海外科技行业点评：英伟达FY25Q3：业绩超预期，Blackwell FQ4创收有望超此前数十亿美元指引

Investment Rating - The report rates the industry as "Overweight," indicating a positive outlook for the sector compared to the overall market performance [31]. Core Insights - NVIDIA's FY25Q3 performance exceeded expectations with revenues of $35.1 billion, a year-over-year increase of 94% and a quarter-over-quarter increase of 17%. The adjusted net profit reached $20 billion, up 100% year-over-year [5][10]. - The guidance for FY25Q4 projects revenues of $37.5 billion, representing a year-over-year increase of 70% and a quarter-over-quarter increase of 7% [5][10]. - The report highlights the progress of the Blackwell chip, which is expected to exceed previous revenue guidance due to improved supply visibility and production ramp-up planned for FY25Q4 [6][12]. Summary by Sections Financial Performance - FY25Q3 revenue was $35.1 billion, exceeding the expected $33.2 billion. Non-GAAP gross margin was 75.0%, consistent with expectations, despite a slight decline due to a shift in product mix [5][10]. - The adjusted net profit for FY25Q3 was $20 billion, surpassing the anticipated $18.5 billion [5][10]. Data Center Business - Data center revenue reached $30.8 billion, a year-over-year increase of 112% and a quarter-over-quarter increase of 17%, driven primarily by the Hopper product line [7][17]. - The report indicates that the data center compute revenue was $27.6 billion, up 132% year-over-year, while networking revenue was $3.13 billion, showing a year-over-year increase of 20% [7][17]. Other Business Segments - Gaming revenue was $3.28 billion, reflecting a year-over-year increase of 15%, primarily driven by sales of the GeForce RTX 40 series GPUs [19]. - Automotive revenue reached $449 million, a significant year-over-year increase of 72%, attributed to growth in the autonomous driving platform [20]. Market Outlook - The report emphasizes the competitive landscape in the Chinese market for data centers, with expectations of intense competition in the future [7][17]. - The software, services, and support business achieved an annual recurring revenue (ARR) of $1.5 billion in FY25Q3, with expectations to exceed $2 billion by year-end [18].