Nvidia(US:NVDA) INDUSTRIAL SECURITIES·2025-03-06 07:42Investment Rating - The investment rating for the company is "Buy" [9]. Core Views - The company has shown robust revenue growth, with FY25Q4 revenue exceeding consensus expectations at $39.331 billion, representing a year-over-year increase of 78% and a quarter-over-quarter increase of 12% [5]. - The new Blackwell chip series has started shipping, with management indicating a quarterly revenue of $11 billion from the new chips, which is better than previous expectations [5]. - The company is expected to benefit from the increasing demand for AI applications and infrastructure, with projected revenues for FY26-28 being $204.84 billion, $253.29 billion, and $293.11 billion respectively [5]. Financial Summary - For FY25, the company reported a revenue of $130.497 billion, with a year-over-year growth of 114% [4]. - Non-GAAP net profit for FY25 is projected at $74.266 billion, reflecting a year-over-year growth of 145% [4]. - The gross margin is expected to remain stable at 75% across the forecast period from FY25 to FY28 [4]. - The return on equity (ROE) is projected to decline from 92% in FY25 to 35% by FY28 [4]. - Earnings per share (EPS) on a Non-GAAP basis are forecasted to grow from $3.03 in FY25 to $6.92 in FY28 [4].