半导体：英伟达三季度业绩回顾：预计明年Blackwell需求将保持强劲

Investment Rating - The semiconductor industry is rated as "Outperform" for the next 12 months, indicating expected performance to exceed market benchmarks [15]. Core Insights - NVIDIA's Q3 FY25 revenue reached $35.082 billion, a year-on-year increase of 93.6% and a quarter-on-quarter increase of 16.8% [1][10]. - The data center segment generated $30.8 billion, accounting for 88% of total sales, with a year-on-year growth of 112.0% [1][10]. - The demand outlook remains optimistic, particularly for the Hopper series, with significant contributions from cloud service providers [1][10]. Summary by Sections Financial Performance - NVIDIA's Q3 FY25 revenue was $35.082 billion, surpassing Bloomberg's consensus estimate by 5.5% [1][10]. - Non-GAAP gross margin for Q3 was 75.0%, consistent with company guidance [1][10]. - Non-GAAP earnings per share were $0.81, exceeding expectations by 8.9% [1][10]. Business Segments - Data center revenue reached $30.8 billion, with 90% derived from compute-related revenue, which grew 132.0% year-on-year [1][10]. - The gaming and professional visualization segments also showed growth, with quarter-on-quarter increases of 13.9% and 29.8%, respectively [1][10]. Future Outlook - NVIDIA expects Q4 FY25 revenue to be around $37.5 billion, indicating a quarter-on-quarter growth of 6.9% [1][10]. - Management anticipates continued growth in the Hopper series and a stable gross margin of approximately 75% for FY25 [1][10].