Nvidia(US:NVDA) EBSCN·2024-11-25 02:48Group 1 - The investment rating for the company is "Buy" (maintained) [1] - The core viewpoint of the report highlights that NVIDIA's FY25Q3 performance exceeded expectations, driven by strong demand for the Hopper GPU computing platform [11][12] - The report indicates that NVIDIA's FY25Q3 revenue reached $35.1 billion, with a quarter-over-quarter increase of 17% and a year-over-year increase of 94%, surpassing Bloomberg's consensus estimate of $33.3 billion by over 5.4% [11][12] Group 2 - The report details that the data center business saw a significant revenue increase of 112% year-over-year, contributing $30.8 billion in FY25Q3, with approximately 50% of revenue coming from cloud service providers [12][20] - The gaming segment generated $3.3 billion in revenue, reflecting a 15% year-over-year increase, driven by strong sales of the GeForce RTX 40 series GPUs [20][21] - The automotive segment reported $0.4 billion in revenue, a 72% year-over-year increase, primarily due to the ramp-up of the Orin autonomous driving chip [21] Group 3 - For FY25Q4, NVIDIA's revenue guidance is set at $37.5 billion, indicating a quarter-over-quarter growth of 6.8% and a year-over-year growth of 69.7%, which is above Bloomberg's consensus estimate of $37.1 billion [22][23] - The report anticipates that the Blackwell platform will continue to drive strong revenue contributions, with expectations of exceeding previous guidance by several billion dollars in FY25Q4 [27][29] - The report emphasizes that the CoWoS capacity expansion is expected to support sustained high growth in FY2026, with TSMC's CoWoS capacity projected to double over the next two years [44][45] Group 4 - The report projects NVIDIA's GAAP net profit for FY2025 to be $72.18 billion, with corresponding year-over-year growth rates of 143% for FY2025, 80% for FY2026, and 42% for FY2027 [52] - The expected GAAP EPS for FY2025, FY2026, and FY2027 is $2.95, $5.31, and $7.53 respectively, reflecting a strong growth trajectory [52] - The report maintains a positive outlook on NVIDIA's performance entering a new growth phase, supported by the acceleration of Blackwell shipments starting in FY25Q4 [52]