal and interest of publicly issued bonds, with a loan term of 36 months and an annual interest rate of 2.34%, lower than the 1-year LPR [2] - Chengfei Integration announced that its stock has been on a six-day trading limit, confirming that there are no undisclosed significant matters affecting the company [3] - Dongpeng Beverage's shareholder, Kunpeng Investment, reduced its shareholding from 6.44% to 5.43%, a decrease of 1.01 percentage points, through trading activities [4] Group 2 - Baofeng Energy plans to repurchase shares worth between 1 billion and 2 billion yuan, with a maximum repurchase price of 22.80 yuan per share [7] - Huakayi Yibai announced that shareholders plan to reduce their holdings by up to 3% of the company's total shares [6] - China Pacific Insurance reported a 10.4% year-on-year increase in original insurance premium income for its life insurance subsidiary, totaling 115.359 billion yuan [22]

证券代码：300946 证券简称：恒而达 编号：2025-024 福建恒而达新材料股份有限公司 关于股票交易异常波动及严重异常波动暨风险提示 公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 基 本 面 未 发 生 重 大 变 化 。 公司于 2025 年 4 月 19 日 在 巨 潮 资 讯 网 （www.cninfo.com.cn）披露了《2024年年度报告》（公告编号：2025-006）， 公司2024年度实现营业收入58,523.24万元，同比增长7.88%；归属于公司股东的 净利润8,731.23万元，同比增长0.03%。公司于2025年4月29日在巨潮资讯网 （www.cninfo.com.cn）披露了《2025年第一季度报告》（公告编号：2025- 019），公司2025年第一季度实现营业收入15,030.35万元，同比增长2.04%；归 属于公司股东的净利润2,001.98万元，同比减少29.86%。公司基本面未发生重大 变化，公司郑重提醒广大投资者注意股票交易非理性炒作风险。 重大事项说明。经公司自查并向控股股东、实际控制人核实，截至本公 ...

恒而达（300946）公告，公司股票连续2个交易日(2025年5月13日、2025年5月14日)内收盘价格涨幅偏 离值达43.81%，属于股票交易异常波动情形。根据《深圳证券交易所交易规则》的有关规定，公司股 票连续8个交易日(2025年4月30日至2025年5月14日)收盘价格涨幅偏离值达114.33%，属于股票交易严重 异常波动情形。公司基本面未发生重大变化，公司郑重提醒广大投资者注意股票交易非理性炒作风险。 ...

Group 1: Investor Relations Activity - The company participated in the "2025 Fujian Listed Companies Investor Online Reception Day" and held the "2024 Annual Performance Briefing" to enhance interaction with investors [2] - The event was conducted online on May 14, 2025, from 15:30 to 17:00 [2] - Company representatives included the Chairman and General Manager, Mr. Lin Zhenghua, and other key executives [2] Group 2: Acquisition of SMS Company - The acquisition of SMS Company involved a complete asset transfer rather than a share transaction, allowing for a thorough integration of SMS's business and assets [3] - This method mitigates potential legal and debt risks, facilitating a quicker integration process [3][5] - The acquisition is expected to optimize the company's financial structure and provide a stable transition for future development [5] Group 3: Localization and Supply Chain Integration - SMS plans to send procurement lists and technical documents to the company, which will form a dedicated team for local supply chain integration [4] - SMS will dispatch 1-2 technical experts to collaborate with the company's existing team for testing and prototype development of localized products [4] Group 4: Production and Market Strategy - The company will evaluate the necessity of expanding production based on order volume and market trends [6] - Any expansion will combine purchased and self-developed equipment, aligned with market positioning [6] - The company aims to leverage SMS's technology to accelerate the development and market penetration of ball screw products [8] Group 5: Regulatory and Operational Risks - The acquisition is subject to approval from relevant government departments, which may introduce uncertainties [9] - The company has disclosed the acquisition progress and risks in its announcements [10] Group 6: Future Orders and Market Expansion - The company anticipates actively integrating SMS's resources to explore new markets, with specific performance data to be disclosed in future announcements [11]

今日，恒而达继续20CM涨停，成功晋级3连板，最新报70.56元/股，总市值84.68亿元。 近5个交易日，恒而达的股价累计涨超100%，4月9日以来累计反弹超171%。 跨国并购德国磨床企业 恒而达的这一波大涨，主要系公司发布的一则收购公告。 5月10日，恒而达公告，拟以850万欧元（约合人民币6935.66万元）收购德国磨床企业SMS名下高精度数控磨床业务，并承接相关资产、特定合同权利义务 及相关人员。 资料显示，SMS公司创立于1995年，初期从事机械式螺纹磨床数控化翻新改造业务，2006年将重心转移至研发和制造数控螺纹磨床。 目前，SMS公司拥有适用于滚珠丝杠、行星滚柱丝杠等内、外螺纹磨削设备。 | 序号 | 功能分类 | 产品型号 | 产品运用范围 | | --- | --- | --- | --- | | 1 | 内螺纹磨削 | | Heligrind SH 系列 磨床、GI50 型磨 磨床、GI50 型磨植用了谷突丝社螺母（如滚球丝杠、打星滚板 陈 | | | | | 适用于单头和多头传动蜗杆、螺纹基规、滚珠丝杠. 行星滚柱丝杠的丝杠或滚柱、螺纹加工工具(如螺 | | | | Heligrind ...