11月7日晚间，博威合金（601137）宣布拟投资不超过1.5亿美元在摩洛哥投资建设生产基地，建设年产 3万吨特殊合金电子材料带材项目。该项目预计在2026年10月开工，目标项目建设期36个月，预计投资 收益率16.72%。本项目建设还需完成境内主管部门相关核准及备案手续，也需经过摩洛哥本地相关部 门审批及登记。 据了解，博威合金本次海外生产基地建设主要的目标市场为北美、欧洲区域的目标客户。在本轮关税博 弈中，美国对摩洛哥商品征收10%关税，远低于对越南、欧盟，以及同类非洲国家阿尔及利亚和突尼斯 的税率。作为与美国签有自由贸易协定的少数国家之一，摩洛哥是此次关税调整中受影响最小的国家之 一，其在美国经济战略中享有优待地位。 在此背景下，出海企业在摩洛哥投资建厂动作逐渐密集。比如，雷迪克今年启动摩洛哥投资建厂，计划 投资3000万美元建设摩洛哥丹吉尔市汽车轴承生产基地，强化供应链韧性、提升海外客户交付效率是雷 迪克的主要考虑。豪美新材也与凌云股份合作在摩洛哥设立合资公司，建设新能源电池壳体、车身结构 件、高强度辊压件等配套供货能力。 博威合金表示，摩洛哥的政策、法律、商业环境、文化环境与国内存在较大区别，企业亦 ...

Core Insights - The company reported a total revenue of 5.582 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 15.40% [2] - The net profit attributable to shareholders decreased by 16.68% to 143 million yuan during the same period [2] - The company significantly improved its cash flow management, with net cash flow from operating activities reaching approximately 74.05 million yuan, an increase of 244.47% year-on-year [2] Financial Performance - In Q3 2025, the company achieved approximately 2 billion yuan in revenue, a year-on-year growth of 16.37% [2] - The net profit attributable to shareholders for Q3 was 51.41 million yuan, reflecting a year-on-year increase of 6.41% [2] - The company's net profit excluding non-recurring items for Q3 was 52.54 million yuan, up 13.06% year-on-year [2] Business Strategy and Development - The company is a major domestic manufacturer of aluminum profiles, focusing on R&D, manufacturing, and sales [2] - It is actively transitioning towards lightweight materials, with R&D expenses exceeding 180 million yuan in the first three quarters, a year-on-year increase of 21.28% [2] - The company is investing in post-processing capabilities for automotive lightweight components and is establishing a processing base in Wuhu, Anhui [3] Market Expansion - The company has established over 400 designated projects in automotive lightweighting as of the end of 2024, with 70 new projects added in the first half of 2025 [3] - A joint venture with Lingyun Co. in Morocco aims to produce components for the European and North African markets, enhancing the company's supply capabilities [3] - The company has redirected remaining funds from convertible bonds to the new "Automotive Lightweight Components East China Production Base Project," indicating confidence in the growth of its lightweight business [3]