【招商电子】英伟达（NVDA.O）FY26Q4跟踪报告：本季营收与指引均高增

Core Insights - Nvidia reported record revenue of $68.1 billion for FY26Q4, a year-over-year increase of 73% and a quarter-over-quarter increase of 20%, exceeding previous expectations of $65 billion [2] - The company has strategically increased inventory and locked in capacity to meet future market demand, with a non-GAAP gross margin of 75.2% [2][23] - Data center revenue reached a new high of $62.3 billion, driven by strong demand for the Blackwell architecture, while gaming revenue saw a quarter-over-quarter decline due to supply chain issues [2][3] Financial Performance - FY26Q4 revenue was $68.1 billion, with a non-GAAP gross margin of 75.2%, reflecting a year-over-year increase of 1.7 percentage points and a quarter-over-quarter increase of 1.6 percentage points [2][23] - Free cash flow for the quarter was $35 billion, contributing to a total of $97 billion for FY26, with $41 billion returned to shareholders through buybacks and dividends [26] - The company expects FY27Q1 revenue guidance to be around $78 billion, a year-over-year increase of 77% and a quarter-over-quarter increase of 14% [4][27] Business Segments - Data Center: Revenue of $62.3 billion, up 75% year-over-year and 22% quarter-over-quarter, primarily due to the Blackwell architecture [3][14] - Gaming: Revenue of $3.73 billion, a year-over-year increase of 47% but a quarter-over-quarter decline of 13%, impacted by supply chain constraints [3][19] - Professional Visualization: Revenue reached $1.32 billion, a significant year-over-year increase of 159% and a quarter-over-quarter increase of 74% [3][20] - Automotive: Revenue of $604 million, a year-over-year increase of 6%, driven by strong demand for autonomous driving solutions [3][21] Future Outlook - The company anticipates continued growth in data center revenue throughout 2026, with a focus on meeting increasing demand for AI and GPU-accelerated computing [4][12] - The introduction of the Rubin platform is expected to further enhance performance and reduce costs, with production set to begin in the second half of 2026 [18][37] - Nvidia's partnerships with major cloud service providers and AI model developers are expected to drive significant revenue growth, with a projected increase in capital expenditures among the top CSPs [6][16] Strategic Initiatives - Nvidia is focusing on enhancing its AI infrastructure capabilities, with significant investments in R&D and partnerships with leading AI companies like OpenAI and Anthropic [28][29] - The company is expanding its ecosystem to include a diverse range of clients beyond traditional data centers, including AI model developers and sovereign entities [43] - The introduction of the Vera CPU and continued optimization of the CUDA architecture are key components of Nvidia's strategy to maintain its competitive edge in the AI and computing markets [44]