Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a net revenue of 62.409 billion yuan for 2025, representing a year-on-year increase of 17%, and an adjusted net profit of 31.839 billion yuan, up 77% year-on-year. In Q4 2025, net revenue reached 15.398 billion yuan, a 21% increase year-on-year, with an adjusted net profit of 3.484 billion yuan, up 15% year-on-year [4][5] Revenue Performance - In Q4 2025, the accommodation booking business generated revenue of 6.287 billion yuan, a 21% year-on-year increase, driven by outbound travel and international hotel bookings. For the full year 2025, accommodation booking revenue was 26.1 billion yuan, also up 21% year-on-year [5] - The transportation ticketing business achieved revenue of 5.368 billion yuan in Q4 2025, a 12% year-on-year increase, primarily due to strong performance in international flight bookings. The full-year revenue for this segment was 22.489 billion yuan, up 11% year-on-year [5] - The vacation business reported revenue of 1.056 billion yuan in Q4 2025, a 21% year-on-year increase, supported by outbound vacation demand. The full-year revenue for this segment was 4.688 billion yuan, up 8% year-on-year [5] - The business travel segment generated revenue of 808 million yuan in Q4 2025, a 15% year-on-year increase, benefiting from the increase in Chinese companies operating overseas. The full-year revenue for business travel was 2.829 billion yuan, up 13% year-on-year [5] - Other businesses saw revenue of 1.91 billion yuan in Q4 2025, a significant 54% year-on-year increase, attributed to the company's growing influence in overseas markets and close cooperation with international suppliers. The full-year revenue for other businesses was 6.404 billion yuan, up 38% year-on-year [6] Regional Performance - The changing demographic structure and the rise of the experience economy have created new growth opportunities for the company's domestic business. In Q4 2025, the number of members in the company's loyalty program and total GMV both saw over 100% year-on-year growth. The "entertainment + tourism" business revenue experienced triple-digit growth year-on-year [6] - For 2025, Trip.com is expected to maintain high growth, with booking volume increasing by approximately 60%. The company has expanded its market share in the Asia-Pacific region and achieved breakthroughs in the Middle East, leading to rapid growth in booking volume. The growth drivers for Trip.com stem from years of deep cultivation in overseas markets and the high growth dividend from inbound tourism in China, with the company serving over 20 million inbound tourists in 2025, nearly doubling year-on-year [6] Profitability and Valuation - In Q4 2025, the company's gross margin was 79.0%, down 0.3 percentage points year-on-year, and the operating profit margin (OPM) was 16.5%, down 1.6 percentage points year-on-year. This decline was mainly due to increased investment in overseas markets, with the sales expense ratio reaching 28.6%, up 2.1 percentage points year-on-year. The lower-margin overseas business's increasing share of total revenue also negatively impacted overall profitability [7] - The report projects adjusted net profits for 2026 and 2027 to be 19.011 billion yuan and 22.030 billion yuan, respectively, reflecting downward adjustments of 5.4% and 3.3% from previous forecasts. An adjusted net profit forecast for 2028 is introduced at 24.248 billion yuan. The current stock price corresponds to adjusted P/E ratios of 12, 11, and 10 times for 2026 to 2028 [8][9]

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - From February 24 to February 27, 2026, the secondary - market prices of publicly - listed REITs in China fluctuated and declined overall. The returns of publicly - listed REITs were relatively weak compared to other mainstream asset classes. Among them, franchise - based REITs performed relatively better, and new infrastructure - based REITs had the highest increase in returns [1][11]. - In the primary market, no new REIT products were listed this week, but the project status of 12 REIT products was updated [4]. 