【小熊团队】英伟达FY4Q26业绩快评：业绩、指引均超预期 FY1Q27指引超市场预期。 公司指引FY1Q27收入为780亿美金（±2%），同比+77%、环比+14%，超市场预期（727.78亿美金）。 根据电话会议内容，该指引未考虑任何来自中国区收入。 毛利率略高于公司指引，符合市场预期。 收入、净利润均超市场预期。 FY4Q26英伟达实现收入681.27亿美金，同比+73%、环比+20%，超市场预期（659.12亿美金）；实现净利润429.60 亿美金，同比+94%、环比+35%，超市场预期（363.02亿美金）；实现EPS为1.76美元，超市场预期（1.48美元）。 FY1Q27指引超市场预期。< 【小熊团队】英伟达FY4Q26业绩快评：业绩、指引均超预期 收入、净利润均超市场预期。 FY4Q26英伟达实现收入681.27亿美金，同比+73%、环比+20%，超市场预期（659.12亿美金）；实现净利润429.60 亿美金，同比+94%、环比+35%，超市场预期（363.02亿美金）；实现EPS为1.76美元，超市场预期（1.48美元）。 从同比来看，增长主要由 NVLink 72 scale-up交换机 ...

《广发海外电子通信》 ☄GTC 2026前瞻：LPX、CPO及PCB关键亮点 ☀LPX机架强化英伟达在推理领域的产品组合：如先前所述，LPX（又称LPU）预计将采用基于SRAM的片上内 存，提供快速Token生成及超低延迟，提升英伟达在推理领域的地位。 在英伟达于2025年12月与Groq达成非独家许可协议前，该机架设计将搭载64个Groq LPU，采用RealScale芯片间互 连。 《广发海外电子通信》 ☄GTC 2026前瞻：LPX、CPO及PCB关键亮点 ☀LPX机架强化英伟达在推理领域的产品组合：如先前所述，LPX（又称LPU）预计将采用基于SRAM的片上内 存，提供快速Token生成及超低延迟，提升英伟达在推理领域的地位。 在英伟达于2025年12月与Groq达成非独家许可协议前，该机架设计将搭载64个Groq LPU，采用RealScale芯片间互 连。 对于GTC 2026，我们预计增强型LPX机架将搭载256个LPU，采用多层52LM9 Q-glass PTHPCB，单个LPU对应PCB 价值量约200美元。 因此，我们预计PCB、液冷（冷板）公司将受益。 我们预计英伟达将于GTC 2026 ...

每日复盘（2/26）：科技股带领美股连涨两日，英伟达盘后一度涨3%后回落，加密货币大反弹；A股延续放量上 涨，周期资源股再度走强 【海外】投资者押注英伟达强劲业绩将重新点燃AI交易热情，科技股连续第二个交易日反弹。 纳指涨1%，软件股ETF上涨3%。 科技七巨头全线上涨，盘后英伟达财报和指引远超预期，一度涨约3.5%后回落。 Circle暴涨35%，四季度财报好于预期。< 每日复盘（2/26）：科技股带领美股连涨两日，英伟达盘后一度涨3%后回落，加密货币大反弹；A股延续放量上 涨，周期资源股再度走强 【海外】投资者押注英伟达强劲业绩将重新点燃AI交易热情，科技股连续第二个交易日反弹。 纳指涨1%，软件股ETF上涨3%。 科技七巨头全线上涨，盘后英伟达财报和指引远超预期，一度涨约3.5%后回落。 Circle暴涨35%，四季度财报好于预期。 10Y美债收益率上行1.3BP至4.05%。 美元跌0.24%。 人民币四连涨，逼近6.85，创2023年4月以来高点。 比特币大涨近8%，逼近7万美元。 美国原油库存大幅增加，WTI原油跌0.77%。 金银延续反弹，黄金涨0.44%，白银涨2.2%。 【国内】上海发布楼市 ...

Core Insights - Nvidia reported a significant earnings increase, with revenue rising 73% to $68.1 billion, surpassing estimates of $66.2 billion, and adjusted net income increasing 79% to $39.5 billion, or $1.62 per share, exceeding expectations of $1.54 [1][2] Group 1: Nvidia's Performance - Nvidia's profit margin reached 58%, showcasing its dominance in the AI sector and reflecting strong demand for its chips and AI computing power [2] - Despite the impressive earnings report, investor reaction was muted, with the stock initially rising over 3% but ultimately finishing the after-hours session flat [3][4] - Nvidia's market capitalization is nearing $5 trillion, making it challenging for the stock to experience significant upward movement despite strong growth numbers [4] Group 2: Investment Opportunities - The VanEck Semiconductor ETF (SMH) is highlighted as a strategic investment to capitalize on the AI boom, providing diversified exposure to leading AI stocks [5][7] - The SMH ETF includes top holdings such as Nvidia, Taiwan Semiconductor, Broadcom, Micron, and ASML, which collectively represent about 50% of the fund [7][8] - Other semiconductor stocks within the ETF, like Micron and ASML, have shown substantial growth, with Micron tripling in value over the last six months due to memory chip shortages [9][10] Group 3: Market Outlook - Nvidia's success is expected to positively impact its top holdings, with the potential for other chip stocks to have more upside due to their lower market capitalizations compared to Nvidia [10] - The ongoing AI boom is supported by Nvidia's results, indicating that concerns about an AI bubble are premature [11][12] - The SMH ETF, while not inexpensive with a price-to-earnings ratio of 45, offers a broad range of AI stock exposure and the potential for significant returns as AI spending continues to rise [12]

