英伟达：2025财年二季报点评：收入指引低于预期，长期逻辑不变

Investment Rating - The investment rating for the company is "Buy" (maintained) [10]. Core Insights - The company reported a revenue of $30.04 billion for Q2 FY2025, which is a year-on-year increase of 122$28.86 billion [10]. - Non-GAAP gross margin was 75.7%, up 4.5 percentage points year-on-year but down 3.2 percentage points quarter-on-quarter, slightly above the consensus expectation of 75.5% [10]. - Non-GAAP net profit reached $16.95 billion, a year-on-year increase of 152$15.96 billion [10]. - The company provided guidance for Q3 FY2025 revenue at $32.5 billion, with a year-on-year growth of 79$60.92 billion, $124.92 billion,$178.63 billion, and $205.42 billion respectively, with year-on-year growth rates of 126$32.31 billion, $68.55 billion,$98.96 billion, and $115.73 billion, with year-on-year growth rates of 286$2.68, $3.91, and$4.59 respectively [17]. Business Segments - The data center business revenue for Q2 FY2025 was $26.27 billion, a year-on-year increase of 154$22.6 billion, with a year-on-year increase of 162% and a quarter-on-quarter increase of 17% [11]. - The networking business revenue was $3.7 billion, reflecting a year-on-year increase of 114% and a quarter-on-quarter increase of 16% [11]. Long-term Outlook - The long-term growth logic remains intact despite short-term disruptions from product delays [2]. - The company anticipates significant demand for its products, particularly in AI and cloud services, which are expected to drive sustainable growth [11].