The Erma factor code S/27, 1938 and the serial number on left side of receiver are original, but, I would say everything else has probably been forced matched to that number. The numbers on the bolt look forced matched, and don't look like the numbers on an original 1938 Erma rifle bolt.
Without seeing the all other numbered parts (need more photos of all the other numbered parts) its still not easy to be precise, but it loos like a forced match bubba job I'm afraid, and as said, the stock is not original to a '38 dated Erma rifle, being a 1945 onwards stock. Can't see from the photos if the barrel is original or not.
---------- Post added at 04:53 PM ---------- Previous post was at 04:48 PM ----------
Yes, it could be something like that, there should be stamps to indicate that, but it would need much better photos, and one of the K98kexperts to identify if its a post war Czech
, East German etc rebuild rifle, but I have no knowledge at all of this post war rebuild stuff.