3. Summary According to the Directory Secondary Market Price Trends - **At the major asset level**: The secondary - market prices of publicly - listed REITs in China fluctuated and declined. The returns of REITs were - 0.96%, and the returns of other major asset classes from high to low were: crude oil (5.45%) > gold (4.68%) > convertible bonds (3.44%) > A - shares (2.74%) > US stocks (0.54%) > pure bonds (- 0.14%) > REITs [11]. - **At the underlying asset level**: Both property - based and franchise - based REITs' secondary - market prices declined. The return of property - based REITs was - 1.46%, and that of franchise - based REITs was - 0.09%. Among different underlying asset types, new infrastructure - based REITs had the highest increase, with a return of 2.01%. The top three underlying asset types in terms of returns were new infrastructure, ecological and environmental protection, and transportation infrastructure, with returns of 2.01%, 0.41%, and 0.11% respectively [16][17]. - **At the single - REIT level**: Among the 79 REITs, 17 rose and 62 fell. The top three in terms of increase were Southern Runze Technology Data Center REIT (2.68%), Huatai Jiangsu Expressway REIT (2.33%), and Huaan Waigaoqiao REIT (1.7%). The top three in terms of decline were Huatai Nanjing Jianye REIT (- 6.19%), CICC Chongqing Liangjiang REIT (- 4.96%), and ICBC Mengneng Clean Energy REIT (- 3.91%) [19]. Trading Volume and Turnover Rate - **At the underlying asset level**: The trading volume of publicly - listed REITs this week was 1.72 billion yuan, and the new infrastructure - based REITs had the highest average daily turnover rate. The total trading volume of the 79 listed REITs was 1.72 billion yuan, and the average daily turnover rate was 0.44%. The top three underlying asset types in terms of trading volume were transportation infrastructure (319 million yuan), warehousing and logistics (309 million yuan), and consumer infrastructure (251 million yuan). The top three in terms of average daily turnover rate were new infrastructure (1.47%), warehousing and logistics (0.54%), and water conservancy facilities (0.45%) [22]. - **At the single - REIT level**: The trading volume and turnover rate of single REITs continued to show differentiation. The top three in terms of trading volume were Southern Wanguo Data Center REIT (190 million shares), AVIC Yishang Warehousing and Logistics REIT (190 million shares), and嘉实京东仓储基础设施 REIT (180 million shares). The top three in terms of trading value were Southern Runze Technology Data Center REIT (104 million yuan), Southern Wanguo Data Center REIT (90 million yuan), and嘉实京东仓储基础设施 REIT (65 million yuan). The top three in terms of turnover rate were Southern Wanguo Data Center REIT (8.00%),嘉实京东仓储基础设施 REIT (5.45%), and Southern Runze Technology Data Center REIT (4.79%) [25]. Main Force Net Inflow and Block Trading - **Main force net inflow situation**: The total net inflow of the main force this week was 42.87 million yuan, and the market trading enthusiasm increased compared to the previous period. At the underlying asset level, the top three in terms of net inflow were consumer infrastructure (12.21 million yuan), affordable rental housing (11.41 million yuan), and new infrastructure (10.52 million yuan). At the single - REIT level, the top three in terms of net inflow were Southern Runze Technology Data Center REIT (8.53 million yuan), Huatai Jiangsu Expressway REIT (8.40 million yuan), and Huaxia Anbo Warehousing REIT (7.75 million yuan) [28]. - **Block trading situation**: The total block trading volume this week was 216 million yuan, which was lower than the previous period. There were block trades on 3 trading days, with the highest single - day trading volume on February 27, 2026, reaching 122.87 million yuan. The top three REITs in terms of block trading volume were AVIC Yishang Warehousing and Logistics REIT (93.55 million yuan), Guotai Haitong Jinan Energy Heating REIT (51.30 million yuan), and Huaxia Jinyu Zhizao Factory REIT (48.06 million yuan), with average discount/premium rates of - 1.90%, + 0.13%, and - 1.71% respectively [30]. Primary Market Listed Projects As of February 27, 2026, there were 79 publicly - listed REIT products in China, with a total issuance scale of 205.039 billion yuan. Among them, transportation infrastructure - based REITs had the largest issuance scale, reaching 68.771 billion yuan, followed by park infrastructure - based REITs with an issuance scale of 32.933 billion yuan. No new REIT products were listed this week [36][37]. Projects to be Listed According to the project dynamics disclosed by the Shanghai and Shenzhen Stock Exchanges, there were 30 REITs in the state of being to be listed, including 28 initial - offering REITs and 2 REITs to be expanded. The project status of 12 REIT products was updated this week [40][41].

