英伟达：Blackwell指引上修，FY26H2毛利率有望提升

Investment Rating - The report maintains an "Overweight" rating for NVIDIA (NVDA) [1] Core Views - NVIDIA's FY25Q3 revenue of $35.082 billion exceeded consensus estimates, with a YoY growth of 94% and QoQ growth of 17% [1] - Non-GAAP net income for FY25Q3 was $20.010 billion, surpassing consensus estimates by 8% YoY and 18% QoQ [1] - FY25Q4 revenue guidance is revised upwards, with a midpoint of $367.5-382.5 billion, indicating a 6.9% QoQ growth [1] - The Blackwell series, set to ship in FY25Q4, is expected to contribute significantly to revenue, with data center computing products growing 132% YoY [1] - Management anticipates gross margin improvement in FY26H2, despite a slight decline in FY25Q3 due to increased product complexity [1] Financial Projections - Revenue projections for FY25-FY27 are $1,294 billion, $1,957 billion, and $2,363 billion respectively [1] - Non-GAAP net income is forecasted to be $737 billion, $1,110 billion, and $1,361 billion for FY25-FY27 [1] - Gross margins are expected to rise from 75% in FY25 to 77% in FY27 [1] Industry Trends - Major tech companies like Meta, Google, Microsoft, and Amazon continue to increase AI-related capital expenditures, supporting NVIDIA's growth [1] - Sovereign AI and enterprise AI demand are emerging as significant drivers, alongside long-term growth in autonomous driving and robotics [1] Financial Metrics - FY25Q3 data center computing revenue reached $27.644 billion, a 132% YoY increase [1] - Network product revenue for FY25Q3 was $3.127 billion, with a 20% YoY growth but a 15% QoQ decline [1] - Non-GAAP gross margin for FY25Q3 stood at 75%, slightly down by 0.7 percentage points QoQ [1] Valuation - The stock's PE ratio is projected to be 46x in FY25, decreasing to 24x by FY27 [1] - Non-GAAP EPS is expected to grow from $2.97 in FY25 to $5.56 in FY27 [1]