Nvidia(US:NVDA) SINOLINK SECURITIES·2025-05-29 05:47Investment Rating - The report maintains a "Buy" rating for the company, anticipating significant profit growth in the upcoming years [4]. Core Insights - The company reported a revenue of $44.062 billion for FY26Q1, representing a year-over-year increase of 69% and a quarter-over-quarter increase of 12%. The GAAP gross margin was 60.5%, impacted by a $4.5 billion inventory impairment loss related to H20. Excluding this loss, the Non-GAAP gross margin was 71.3% [2]. - The company expects FY26Q2 revenue to be around $45 billion, accounting for an $8 billion revenue loss due to H20's ban on sales. The projected GAAP and Non-GAAP gross margins for FY26Q2 are 71.8% and 72.0%, respectively [2]. - The data center business continues to grow rapidly, driven by increased demand for inference computing power and the rollout of Blackwell GPUs. In FY26Q1, the data center segment generated $39.112 billion in revenue, a 73% increase year-over-year [2][3]. - The gaming segment achieved $3.763 billion in revenue for FY26Q1, up 42% year-over-year, primarily due to customers shifting to purchase RTX5090 and RTX6000 series graphics cards amid limited supply of data center GPUs [3]. Summary by Sections Performance Overview - FY26Q1 revenue: $44.062 billion, YoY +69%, QoQ +12% - GAAP net profit: $18.775 billion, YoY +26%, QoQ -15% - Non-GAAP net profit: $19.894 billion, YoY +31%, QoQ -10% [2]. Business Segments - Data Center Revenue: $39.112 billion, YoY +73% - Gaming Revenue: $3.763 billion, YoY +42% - Professional Imaging Revenue: $0.509 billion, YoY +19% - Automotive Revenue: $0.567 billion, YoY +72% - OEM Revenue: $0.111 billion, YoY +42% [3]. Profit Forecast and Valuation - Projected GAAP net profits for FY26, FY27, and FY28 are $108.208 billion, $135.340 billion, and $152.762 billion, respectively, with growth rates of 48.5%, 25.1%, and 12.9% [4].