Workflow
电子行业事项点评：英伟达FY26Q1业绩点评：营收超预期，Blackwell超算投产
Xinda Securities·2025-05-29 14:23

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The report highlights that the company achieved a revenue of $44.1 billion in Q1 FY26, representing a year-over-year increase of 69% and a quarter-over-quarter increase of 12%, surpassing analyst expectations of $43.29 billion [2] - The non-GAAP gross margin was reported at 61%, down 17.9 percentage points year-over-year, but adjusted for the H20 impact, it stands at 71.3%, slightly above the analyst forecast of 71% [2] - Net profit reached $19.89 billion, reflecting a year-over-year increase of 31% but a quarter-over-quarter decrease of 10% [2] - The company expects Q2 FY26 revenue to be around $45 billion, with a gross margin forecast of 71.8% to 72.0% [2] Revenue Breakdown - Data center revenue was $39.11 billion, up 73% year-over-year and 10% quarter-over-quarter [2][5] - Gaming and AI PC revenue reached $3.76 billion, showing a year-over-year increase of 42% and a quarter-over-quarter increase of 48% [2][5] - Professional visualization revenue was $509 million, with a year-over-year increase of 19% and flat quarter-over-quarter [2][5] - Automotive and robotics revenue was $567 million, up 72% year-over-year but down 1% quarter-over-quarter [2][5] AI Infrastructure Developments - The company announced a partnership with HUMAIN to establish an AI factory in Saudi Arabia to drive the next wave of AI development [2] - Collaborations with G42, OpenAI, Oracle, SoftBank Group, and Cisco to launch the next-generation AI infrastructure cluster Stargate UAE [2] - Plans to build an AI supercomputer with Foxconn and the Taiwanese government [2] Transition to Blackwell Architecture - The transition from the Hopper architecture to Blackwell is nearly complete, contributing nearly 70% of data center revenue this quarter [2] - The GB200 NVL racks are now fully available to customers, with major data centers deploying nearly 1,000 NVL72 racks weekly [2] - The GB300 is expected to begin mass production and shipping by the end of Q2 [2] H20 Impact - The report notes that new U.S. export controls on H20 chips have impacted revenue, with the company recognizing $4.6 billion in H20 revenue in Q1, but expects a potential revenue decrease of about $8 billion in Q2 due to these restrictions [2]