Nvidia(NVDA) 交银国际证券·2025-03-20 02:40Investment Rating - The report assigns a "Buy" rating for NVIDIA (NVDA US) with a target price of 115.43 [1][12]. Core Insights - The report highlights NVIDIA's transition towards generative AI, with CEO Jensen Huang predicting that capital expenditures in the cloud service provider (CSP) sector could exceed 1 trillion by 2028 [2]. - NVIDIA is actively participating in AI transformations across vertical industries, including mobile communications and smart driving, with a vision of establishing "AI factories" for production planning and intelligent assistance [2]. - The company continues to release new products, with significant upgrades in data center offerings, emphasizing the importance of scale-up architecture over scale-out in server design [6]. Financial Overview - Revenue projections for NVIDIA show substantial growth, with expected revenues of 311,585 million by 2028, reflecting a compound annual growth rate (CAGR) of 15.2% [5][14]. - Net profit is forecasted to rise from 180,404 million in 2028, with a notable increase in earnings per share (EPS) from 7.30 over the same period [5][14]. - The report indicates a significant improvement in profit margins, with gross margins expected to remain around 75% and net margins projected to increase to 57.9% by 2028 [16]. Product Development and Roadmap - NVIDIA's product roadmap includes the launch of the Blackwell Ultra chip in the second half of 2025, followed by the Rubin and Rubin Ultra chips in 2026 and 2027, respectively, showcasing substantial performance upgrades [6][7]. - The introduction of new switch products, Spectrum-X and Quantum-X, is planned for 2025 and 2026, respectively, with advancements in technology such as optical-electrical hybrid packaging [8]. Market Position and Valuation - NVIDIA's current price-to-earnings (P/E) ratio is noted at 24 times the FY26 earnings, which is considered attractive compared to its historical average of 38 times [6]. - The report emphasizes NVIDIA's strong product and technology advantages, particularly in the early stages of AI deployment both domestically and internationally [6].