英伟达：2025财年第三季度业绩前瞻

Investment Rating - The report assigns a "Buy" rating for NVIDIA (NVDA) with a target price of $145.00, representing a potential upside of 3.46$140.15 [2]. Core Insights - The report anticipates NVIDIA's revenue for FY25Q3 to be approximately $339 billion, with a gross margin slightly declining to 75.1$178 billion [2]. - The data center business is expected to generate $30 billion in revenue, while the gaming segment is projected to reach$3 billion. The professional visualization segment is estimated to contribute $4.8 billion, and the automotive business is expected to generate$3.5 billion [2]. - For FY25Q4, the consensus estimate is around $372 billion in revenue, with expectations that the company will maintain conservative guidance, projecting revenue of approximately$375 billion [2]. Summary by Sections Financial Performance - The report provides guidance for FY25Q3, with a revenue midpoint of $325 billion and a GAAP operating expense of$4.3 billion, leading to a net profit estimate of $168 billion. The Bloomberg consensus for FY25Q3 is$332 billion in revenue and a gross margin of 75% [2]. - The report highlights that TSMC's positive guidance supports NVIDIA's revenue growth for 2026, with expectations of at least 20% growth in the data center business [2]. Market Position - NVIDIA's market capitalization is noted to be $343.79 billion, with 245.3 billion shares outstanding [2]. - The report emphasizes the strong demand for AI and networking products, which are expected to contribute over$30 billion in revenue next year [2].