Investment Rating - The report maintains a "Buy" rating for Hong Kong Exchanges and Clearing Limited (0388.HK) [1] Core Insights - In 2025, Hong Kong Exchanges achieved a total revenue of HKD 29.16 billion, representing a year-on-year increase of 30.3%. The fourth quarter saw a revenue of HKD 7.31 billion, with a year-on-year increase of 14.6% [5] - The net profit attributable to shareholders reached HKD 17.75 billion, up 36.0% year-on-year, with the fourth quarter net profit at HKD 4.34 billion, reflecting a year-on-year increase of 14.7% [5] - The EBITDA margin was 79%, an increase of 5 percentage points year-on-year, and the annual dividend per share was HKD 12.52, up 35.2% [5] Revenue Performance - Total revenue for 2025 was HKD 29.16 billion, with major business revenue contributing HKD 27.10 billion, a year-on-year increase of 31.8% [5] - Trading fees, system usage fees, and settlement fees totaled HKD 17.38 billion, accounting for 59.6% of total revenue, with a year-on-year increase of 45.9% [6] - Investment income netted HKD 5.11 billion, representing a year-on-year increase of 3.7% [6] Market Activity - The average daily trading volume for stock securities reached HKD 2,315 billion, a new annual high, with a year-on-year increase of 92.9% [6] - The number of new listings in Hong Kong increased to 119, with total funds raised amounting to HKD 286.9 billion, a year-on-year increase of 226.0% [7] Future Projections - The report projects net profit attributable to shareholders for 2026 and 2027 to be HKD 19.04 billion and HKD 21.24 billion, respectively, with an additional forecast for 2028 at HKD 24.0 billion [8] - The current stock price corresponds to a P/E ratio of 28X for 2026, 25X for 2027, and 22X for 2028 [8]

Quantitative Models and Construction Methods 1. Model Name: PB-ROE-50 Combination - **Model Construction Idea**: The PB-ROE-50 combination is constructed based on the principle of selecting stocks with low price-to-book (PB) ratios and high return on equity (ROE), aiming to capture excess returns through fundamental valuation and profitability metrics [23] - **Model Construction Process**: The model selects stocks from different stock pools (e.g., CSI 500, CSI 800, and the entire market) based on the PB and ROE metrics. The portfolio is rebalanced periodically to maintain the desired exposure to these factors. Detailed construction methodology is referenced in earlier reports [23] - **Model Evaluation**: The PB-ROE-50 combination consistently delivers positive excess returns across different stock pools, indicating its effectiveness in capturing alpha [23] 2. Model Name: Block Trade Combination - **Model Construction Idea**: This model is based on the principle that stocks with higher block trade transaction ratios and lower six-day transaction volatility tend to perform better subsequently [29] - **Model Construction Process**: The combination is constructed by selecting stocks with high block trade transaction ratios and low six-day transaction volatility. The portfolio is rebalanced monthly to align with the "high transaction, low volatility" principle. Detailed methodology is provided in earlier reports [29] - **Model Evaluation**: The block trade combination demonstrates strong performance, consistently achieving positive excess returns relative to the CSI All Share Index [29] 3. Model Name: Private Placement Combination - **Model Construction Idea**: This model leverages the event-driven effects of private placements, focusing on stocks involved in such events to capture potential investment opportunities [35] - **Model Construction Process**: The combination is constructed by selecting stocks based on private placement events, considering factors such as market capitalization, rebalancing frequency, and position control. The methodology is detailed in earlier reports [35] - **Model Evaluation**: The private placement combination effectively captures excess returns, demonstrating its value in event-driven investment strategies [35] --- Model Backtesting Results 1. PB-ROE-50 Combination - **CSI 500**: Weekly excess return of 0.70%, absolute return of 5.06% [24] - **CSI 800**: Weekly excess return of 2.32%, absolute return of 4.39% [24] - **Entire Market**: Weekly excess return of 2.25%, absolute return of 5.06% [24] 2. Block Trade Combination - **Weekly Excess Return**: 1.06% [30] - **Absolute Return**: 3.84% [30] 3. Private Placement Combination - **Weekly Excess Return**: 0.97% [36] - **Absolute Return**: 3.75% [36] --- Quantitative Factors and Construction Methods 1. Factor Name: Beta Factor - **Factor Construction Idea**: Measures the sensitivity of a stock's returns to market returns, capturing systematic risk [18] - **Factor Evaluation**: Delivered a weekly return of 1.04%, indicating strong performance in the current market