恒而达(300946.SZ)：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 expected figures between 37 million to 40 million yuan, representing a year-on-year decrease of 54.19% to 57.62% [1] Group 1: Financial Performance - The projected net profit attributable to shareholders for 2025 is expected to be between 37 million to 40 million yuan, a decrease of 54.19% to 57.62% year-on-year [1] - The forecasted net profit after deducting non-recurring gains and losses is also expected to be between 37 million to 40 million yuan, reflecting a decline of 52.32% to 55.89% year-on-year [1] Group 2: Reasons for Performance Change - The company is increasing strategic investments, leading to a short-term rise in operating costs, particularly in R&D for rolling functional components and high-precision CNC grinding machines, resulting in a significant year-on-year increase in R&D and sales expenses [1] - The full acquisition of SMS Maschinenbau GmbH in May 2025 has incurred one-time costs such as intermediary service fees and travel expenses, contributing to a substantial increase in management expenses [1] - 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 [1] Group 3: Asset Impairment and Future Outlook - The company has prudently recognized impairment provisions for accounts receivable, inventory, and fixed assets based on industry practices and the current phase of new business investments [2] - The significant decline in profit for 2025 is attributed to necessary and controllable cost increases related to forward-looking investments, which are expected to enhance the company's technical capabilities in high-precision rolling components and CNC machine tools, laying a solid foundation for future business growth [2]