Nvidia(US:NVDA) SINOLINK SECURITIES·2025-05-29 07:20Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4]. Core Insights - The company reported FY26Q1 revenue of $44.062 billion, a year-on-year increase of 69% and a quarter-on-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 (±2%), 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% (±0.5%) respectively [2]. - The data center business continues to grow rapidly, driven by increased demand for inference computing power and the rollout of Blackwell GPUs. FY26Q1 data center revenue reached $39.112 billion, up 73% year-on-year, with computing chip revenue at $34.155 billion, up 76% year-on-year [2][3]. - The gaming business generated $3.763 billion in FY26Q1 revenue, a 42% year-on-year increase, primarily due to customers shifting to purchase RTX5090 and RTX6000 series graphics cards amid limited supply of data center GPUs [3]. - The company anticipates a total impact of $15 billion from H20 for the year, including $4.5 billion in Q1 inventory impairment, $2.5 billion in Q1 revenue loss, and $8 billion in Q2 revenue loss [3]. Financial Projections - The company is expected to achieve GAAP net profits of $108.208 billion, $135.340 billion, and $152.762 billion for FY26, FY27, and FY28 respectively, reflecting year-on-year growth rates of 48.5%, 25.1%, and 12.9% [4]. - Revenue projections for FY26, FY27, and FY28 are $195.320 billion, $249.578 billion, and $282.771 billion, with growth rates of 49.7%, 27.8%, and 13.3% respectively [9].