中国电子：GTC短期刺激不足；但我们看到长期更大空间

Investment Rating - The report maintains a "Buy" rating for NVIDIA with a target price of USD 146, adjusted down from USD 168 [2][12]. Core Insights - The report indicates a lack of short-term catalysts for NVIDIA, but highlights significant long-term upside potential [9]. - NVIDIA's stock price is currently viewed as attractive despite a recent decline following the GTC conference, as new products and partnerships are expected to have limited immediate impact [11][12]. - The company is evolving from merely selling hardware to becoming an operating system platform company, integrating data and business with its customers [13]. Summary by Sections Event Overview - The report discusses the NVIDIA GPU Technology Conference (GTC) and the keynote speech by Jensen Huang, which outlined the company's future direction in AI and computing [10][15]. AI Development Roadmap - NVIDIA is currently in the generative AI stage and is transitioning towards agent AI, eventually moving into the robotics era [15]. Chip Developments - NVIDIA revealed significant chip purchases by top supercomputer operators, with 1.3 million Hopper architecture chips purchased last year and 3.6 million Blackwell chips expected this year [16]. - The Grace Blackwell solution has entered full-scale production, and new platforms and chips are planned for future release, showcasing NVIDIA's innovation in chip technology [19]. Partnerships and Applications - NVIDIA announced collaborations with telecommunications companies for 6G technology and with General Motors for AI-driven self-driving cars, emphasizing safety with the Halos automotive safety solution [18][21]. - The introduction of the open-source humanoid robot functional model and partnerships with DeepMind and Disney for robotics development indicate a strategic expansion into the robotics field [20]. Performance Metrics - The report notes NVIDIA's P/E ratios of 23 times for CY25/FY26 and 17 times for CY26/FY27, positioning it favorably compared to other major tech companies [14].