中泰证券：【中泰研究丨晨会聚焦】电子王芳：AI全视角-科技大厂财报专题英伟达Q2解读：Q2业绩新高，数据中心拉动增长-20240831

Group 1: Core Insights - The report highlights that NVIDIA achieved a record high revenue of $30.04 billion in FY25 Q2, representing a year-over-year increase of 122% and a quarter-over-quarter increase of 15%, exceeding market expectations of $28.6 billion by 4.9% [2] - The data center segment was the primary driver of growth, with revenue reaching $26.27 billion, a year-over-year increase of 154% and a quarter-over-quarter increase of 16%, marking six consecutive quarters of significant growth [2] - NVIDIA's gross margin for FY25 Q2 was 75.1%, reflecting a year-over-year increase of 5.0 percentage points, although it decreased by 3.3 percentage points quarter-over-quarter, aligning closely with market expectations of 75.5% [2] Group 2: Business Segments - The Hopper GPU platform, particularly the H200, is experiencing strong demand, primarily from large cloud providers and internet companies, with expectations for increased shipments in the second half of FY25 [2] - The Blackwell GPU production ramp-up is set to begin in Q4 FY25, with anticipated revenue contributions in the range of billions of dollars starting in FY25 Q4 [2] - NVIDIA's board approved an additional $50 billion stock repurchase plan, with $15.4 billion returned to shareholders through buybacks and cash dividends in the first half of FY25 [2] Group 3: Future Guidance - For FY25 Q3, NVIDIA expects revenue of $32.5 billion, with a margin fluctuation of 0.5% [2] - The report indicates that demand for H200 and Blackwell GPUs is currently exceeding supply, a situation expected to persist into the next year [2] Group 4: Macro Insights - The report on industrial enterprises indicates that profits for large-scale industrial companies in China reached 4,099.17 billion yuan in the first seven months of 2024, reflecting a year-over-year growth of 3.6% [3] - In July 2024, the profit margin for industrial enterprises was 5.3%, which is below the historical average of 6.61% from 2015 to 2023, indicating ongoing pressure on profitability [3] - The report notes that the mining sector's profits decreased by 0.8% year-over-year, while the manufacturing sector saw a profit increase of 5.0%, significantly higher than the previous value of 0.8% [3]