长江商报消息 ●长江商报记者 黄聪 恒而达（300946.SZ）股价飞涨。 5月12日，恒而达股价20CM涨停，且近3个交易日的涨幅达39%。当日晚间，公司称，经自查，不存在违反信息公 平披露的情形。 不过，根据德国黑兴根地方法院相关裁定，SMS公司于2025年2月起启动自我管理破产程序。 恒而达表示，本次交易可以加速公司国际化布局，在新增海外研发和生产基地的同时，还可通过国际协同强化公 司在智能数控装备的核心技术及工艺解决方案等方面的创新能力，尤其是高起点加快公司滚珠丝杠副及行星滚柱 丝杠副等滚动功能部件产品的研发及产业化推进速度，构建"欧洲技术、中国制造、全球市场"的业务布局。 境外毛利率42.55%高于境内 利好消息是，近日，恒而达发布公告称，公司与德国磨床企业SMS Maschinenbau GmbH（简称"SMS公司"）签署 了《资产购买协议》，公司拟以现金方式收购SMS公司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，交易对价850万欧元（约合人民币6935.66万元）。 长江商报记者注意到，恒而达境外收入快速增长。2024年，公司境外营业收入达7866.63万元，同比增长 ...

Summary of the Conference Call for Tongfei Co., Ltd. Industry and Company Overview - The conference call discusses Tongfei Co., Ltd., focusing on its performance in the energy storage liquid cooling sector and its expansion into data center infrastructure and semiconductor equipment markets [2][6]. Key Points and Arguments Energy Storage Liquid Cooling Business - Tongfei's energy storage liquid cooling business has shown significant improvement in profitability despite industry price wars, maintaining a market share of approximately 40%-50% among top domestic integrators [2][5]. - The company has successfully delivered large-scale energy storage projects in the Middle East, contributing to a profit of 62 million yuan in Q1 2025, exceeding previous expectations [3]. Financial Performance and Projections - Total revenue for 2024 is projected at 2.16 billion yuan, with the power electronics sector contributing 1.45 billion yuan, of which energy storage accounts for 1.18 billion yuan [2][9]. - The overall shipment volume is expected to grow by 35% to 9.5 GWh in 2025, with the proportion of overseas projects increasing to 50% [9]. Data Center Infrastructure Development - Tongfei has restructured its data center infrastructure division and is collaborating with Schneider to bid for significant projects, including a liquid cooling data center for China Mobile [2][6]. - Revenue from the data center business is expected to reach 140 million yuan in 2025, with a gross margin of 30% [15]. Semiconductor Equipment Sector - The company has entered the supply chains of major semiconductor equipment clients, with revenue in this sector projected to exceed 100 million yuan by 2025 [2][6]. Cost Control and Profitability - Effective cost control measures have resulted in lower growth rates for sales, management, and R&D expenses in 2025 compared to previous years, positively impacting profit margins [16]. Market Position and Competitive Landscape - The energy storage liquid cooling industry has faced severe price competition, with project values dropping significantly. Tongfei remains one of the few survivors alongside Yingwei, securing a strong position in the domestic market [5]. - The company is expanding its overseas client base, including partnerships with LG and Samsung, to enhance its international project portfolio [2][5]. Valuation and Growth Potential - Tongfei's projected revenue for 2025 and 2026 is 330 million and 470 million yuan, respectively, with corresponding price-to-earnings ratios of 26x and 18x, indicating significant growth potential compared to peers with higher valuations [7][17]. - The company’s valuation is considered to be in a relatively safe zone, and it is recommended for investors to pay attention to its growth trajectory [18]. Additional Important Insights - The classification of the company's financial reports by industry and product may obscure the understanding of its business structure. A clearer breakdown by downstream application areas such as energy storage, data centers, and semiconductor equipment is suggested for better insight [8]. - The gross margin for domestic energy storage projects has recovered to around 20%, while overseas projects may achieve margins 4-5 percentage points higher [10][11]. This summary encapsulates the critical insights from the conference call, highlighting Tongfei's strategic positioning, financial outlook, and market dynamics.

Core Viewpoint - Hengda plans to acquire the high-precision CNC grinding business assets of German company SMS Maschinenbau GmbH for a transaction price of €8.5 million, aiming to enhance its R&D capabilities and product offerings in the intelligent CNC equipment sector [1] Group 1: Acquisition Details - The acquisition will be funded through Hengda's own or self-raised funds [1] - The transaction will not be classified as a related party transaction or a major asset restructuring [1] Group 2: Strategic Implications - Post-acquisition, Hengda will integrate SMS's technological advantages and resources to improve its overall R&D innovation capabilities [1] - The company aims to accelerate the R&D and industrialization of rolling components such as ball screws and planetary roller screws [1]