Investment Rating - The report maintains a "Buy" rating for NVIDIA with a target price raised to $310 from $280, reflecting a 33x FY27E PE multiple [4][5][26]. Core Insights - NVIDIA's FY26Q4 revenue reached $68.1 billion, a 73% year-over-year increase, surpassing expectations [1] - The data center revenue was $62.3 billion, accounting for 91% of total revenue, with a 75% year-over-year growth [1] - The company expects FY27Q1 revenue guidance of $78 billion, exceeding market expectations of $71.5 billion [1] - Strategic investments in leading AI model companies like Anthropic and OpenAI are aimed at securing long-term demand for GPU deployments [3] Summary by Sections Financial Performance - FY26Q4 revenue: $68.1 billion, up 73% YoY, exceeding the consensus estimate of $65.9 billion [1] - Non-GAAP EPS for FY26Q4 was $1.62, higher than the expected $1.52 [1] - Data center revenue: $62.3 billion, up 75% YoY, representing 91% of total revenue [1] - FY27-28E revenue forecasts have been raised by 11.2% and 2.3% to $403.5 billion and $513.4 billion respectively [4][25] Strategic Developments - Upcoming GTC 2026 updates are expected to include details on Rubin Ultra and the integration of Groq LPU [2] - NVIDIA is focusing on enhancing its core capabilities in semiconductor manufacturing and advanced packaging [3] - The company is expected to reveal independent deployment plans for Vera CPU at GTC, targeting Agentic inference needs [2] Market Positioning - NVIDIA's investments in AI model companies are designed to lock in long-term demand for computational power [3] - The report highlights the ongoing high demand for AI infrastructure, supported by increased capital expenditures from major tech firms [4][25] - The company is positioned to benefit from the evolving landscape of AI and data center requirements, reinforcing its industry leadership [26]

【国联民生电子】英伟达业绩会Preview 领导好，英伟达将于明早公布4Q26财年（对应自然年4Q25）财报。 我们对业绩展望，及市场关注的核心要点解读如下： ➠业绩预期： ✔彭博一致预期：4Q25 收入659亿美元，YOY+67.58%；1Q26 收入728亿美元，YOY+65.17%。 ✔当然，对于NV来说，更重要的是市场一致预期，目前已经攀升至：#4 【国联民生电子】英伟达业绩会Preview 领导好，英伟达将于明早公布4Q26财年（对应自然年4Q25）财报。 我们对业绩展望，及市场关注的核心要点解读如下： ➠业绩预期： ✔彭博一致预期：4Q25 收入659亿美元，YOY+67.58%；1Q26 收入728亿美元，YOY+65.17%。 ✔当然，对于NV来说，更重要的是市场一致预期，目前已经攀升至：#4Q25收入680亿美元、1Q26收入750亿美 元。 前期云厂商给出了乐观需求指引。 其中谷歌最为激进，指引26年Capex 1800亿美元，同比翻倍。 而Meta也给出了1200亿美元的指引，同比77%。 同时，基于Openrouter统计的大模型Token数也在持续创新高。 旺盛的需求，是NV业绩潜在 ...

从全年的角度来看，英伟达营收突破2000亿美元大关，达2159.38亿美元，同比增长65.47%；净利润为 1200.67亿美元，同比增长64.75%。 随着各家科技巨头资本开支越来越大，华尔街对AI市场的分化也越来越强。 作为市场的风向标，英伟达每一季度业绩披露都会成为市场关注的焦点。 美东时间2月25日，英伟达公布了截至2026年1月31日的公司2026财年第四财季业绩，财报显示，第四财 季英伟达营收达681.27亿美元，同比增长73%，去年同期营收为393.31亿美元，本季度营收创出了单季 度历史纪录；净利润为429.60亿美元，同比增长94%，去年同期净利润为220.91亿美元。 从英伟达的财报结构来看，第四财季英伟达的数据中心业务营收为623.14亿美元，同比增长75%，增速 高于前一季度的66%，分析师预期同比增长近70%至603.6亿美元。其中，数据中心计算板块营收为 513.34亿美元，同比增长58%；数据中心网络板块营收为109.80亿美元，同比增长263%。 面对这份超预期的财报，市场反应并不强烈，反而大跌了5%。 值得注意的是，英伟达2027财年Q1营收指引为764.4亿美元至759.6 ...

