Nvidia(US:NVDA) Soochow Securities·2025-03-05 03:23Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [1]. Core Insights - The company reported strong financial results for FY2025, with total revenue reaching $130.5 billion, a year-on-year increase of 114.2%, and net profit of $72.9 billion, up 144.89% year-on-year [2][3]. - Demand from cloud service providers (CSPs) remains robust, with data center revenue for Q4 2025 at $35.58 billion, a 16% increase quarter-on-quarter and a 142% increase year-on-year [3]. - The company has introduced new products, including the B series, which generated $11 billion in revenue for Q4 2025, exceeding expectations [3]. - The gaming and AIPC segments faced challenges due to supply chain constraints, but the automotive business saw significant growth, with a 103% year-on-year increase [4]. - Guidance for Q1 FY2026 is slightly above market expectations, with projected revenue of $43 billion, higher than Bloomberg's consensus of $42.26 billion [5]. Financial Summary - Total revenue projections for FY2026 are $209.2 billion, with net profit expected to reach $114.1 billion, reflecting a growth rate of 56.61% [1][11]. - The company's earnings per share (EPS) is forecasted to increase from $2.99 in FY2025 to $4.68 in FY2026, indicating strong profitability [1][11]. - The price-to-earnings (P/E) ratio is projected to decrease from 38.19 in FY2025 to 24.38 in FY2026, suggesting potential for valuation improvement [1][11].