Fuyao Group (3606.HK): The U.S. factory begins to turn losses into margins with ongoing globalization September 4, 2017

Investment Thesis

  • Fuyao’s core profitability maintains growth, Exchange is the factor in the decrease of nearly 5% yoy of the results in H1
  • Integrated gross margin of about 43% during the period remained unchanged from the same period last year, with the increasing the sales proportion of high value-added products
  • Its U.S. factory has turn loss to profit from June

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