Summary of Conference Call Notes Company and Industry Involved - The focus is on **NVIDIA** and the **AI PCB (Printed Circuit Board)** sector Core Points and Arguments - **NVIDIA's Performance**: - Fourth-quarter revenue increased by **73% year-over-year** to **$68.1 billion**, surpassing market expectations of **$65 billion** [1] - First-quarter revenue guidance is projected at **$78 billion**, reflecting a **77% year-over-year increase**, exceeding market expectations of **$73-75 billion** [1] - **Orthogonal Backplane Expectations**: - Anticipation for NVIDIA to showcase orthogonal backplane solutions at GTC, with large-scale shipments expected to begin in **2027** alongside the **Rubin Ultra 576 cabinet**, potentially adding approximately **$400 GPUPCB ASP** [2] - Orthogonal backplane remains the optimal solution for **tray-to-tray connections** under the **448G serdes upgrade demand** [2] - **CPO (Chiplet Packaging Option)**: - CPO integration is essential for interconnecting canisters, indicating no conflict with other technologies [2] - **LPU (Logic Processing Unit)**: - New LPU additions are expected to significantly enhance NVIDIA's inference capabilities [2] - Key benefits of LPU include: 1. Improved cost-performance ratio, benefiting inference and the overall AI industry [2] 2. Increased demand for high-speed interconnects, favoring PCB upgrades [2] 3. Optimization of AI investment structure, with PCB's share in AI BOM expected to rise from **3-5% to 5-10%** [2] Other Important but Potentially Overlooked Content - Continued optimism for the **AI PCB** sector due to ongoing upgrades, application expansions, and increased demand for inference/ASIC [2] - Anticipated tight supply-demand dynamics for high-end production capacity in the industry until **2027**, with leading companies expected to demonstrate high growth and certainty in performance [2] - Recommended stocks include **Shengsheng Technology**, **Hua Dian Co.**, **Shenghong Technology**, **Shennan Circuit**, and potential beneficiaries like **NVIDIA** [2]

【国联民生海外】英伟达财报速递：业绩与指引均超预期，Blackwell加速放量 英伟达FY26Q4营收681.27亿美元，同比增长73%，比彭博一致预期超3.24%；毛利率75.2%，超越一致预期 （74.7%）；净利润395.52亿美元，同比增长79%，比彭博一致预期超5.48%；调整后每股收益1.62美元，比彭博一 致预期超5.77%。 业绩指引：预计FY27Q1总收入780亿美元（±2 【国联民生海外】英伟达财报速递：业绩与指引均超预期，Blackwell加速放量 英伟达FY26Q4营收681.27亿美元，同比增长73%，比彭博一致预期超3.24%；毛利率75.2%，超越一致预期 （74.7%）；净利润395.52亿美元，同比增长79%，比彭博一致预期超5.48%；调整后每股收益1.62美元，比彭博一 致预期超5.77%。 业绩会要点： -Blackwell系统已部署近9吉瓦基础设施，且Blackwell系统贡献了约三分之二数据中心收入。 -前五大云厂约占数据中心收入50%，但非hyperscaler增长更快。 2026年五大云厂CapEx预期已上调至接近7000亿美元（较年初上调1200亿美元） -主 ...

TSP架构下高速SerDes通道密度与芯片集成度同步提升，单机柜需承载数万条高速信号走线与复杂拓扑路由，PCB 层数持续提升，单板走线密度呈数量级增长。 这种超大规模横向扩展设计对信号完整性提出极限挑战，高速信号传输损耗控制已成为保障集群算力充分释放的 核心瓶颈，直接推升对低损耗基材的刚性需求。 【东吴电子陈海进】Groq LPU引爆AI推理集群升级，进一步提振M9产业链景气，重点推荐菲利华！ 事件：英伟达近期与AI推理芯片先锋Groq达成约200亿美元技术授权合作，获得LPU架构非独家IP授权并整体吸 纳创始人及核心团队，双方技术融合成果有望于年度GTC大会发布。 Groq第二代LPU采用三星SF4X4nm工艺，相较初代14nm产品实现15-20倍能效比跃升，单集群规模从26 【东吴电子陈海进】Groq LPU引爆AI推理集群升级，进一步提振M9产业链景气，重点推荐菲利华！ 事件：英伟达近期与AI推理芯片先锋Groq达成约200亿美元技术授权合作，获得LPU架构非独家IP授权并整体吸 纳创始人及核心团队，双方技术融合成果有望于年度GTC大会发布。 Groq第二代LPU采用三星SF4X4nm工艺，相较初代14 ...