英伟达（NVDA）：FY25Q3业绩点评：FY25Q3业绩超预期，预计FY25Q4Blackwell交付顺利、加速出货

Investment Rating - The report maintains a "Buy" rating for Nvidia (NVDA.O) [1] Core Insights - Nvidia's FY25Q3 performance exceeded market expectations, driven by strong demand for the Hopper GPU computing platform, with revenue reaching $35.1 billion, a 17% quarter-over-quarter increase and a 94% year-over-year increase [11][12] - The data center business is the main growth driver, with revenue from this segment reaching $30.8 billion, up 112% year-over-year [12][16] - The guidance for FY25Q4 indicates revenue of $37.5 billion, reflecting a 6.8% quarter-over-quarter increase and a 69.7% year-over-year increase, which is above Bloomberg consensus estimates [22][25] Summary by Sections Overall Performance - FY25Q3 revenue was $35.1 billion, surpassing the company's guidance of $32.5 billion and Bloomberg's consensus of $33.3 billion, with a Non-GAAP net profit of $20.01 billion [11][12] - Non-GAAP gross margin was 75%, slightly down from the previous quarter but in line with guidance [11] Business Segment Analysis - Data Center: Revenue reached $30.8 billion, a 112% year-over-year increase, driven by strong demand for the Hopper platform [12][16] - Gaming: Revenue was $3.3 billion, up 15% year-over-year, supported by sales of GeForce RTX GPUs [20] - Professional Visualization: Revenue was $0.5 billion, a 17% year-over-year increase, driven by demand for RTX GPU workstations [20] - Automotive: Revenue reached $0.4 billion, a 72% year-over-year increase, driven by the production ramp of the Orin chip [21] Guidance and Outlook - The company expects FY25Q4 revenue to be $37.5 billion, with a Non-GAAP gross margin guidance of 73.5% [22][25] - Long-term growth is anticipated due to strong demand for AI infrastructure and the expansion of CoWoS capacity [44][52] Delivery and Demand Concerns - Blackwell delivery is progressing well, alleviating previous market concerns about delays due to overheating issues [27][29] - Demand for Blackwell is expected to remain strong, with several billion dollars in revenue anticipated for FY25Q4 [27][43] Supply Chain and Capacity Expansion - TSMC's CoWoS capacity is expected to double over the next two years, supporting Nvidia's growth [44][45] - The expansion of CoWoS supply chain partners is set to enhance production capabilities [45][46] Profit Forecast and Valuation - Nvidia's GAAP net profit estimates for FY2025 to FY2027 have been raised to $72.18 billion, $130.16 billion, and $184.32 billion respectively, reflecting strong growth potential [52]