美股科技股观察|24Q3业绩跟踪：英伟达：业绩延续强劲增势，新产品已全面投产，供不应求持续至25年

Investment Rating - The report provides a strong investment rating for the software and services industry, particularly highlighting NVIDIA's performance and growth potential [55]. Core Insights - NVIDIA's FY25Q3 results exceeded expectations with a revenue of $35.08 billion, representing a year-over-year increase of 93.6% [14]. - The data center segment showed robust growth, with revenues increasing by 112% year-over-year, driven by strong demand for Hopper products [32]. - The gaming segment also performed well, with a revenue increase of 14.8% year-over-year, supported by the sales of GeForce RTX GPUs [41]. - The report anticipates continued strong demand for AI and data center products, projecting significant revenue growth through FY2026 [36]. Summary by Sections FY25Q3 Performance - NVIDIA achieved a revenue of $35.08 billion, a 93.6% increase year-over-year, with net profit reaching $19.31 billion, also up 108.9% [14][15]. - The gross margin was reported at 74.6%, with operating expenses decreasing to 12.2% of revenue [15]. Data Center Product Launches - The data center revenue reached $30.77 billion, up 112% year-over-year, with strong contributions from Hopper and Blackwell products [32]. - Blackwell's full production is expected to meet demand through FY2026, with significant sales anticipated in FY25Q4 [34]. Gaming Business - Gaming revenue was $3.28 billion, reflecting a 14.8% year-over-year increase, driven by the GeForce RTX 40 series [41]. - The introduction of new AI PCs is expected to enhance performance in gaming and creative applications [42]. Professional Visualization - Professional visualization revenue reached $490 million, up 16.8% year-over-year, primarily due to the adoption of RTX workstations [43]. Automotive Sector - The automotive segment reported $450 million in revenue, a 72% increase year-over-year, driven by demand for NVIDIA's Orin platform [44]. Performance Guidance - For FY25Q4, NVIDIA expects revenue to reach approximately $37.5 billion, with a projected gross margin of 73% [45]. - The company anticipates initial cost increases due to Blackwell's launch, with margins expected to improve in subsequent quarters [45]. Consensus Estimates and Valuation - Bloomberg consensus estimates project NVIDIA's revenues for FY2025 and FY2026 to be $128.6 billion and $194 billion, respectively, with significant year-over-year growth [48].