HENGERDA(SZ:300946) Shenwan Hongyuan Securities·2025-05-16 09:11Investment 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].