The 005 and 111 both use an ETA 6497-2 movement. One has the Panerai shaped bridges and one uses the original bridge shapes. Both very good/reliable movements, and easily serviced by any competent watchmaker.
I believe if they put a new movement in the watch (one of their in house variants) you will see a different reference number used. Given some of the problems common on their in house movements, I would always opt for the ETA based versions personally.
Cheers, Al
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