-- 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：Etsy公佈了令人鼓舞的2026年第一季業績，營收達6.31億美元，高於市場普遍預期的6.17億美元；調整後EBITDA為1.85億美元，也高於市場普遍預期的1.77億美元。 Etsy市場商品交易總額（GMS）恢復了5.5%的同比增長，較2025年第四季度增長540個基點，這是在經歷了多年的下滑之後連續第二個季度實現增長。我們認為，這標誌著一個潛在的轉折點，主要得益於行動應用功能的改進（個人化和搜尋功能正在不斷改進），預計GMS增速將加速至11.2%。 Etsy預計2026年第二季GMS將連續第三季實現3%-5%的成長，全年GMS成長速度將維持低個位數。買家指標的改善令人鼓舞，活躍買家數量達到 8,660 萬（兩年來首次較上季成長），每位買家的商品交易總額較去年同期成長 1.8%。佣金率年增 180 個基點至 25.7%，調整後 EBITDA 利潤率年增 100 個基點至 29.3%。我們認為 Etsy 的戰略轉型正在取得進展，但鑑於當前的地緣政治環境，我們也意識到宏觀經濟前景不明朗。
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