Nvidia(US:NVDA) SINOLINK SECURITIES·2024-11-21 06:18Investment Rating - The report maintains a "Buy" rating for Nvidia (NVDA.NASDAQ) [3] Core Insights - Nvidia's performance continues to show high growth, with new products set to drive a new round of growth [4] - The company reported a revenue of $35.08 billion for FY3Q25, representing a year-over-year increase of 94% and a quarter-over-quarter increase of 17%, exceeding previous guidance [5] - Data center revenue reached $30.8 billion, up 112% year-over-year and 17% quarter-over-quarter [5] - For FY4Q25, Nvidia expects revenue of $37.5 billion, with GAAP and Non-GAAP gross margins projected at 73.0% and 73.5%, respectively [5] Revenue Analysis - Data center revenue was $30.8 billion, with a quarter-over-quarter increase of 17% and a year-over-year increase of 112% [7] - Gaming revenue was $3.3 billion, up 14% quarter-over-quarter and 15% year-over-year [7] - Professional visualization revenue was $486 million, with a quarter-over-quarter increase of 7% and a year-over-year increase of 17% [7] - Autonomous driving and robotics revenue was $449 million, up 30% quarter-over-quarter and 72% year-over-year [7] Profitability Analysis - Nvidia achieved GAAP and Non-GAAP gross margins of 74.6% and 75.0%, respectively, with slight declines from the previous quarter [7] - The company reported a GAAP net profit of $19.309 billion, reflecting a quarter-over-quarter increase of 16% and a year-over-year increase of 109% [7] - The diluted EPS was $0.78, with a quarter-over-quarter increase of 16% and a year-over-year increase of 111% [7] Earnings Forecast and Valuation - The projected net profits for Nvidia from 2024 to 2026 are $68.384 billion, $103.889 billion, and $139.777 billion, respectively, with corresponding EPS of $2.78, $4.22, and $5.68 [7]