-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師的觀點摘要如下： HSY第一季業績超乎預期。調整後每股盈餘(EPS)從2.09美元成長12.4%至2.35美元，展現穩健的營運表現。各業務板塊業績喜憂參半。北美糖果業務部門營收強勁成長13.8%至7.92億美元，鹹味零食業務銷售額飆升26%至3.5億美元，而國際業務板塊則面臨利潤率壓力。我們認為，HSY重申的2026年展望（預計淨銷售額增長4%-5%，內生增長2.5%-3.5%，每股收益增長30%-35%，儘管成本持續上漲）支撐了我們的投資邏輯，並表明管理層對應對這些壓力充滿信心。然而，由於大宗商品和關稅方面的不利因素超過了價格上漲和營運效率提升帶來的收益，調整後的毛利率下降了80個基點至40.4%。我們預計，儘管供應鏈效率的提高應能在一定程度上抵消利潤壓力，但HSY短期內仍將面臨可可成本和關稅帶來的利潤壓力。
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