environment [18] 2. Factor Name: Profitability Factors - **Factor Construction Idea**: Includes metrics such as ROA, ROE, and net profit growth to capture a company's operational efficiency and profitability [12][14][16] - **Factor Evaluation**: Profitability factors such as single-quarter ROA (2.93%) and single-quarter ROA YoY (2.83%) performed well in the CSI 300 stock pool [12] 3. Factor Name: Liquidity Factor - **Factor Construction Idea**: Captures the ease of trading a stock, often measured by metrics like turnover rate and trading volume [18] - **Factor Evaluation**: Delivered a weekly return of 0.55%, reflecting its effectiveness in the current market [18] 4. Factor Name: Valuation Factors - **Factor Construction Idea**: Includes metrics like PB ratio, PE ratio, and sales-to-price ratio to assess a stock's valuation relative to its fundamentals [14][16] - **Factor Evaluation**: Valuation factors such as PB ratio (0.83%) and inverse sales-to-price ratio (0.72%) performed well in the CSI 500 stock pool [14] --- Factor Backtesting Results 1. Beta Factor - **Weekly Return**: 1.04% [18] 2. Profitability Factors - **Single-Quarter ROA**: Weekly return of 2.93% [12] - **Single-Quarter ROA YoY**: Weekly return of 2.83% [12] 3. Liquidity Factor - **Weekly Return**: 0.55% [18] 4. Valuation Factors - **PB Ratio**: Weekly return of 0.83% [14] - **Inverse Sales-to-Price Ratio**: Weekly return of 0.72% [14]

Group 1: Investment Rating The document does not mention the industry investment rating. Group 2: Core Views - The convertible bond market declined this week. It is recommended that investors track market supply and policy rhythm, select bonds carefully, maintain a moderate position, and adjust the portfolio structure to seek more returns [1][4] Group 3: Summary by Directory Market Conditions - From February 24 to February 27, 2026 (4 trading days), the CSI Convertible Bond Index fell by -0.23% (last week's change was +1.08%), and the CSI All-Share Index rose by +2.74% (last week's change was +1.07%). Since 2026, the CSI Convertible Bond Index has risen by +6.77%, and the CSI All-Share Index has risen by +8.10% [1] - By rating, high-rated bonds (AAA), medium-high-rated bonds (AA+), medium-rated bonds (AA), medium-low-rated bonds (AA-), and low-rated bonds (AA- and below) fell by -0.76%, -0.25%, -1.57%, -1.53%, and -0.42% respectively this week, with medium-high-rated bonds having the smallest decline [1] - By convertible bond size, large-scale convertible bonds (bond balance > 2 billion yuan), medium-large-scale convertible bonds (balance between 1.5 and 2 billion yuan), medium-scale convertible bonds (balance between 1 and 1.5 billion yuan), small-medium-scale convertible bonds (balance between 0.5 and 1 billion yuan), and small-scale convertible bonds (balance < 0.5 billion yuan) changed by -0.80%, +0.02%, -2.84%, -1.34%, and -0.89% respectively this week, with medium-large-scale convertible bonds rising and the rest falling [2] - By conversion parity, ultra-high parity bonds (conversion value > 130 yuan), high parity bonds (conversion value between 120 and 130 yuan), medium-high parity bonds (conversion value between 110 and 120 yuan), medium parity bonds (conversion value between 100 and 110 yuan), medium-low parity bonds (conversion value between 90 and 100 yuan), low parity bonds (conversion value between 80 and 90 yuan), and ultra-low parity bonds (conversion value < 80 yuan) changed by -4.25%, +1.79%, -3.48%, -1.66%, +0.73%, -4.17%, and -0.92% respectively this week, with high parity bonds having the highest increase [2] Convertible Bond Valuation - As of February 27, 2026, there were 384 outstanding convertible bonds (386 at the end of last week), with a balance of 537.419 billion yuan (541.848 billion yuan at the end of last week) [3] - The average convertible bond price was 142.60 yuan (141.58 yuan at the end of last week), with a percentile of 99.87% (from the beginning of 2023 to February 27, 2026) [3] - The average convertible bond parity was 111.01 yuan (108.45 yuan at the end of last week), with a percentile of 100.00% [3] - The average convertible bond conversion premium rate was 31.83% (34.85% at the end of last week), with a percentile of 37.02% [3] Convertible Bond Performance and Allocation Direction - The convertible bond market declined this week. Investors are advised to track market supply and policy rhythm, select bonds carefully, maintain a moderate position, and adjust the portfolio structure to seek more returns [4] Convertible Bond Increase Ranking - The top 15 convertible bonds in terms of increase this week include Youcai Convertible Bond, Shuangliang Convertible Bond, and Guanglian Convertible Bond, etc., with detailed information such as the underlying stock, industry, closing price, convertible bond increase, and underlying stock increase provided [19]

Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The company achieved a revenue of 2.537 billion yuan in 2025, representing a year-on-year growth of 58.2%, and a net profit attributable to shareholders of 191 million yuan, up 104% year-on-year [1] - The carbon fiber market is experiencing a recovery, with new production capacity being gradually released, contributing to the company's significant performance growth in 2025 [1][2] - The average price of carbon fiber in China for 2025 is projected to be 83.75 yuan per kilogram, a decrease of 7% year-on-year, but demand in sectors like wind power and low-altitude applications is driving growth [1] - The company is on track to become the largest carbon fiber precursor production base in China, with over 80% of its annual production capacity of 150,000 tons already operational [2] - The company has made significant technological advancements, holding 38 national patents, including 20 invention patents, and has successfully developed large tow products that meet international standards [3] Financial Summary - Revenue and profit forecasts for 2025-2027 have been adjusted upwards, with expected net profits of 191 million yuan (up 20%), 281 million yuan (up 23%), and 370 million yuan (up 11%) respectively [3] - The company's revenue is projected to grow from 2.536 billion yuan in 2025 to 3.595 billion yuan in 2027, with corresponding net profit growth [4] - The company's earnings per share (EPS) is expected to increase from 0.33 yuan in 2025 to 0.63 yuan in 2027 [4] Market Position and Strategy - The company is focusing on both industrial and civilian applications of carbon fiber, expanding its market reach while ensuring military demand is met [3] - The company is actively optimizing its product structure and enhancing product quality to maintain competitiveness in the market [1][2]

Overall Research - The A-share market showed a mixed performance in February, with major indices mostly rising, particularly the CSI 1000 which increased by 2.9%, while the Sci-Tech 50 saw a decline of 1.6% [1] - The Hong Kong stock market experienced a pullback in February, with the Hang Seng Index falling by 3.7% and the Hang Seng Technology Index dropping by 10.6% [1] - The report anticipates a seasonal rebound in market trading activity post-Chinese New Year, setting a positive foundation for future market performance [1] A-share Insights - The report suggests focusing on growth and cyclical sectors, with growth benefiting from sustained industry enthusiasm and increased risk appetite among investors during the spring market [2] - Key sectors to watch include humanoid robots and the AI industry chain, which are expected to see significant catalytic events [2] - Cyclical sectors are anticipated to benefit from strong commodity prices and supportive policies, with recommendations to focus on resource products and offline service sectors [2] Hong Kong Stock Insights - The Hong Kong market is expected to remain volatile, with strong expectations for recovery in the spring, but concerns about earnings realization and foreign capital inflow persist [3] - Major internet companies are experiencing slower-than-expected profit recovery, which is impacting the overall economic environment [3] - The report recommends a "barbell strategy" for portfolio allocation, combining high-dividend defensive sectors with growth sectors such as semiconductor equipment and AI computing [3] - The report highlights the potential for a structural market recovery driven by domestic capital inflow and policy support [3] A-share Recommended Stocks - The recommended stocks for March 2026 include: - Zhongji Xuchuang (中际旭创) - Communication - Keda Xunfei (科大讯飞) - Computer - Shenghong Shares (盛弘股份) - Power Equipment - Jereh Group (杰瑞股份) - Machinery - Nanjing Bank (南京银行) - Banking - Hualing Steel (华菱钢铁) - Steel - Chuanheng Shares (川恒股份) - Basic Chemicals - China Jushi (中国巨石) - Building Materials - Sun Paper (太阳纸业) - Light Industry Manufacturing - Haier Smart Home (海尔智家) - Home Appliances [3][6] Hong Kong Recommended Stocks - The recommended stocks for March 2026 include: - Hon Teng Precision (鸿腾精密) - Communication - Huiju Technology (汇聚科技) - Power Equipment - Sinopec Oilfield Service (中石化油服) - Oil and Petrochemicals [4][7]

2026 年 2 月 27 日 公司研究 海内外市场开拓加速，25 年新签合同额稳步提升 ——中石化炼化工程（2386.HK）公告点评 要点 事件：公司发布公告，截至 2025 年 12 月 31 日止十二个月期间，公司新签订合 同总值为 1012.48 亿元，较截至 2024 年 12 月 31 日止十二个月期间的 1006.13 亿元增加 0.6%；于 2025 年 12 月 31 日，公司未完成合同量为 2038.50 亿元， 较 2024 年 12 月 31 日的 1726.76 亿元增加 18.1%。 点评： 新签合同额稳健增长，中石化集团内部合同额占比回升。2025 年，公司国内新 签合同 632 亿元，同比增长 2%，境外新签订合同 380 亿元，同比下降 1.3%， 海外合同占公司新签合同的 38%。2025Q4 单季，公司新签订合同总值为 99.01 亿元。分行业来看，25 年公司新签合同以炼油和石油化工为主，炼油、石油化 工、新型煤化工、储运及其他行业的新签合同额分别同比+77%、-3%、-34%、 -22%。分合同类型看，公司总承包合同持续增长，25 年工程总承包合同额为 735 亿元， ...

