英伟达FY26Q1业绩点评：BLACKWELL进展顺利，指引符合预期

Investment 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$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$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$34.155 billion, up 76% year-on-year [2][3]. - The gaming business generated $3.763 billion in FY26Q1 revenue, a 42$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].