Nvidia(US:NVDA) Huaan Securities·2024-12-01 08:03Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The report highlights that the company's revenue for FY25Q3 reached a record high of $35.1 billion, representing a year-over-year growth of 94% and a quarter-over-quarter growth of 17% [2] - The data center business is the primary driver of growth, with revenue increasing by 112% year-over-year and 17% quarter-over-quarter, largely due to demand for the Hopper computing platform for training and inference of large language models [2] - The company expects to ship Hopper and Blackwell products in FY2025Q4, with Blackwell anticipated to be a major growth driver for FY26 [2] Financial Performance Summary - FY2024A revenue was $60.9 billion, with projected revenues of $129.1 billion for FY2025E, $188.1 billion for FY2026E, and $218.4 billion for FY2027E, indicating significant growth [4][6] - Non-IFRS net profit for FY2024A was $32.3 billion, expected to rise to $74.0 billion in FY2025E, $111.6 billion in FY2026E, and $128.3 billion in FY2027E [4][6] - The company’s return on equity (ROE) is projected to be 75.2% in FY2024A, decreasing to 38.6% by FY2027E [4][6] Revenue Growth Projections - Revenue growth rates are projected at 125.9% for FY2024A, 111.9% for FY2025E, 45.7% for FY2026E, and 16.1% for FY2027E [6] - Non-IFRS net profit growth rates are expected to be 286.2% for FY2024A, 129.1% for FY2025E, 50.7% for FY2026E, and 14.9% for FY2027E [6] Market Position and Product Demand - The demand for the Hopper architecture remains strong, with compute revenue from data centers reaching $27.6 billion, a year-over-year increase of 132% and a quarter-over-quarter increase of 22% [2] - The gaming revenue grew by 15% year-over-year and 14% quarter-over-quarter, driven by sales of the GeForce RTX 40 series GPUs [2]