英伟达：FY2025三季报点评：H系列支撑业绩持续高增，期待B系列放量打开业绩新空间

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported strong Q3 FY2025 results with revenue of $35.08 billion, a year-over-year increase of 94% and a quarter-over-quarter increase of 17%. Net profit reached $20.01 billion, up 100% year-over-year and 18% quarter-over-quarter, exceeding market expectations [1][2] - The H series shipments are driving high growth in data center revenue, with Q3 FY2025 data center revenue at $30.77 billion, a 112% increase year-over-year and a 17% increase quarter-over-quarter. The company expects continued growth driven by factors such as exponential growth in computing scale and increased investment in AI and industrial robotics [2][3] - New product launches and seasonal demand have boosted PC sales, while the automotive segment has seen significant growth due to demand for autonomous driving solutions. Q3 FY2025 revenue from gaming, AIPC/professional visualization, and automotive segments were $3.28 billion, $490 million, and $450 million, respectively, showing year-over-year increases of 15%, 17%, and 72% [3][4] Financial Forecasts - For Q4 FY2025, the company expects revenue of approximately $37.5 billion, slightly above market expectations of $36.06 billion. The Non-GAAP gross margin is projected to be 73.5%, in line with consensus expectations [4] - The report revises Non-GAAP net profit forecasts for FY2025-2027 to $71.9 billion, $103.3 billion, and $120.9 billion, respectively, reflecting the company's position as a key beneficiary of AI computing infrastructure [4][5]