It seems really a rep
Curiously the pics are taken with the hand hiding the "R" font and the other pic has a very inclined angle. The CP seems good but can be a polished CP
Anyway, I have superimposed the PANERAI inscription of a H maker and a GEN, and you can see that the H maker is the same, but GEN inscription have some differences in "R" an R_AI
Please note the alignement of the "R" end and the "notch" of the "R" marked in yellow
The inscriptions GEN and H maker seems a little thinner because they have decreased opacity to get superimposition.
Caseback is good but has different fonts. Please see STAINLESS compared to gen, besides this engraving is a little far from the line of change brushed-polished. Anyway nice caseback and good pic angle to enhance the deepth of the engraving.
Without a front view od the "R"without hiding hand, we cannot be completely sure, but most likely it is a H maker with polished CP.
What a level of quality in these replicas PAM 380 !
ALE