-- 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：SSYS公布第一季度营收为1.33亿美元（同比下降2.5%），产品收入下降5%，但服务收入增长4%，部分抵消了产品收入的下滑。调整后每股收益为-0.01美元，超出市场预期0.01美元。调整后毛利率下降200个基点至46.3%，反映出关税和汇率波动带来的不利影响，管理层一直难以通过定价或成本控制来抵消这些影响。值得一提的是，Stratasys Direct业务实现了23%的内生增长，这主要得益于无人机应用。此外，公司拥有2.378亿美元的现金且零负债，稳健的资产负债表也为其提供了稳定性。管理层维持了2026年营收5.65亿美元至5.75亿美元、调整后净利润800万美元至1250万美元的预期，其中已计入约1700万美元的汇率/关税影响。我们认为，经常性耗材收入和客户支持构成防御性因素，而管理层对国防领域机遇的乐观态度可能推动未来增长。公司对高要求应用领域的重视，特别是预计在2026年及以后获得的国防合同，构成潜在的增长催化剂。
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