恒而达：预计2025年度净利润同比减少54.19%-57.62%

Core Viewpoint - The company, Heng Er Da (300946.SZ), forecasts a significant decline in net profit for the year 2025, with an expected range of 37 million to 40 million yuan, representing a year-on-year decrease of 54.19% to 57.62% [1] Group 1: Reasons for Performance Changes - Strategic investments have led to a short-term increase in operating costs, as the company continues to enhance R&D in rolling functional components and high-precision CNC grinding machines, resulting in a substantial rise in R&D and sales expenses [2] - The acquisition of SMS Maschinenbau GmbH, a leading global thread grinding machine company, has incurred one-time costs such as intermediary service fees and travel expenses, contributing to a significant increase in management expenses [2] - The integration benefits from the SMS acquisition have not yet materialized, as the company has incurred full operational costs without corresponding revenue from product deliveries due to long production cycles [3] - The company has prudently recognized impairment provisions for accounts receivable, inventory, and fixed assets based on industry practices and the current demand slowdown, which has further impacted profits [4] - The overall profit decline is attributed to necessary and controllable cost increases related to the company's forward-looking investments in new business areas, which are expected to strengthen its technical capabilities in high-precision rolling components and CNC machine tools for future growth [4]