英伟达（NVDA）：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 investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported strong Q3 FY2025 results with revenue of $35.08 billion, a year-on-year increase of 94% and a quarter-on-quarter increase of 17%. Net profit reached $20.01 billion, up 100% year-on-year and 18% quarter-on-quarter, exceeding market expectations [1][2] - The data center business continues to drive high growth, with Q3 FY2025 revenue of $30.77 billion, a year-on-year increase of 112% and a quarter-on-quarter increase of 17%. The company expects significant growth in the Blackwell series in Q4 FY2025 [2] - The gaming and automotive segments also showed growth, with revenues of $3.28 billion and $0.45 billion respectively, reflecting year-on-year increases of 15% and 72% [3] Summary by Sections Financial Performance - For FY2025 Q3, total revenue was $35.08 billion, with a year-on-year growth of 94% and a quarter-on-quarter growth of 17%. Net profit was $20.01 billion, with a year-on-year increase of 100% and a quarter-on-quarter increase of 18% [1] - Non-GAAP gross margin was 75.0%, remaining stable year-on-year but slightly down by 0.7 percentage points quarter-on-quarter [1] Business Segments - Data center revenue for Q3 FY2025 was $30.77 billion, with computing/network revenue of $27.64 billion and $3.13 billion respectively, showing year-on-year increases of 132% and 20% [2] - The gaming segment revenue was $3.28 billion, with a year-on-year increase of 15%, driven by new product launches and back-to-school season sales [3] - Automotive revenue reached $0.45 billion, reflecting a 72% year-on-year increase, supported by strong demand for NVIDIA Orin autonomous driving systems [3] Future Guidance - The company expects Q4 FY2025 revenue to be around $37.5 billion, slightly above market expectations, with a Non-GAAP gross margin of approximately 73.5% [4] - The forecast for Non-GAAP net profit for FY2025-2027 has been revised upwards to $71.9 billion, $103.3 billion, and $120.9 billion respectively [4]