Group 1: Macro Insights - The report discusses Trump's second term State of the Union address, focusing on tariffs, livelihood, and electricity as key topics [1] - It mentions that tariffs will be maintained at current rates, but specific arrangements regarding tax refunds and investigations remain undisclosed [1] - A retirement plan similar to a 401K for American workers is highlighted, although it faces fiscal and congressional constraints [1] - The report notes a requirement for large tech companies in the U.S. to build their own power plants to alleviate electricity price concerns, with costs borne by the companies themselves [1] Group 2: Industry Research - The transition from energy consumption dual control to carbon emission dual control in China is emphasized, with the EU's carbon tariff implementation expected to benefit low-carbon or negative carbon assets [2] - Green premium assets such as green aluminum, green hydrogen, and zero-carbon parks are projected to gain value [2] - Non-electric applications in shipping fuel, hydrogen storage, and hydrogen metallurgy are expected to benefit from this transition [2] - Recommended companies for investment include those involved in green hydrogen production and chemical transformation, such as Electric Investment Green Energy and Jiazhe New Energy [2] Group 3: Company Research - The report highlights NVIDIA's FY26Q4 performance, achieving revenue of $68.1 billion, with FY27Q1 revenue guidance set at $78 billion, exceeding market expectations [3] - Forecasted GAAP net profits for NVIDIA for FY2027-2029 are projected at $211.09 billion, $273.25 billion, and $327.93 billion respectively [3] - The strong demand for AI computing power and robust product cycles are expected to drive continued high growth for NVIDIA, maintaining a "buy" rating [3]

Investment Rating - The report maintains a "Buy" rating for NVIDIA (NVDA.O) [7] Core Insights - NVIDIA's FY26Q4 and full-year results exceeded market expectations, with FY26Q4 revenue reaching $68.1 billion, a year-over-year increase of 73% and a quarter-over-quarter increase of 20% [1] - The company expects FY27Q1 revenue guidance of $78 billion, surpassing Bloomberg consensus of $72.9 billion [1] - The CEO highlighted that the "Agentic AI inflection point has arrived," indicating sustainable downstream demand for AI computing [3] Summary by Relevant Sections Data Center Business - FY26Q4 revenue for the data center segment was $62.3 billion, up 75% year-over-year and 22% quarter-over-quarter [2] - The computing business revenue was $51.3 billion, reflecting a year-over-year increase of 58% and a quarter-over-quarter increase of 19% [2] - The introduction of the NVIDIA Rubin platform is expected to significantly reduce inference token costs, enhancing the product cycle transition from Blackwell to Rubin [2] Gaming Business - FY26Q4 gaming revenue was $3.7 billion, a year-over-year increase of 47% but a quarter-over-quarter decrease of 13% [4] - Full-year gaming revenue reached $16 billion, up 41% year-over-year, driven by strong demand for Blackwell architecture chips [4] Professional Visualization Business - FY26Q4 revenue for professional visualization was $1.3 billion, a year-over-year increase of 159% and a quarter-over-quarter increase of 74% [4] - Full-year revenue was $3.2 billion, reflecting a year-over-year growth of 70% [4] Automotive Business - FY26Q4 automotive revenue was $600 million, a year-over-year increase of 6% and a quarter-over-quarter increase of 2% [4] - Full-year automotive revenue reached $2.3 billion, up 39% year-over-year, primarily due to the adoption of the company's autonomous driving platform [4] Profit Forecast and Valuation - The report projects significant growth in NVIDIA's earnings, with GAAP net profit estimates for FY2027 and FY2028 increased by 24% and 31% to $211.1 billion and $273.3 billion, respectively [5] - The projected EPS for FY2027-2029 indicates a P/E ratio of 23x, 17x, and 14x, respectively [5]