Nvidia(US:NVDA) Guoyuan Securities·2025-04-07 12:23Investment Rating - The report maintains a "Recommended" investment rating for the semiconductor industry [6]. Core Insights - The semiconductor sector is facing pressure due to the U.S. imposing additional tariffs, particularly affecting the AI chip market, with a notable drop in stock prices for key players like NVIDIA [2][11]. - The semiconductor market is projected to see a significant revenue increase of approximately 25% in 2024, reaching $683 billion, driven by strong demand for AI-related chips [3][33]. - The report highlights a mixed performance across various semiconductor indices, with declines observed in AI chip indices and storage chip indices, while some companies like Quanta have shown resilience [2][11][22]. Market Indices Summary - The overseas AI chip index fell by 13.6% this week, influenced by U.S. tariffs, with NVIDIA's stock dropping nearly 14% [2][11]. - The domestic AI chip index decreased by 1.6%, with companies like SMIC and Changdian Technology seeing declines over 4% [2][11]. - The NVIDIA mapping index dropped by 5.0%, with most component stocks experiencing declines [2][14]. - The server ODM index fell by 3.0%, with Supermicro's stock down nearly 13% [2][14]. - The storage chip index decreased by 2.6%, with companies like Shannon Microelectronics and Dongxin Co. seeing declines over 6% [2][17]. - The power semiconductor index saw a slight decline of 0.5% [2][18]. Industry Data Summary - NVIDIA is set to launch several new data center products, with the GB200 NVL72 cabinet expected to be mass-produced in Q1 2025 and the GB300 NVL72 cabinet in Q4 2025 [3][27]. - The monthly shipment of laptops in February 2025 saw only a 7% increase month-on-month, reflecting a year-on-year decline compared to February 2024 [3][30]. - The semiconductor market is expected to achieve record revenues in 2024, largely due to the demand for AI GPUs and high-bandwidth memory (HBM), which is projected to grow at a rate of 74% [3][33]. Major Events Summary - Lens Technology submitted an application for issuing H shares, not exceeding 7% of the total share capital post-issue [4][38]. - Huawei reported a revenue of 862.1 billion yuan for 2024, a year-on-year increase of 22.42%, while net profit decreased by 28.05% [4][40]. - AAC Technologies reported a revenue of 27.33 billion yuan for 2024, a year-on-year increase of 33.8%, with a gross margin improvement [4][41]. - OFILM Technology achieved a revenue of 20.437 billion yuan for 2024, a year-on-year increase of 21.19%, but net profit decreased by 24.09% [4][42]. - Meta is set to launch a new smart glasses product priced over $1,000, expected to debut by the end of the year [4][42].