-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师的观点总结如下： HSY第一季度业绩超出预期。调整后每股收益(EPS)从2.09美元增长12.4%至2.35美元，展现出稳健的运营表现。各业务板块业绩喜忧参半。北美糖果业务板块收入强劲增长13.8%至7.92亿美元，咸味零食业务销售额飙升26%至3.5亿美元，而国际业务板块则面临利润率压力。我们认为，HSY重申的2026年展望（预计净销售额增长4%-5%，内生增长2.5%-3.5%，每股收益增长30%-35%，尽管成本持续上涨）支撑了我们的投资逻辑，并表明管理层对应对这些压力充满信心。然而，由于大宗商品和关税方面的不利因素超过了价格上涨和运营效率提升带来的收益，调整后的毛利率下降了80个基点至40.4%。我们预计，尽管供应链效率的提高应能在一定程度上抵消利润压力，但HSY短期内仍将面临可可成本和关税带来的利润压力。
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