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英伟达财报中的关键数据
首创证券·2025-03-19 02:55

Investment Rating - The industry investment rating is "Positive" [1] Core Insights - Nvidia's revenue for Q4 of fiscal year 2025 increased by 77.94% year-on-year, reaching 39.331billion.Therevenuegrowthratehasshownsignificantfluctuationsoverthelast12quarters,peakingat+265.2839.331 billion. The revenue growth rate has shown significant fluctuations over the last 12 quarters, peaking at +265.28% in Q4 of fiscal year 2024 before declining to +77.94% in Q4 of fiscal year 2025 [2][7] - The gross margin for Nvidia has exhibited a downward trend over the four quarters of fiscal year 2025, decreasing from 78.35% in Q1 to 73.03% in Q4 [2][8] - Customer advances and unearned revenue related to hardware support, software support, cloud services, and license and development arrangements have shown a notable decrease, with figures dropping from 340 million in Q4 of fiscal year 2024 to 81millioninQ4offiscalyear2025[3][12]NvidiasguidanceforQ1offiscalyear2026indicatesexpectedrevenueof81 million in Q4 of fiscal year 2025 [3][12] - Nvidia's guidance for Q1 of fiscal year 2026 indicates expected revenue of 43 billion, representing a year-on-year growth of 65.11% compared to Q1 of fiscal year 2025 [4][12] - The Shanghai Composite Index rose by 1.39% from March 10 to March 14, while the CITIC Electronics sector fell by 0.56%. Year-to-date, the Shanghai Composite Index has increased by 2.02%, and the CITIC Electronics sector has risen by 10.89% [4][15] Summary by Sections Nvidia Financial Performance - Nvidia's Q4 fiscal year 2025 revenue was 39.331billion,a77.9439.331 billion, a 77.94% increase year-on-year. The revenue growth rate has fluctuated significantly, with a peak of +265.28% in Q4 of fiscal year 2024 [2][7] - The gross margin for Nvidia has decreased from 78.35% in Q1 to 73.03% in Q4 of fiscal year 2025 [2][8] Customer Advances and Revenue - The customer advances and unearned revenue have decreased significantly, with values of 340 million in Q4 of fiscal year 2024 dropping to $81 million in Q4 of fiscal year 2025 [3][12] Market Performance - The Shanghai Composite Index increased by 1.39% from March 10 to March 14, while the CITIC Electronics sector decreased by 0.56%. Year-to-date, the Shanghai Composite Index has risen by 2.02%, and the CITIC Electronics sector has increased by 10.89% [4][15] Investment Recommendations - Focus on edge computing chips and smart terminals capable of loading AI large models [4][24]