英伟达（NVDA）：FY25Q3业绩点评及业绩说明会纪要：业绩再超指引上限，B系列产品加速爬坡中

Investment Rating - The report assigns a strong buy rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [74]. Core Insights - The company reported Q3 FY2025 revenue of $35.082 billion, exceeding the guidance of $32.5 billion, with a year-over-year growth of 94% and a quarter-over-quarter growth of 17% [10][9]. - Non-GAAP net profit for Q3 FY2025 was $20.01 billion, reflecting a 100% year-over-year increase and an 18% quarter-over-quarter increase, with a non-GAAP gross margin of 75% [10][9]. - The company provided a revenue guidance of $37.5 billion for Q4 FY2025, with GAAP and Non-GAAP gross margin guidance of 73% and 73.5%, respectively [10][9]. Summary by Sections 1. Performance Overview & Guidance - In Q3 FY2025, the company achieved revenue of $35.082 billion, surpassing the previous guidance of $32.5 billion [10]. - Non-GAAP net profit reached $20.01 billion, with a gross margin of 75% [10]. - Inventory turnover days were 78, with a backlog of $28.9 billion [10]. 2. Key Business Segments (1) Data Center - Data center revenue for Q3 FY2025 was $30.771 billion, a 112% year-over-year increase and a 17% quarter-over-quarter increase [11]. - The computing revenue was $27.644 billion, growing 132% year-over-year [11]. - The company anticipates strong demand for the GB200 product starting in Q4 FY2025 [12]. (2) Gaming - Gaming revenue for Q3 FY2025 was $3.3 billion, with a 15% year-over-year and 14% quarter-over-quarter increase [14]. - New RTX AI PCs are being shipped, with performance capabilities of 321 trillion AI operations per second [14]. (3) Professional Visualization - Professional visualization revenue was $486 million, reflecting a 17% year-over-year and 7% quarter-over-quarter increase [19]. - Companies like Foxconn are utilizing NVIDIA Omniverse for digital twin and industrial AI applications [19]. (4) Automotive and Robotics - Automotive revenue reached $449 million, a 72% year-over-year and 30% quarter-over-quarter increase [25]. - The company introduced Project GR00T AI for robotics development [25]. 3. Q&A Session Highlights - The company is focused on increasing production of the Blackwell systems, with expectations of meeting high demand [30]. - The transition from CPU-based coding to GPU-based machine learning is a significant trend driving growth [37]. - The company aims to modernize data centers to support machine learning and generative AI capabilities [44].