英伟达（NVDA.O）FY26Q1 跟踪报告

Investment Rating - The report maintains a recommendation to focus on NVIDIA and its supply chain opportunities, particularly in the server hardware sector [9]. Core Insights - NVIDIA's FY26Q1 revenue reached $44.062 billion, a year-on-year increase of 69.18% and a quarter-on-quarter increase of 12.03%, exceeding guidance expectations [1][16]. - The impact of the H20 export ban was less than anticipated, with a reported $4.5 billion in related costs, which was lower than the company's initial expectations [1][17]. - The data center segment showed strong growth, with revenue of $39 billion, up 73% year-on-year and 10% quarter-on-quarter, driven by demand for AI applications [2][17]. - The company expects a revenue guidance midpoint of $45 billion for FY26Q2, reflecting an anticipated loss of approximately $8 billion in H20 revenue [3][32]. Summary by Sections Financial Performance - FY26Q1 revenue was $44.062 billion, with a non-GAAP gross margin of 61% and a margin of 71.3% after excluding H20-related costs [1][31]. - The company reported a GAAP gross margin of 60.5% and a non-GAAP operating expense growth of 6% due to increased compensation and staffing [31]. Data Center and Product Segments - Data center revenue was $39 billion, with a significant contribution from Blackwell architecture products, which accounted for nearly 70% of data center computing revenue [2][18]. - The gaming and AI PC segment achieved record revenue of $3.8 billion, driven by the Blackwell architecture and new product launches [2][27]. - The automotive and robotics segment reported revenue of $567 million, a 72% year-on-year increase, primarily due to sales of autonomous driving platforms [2][29]. Market Outlook - The Chinese AI chip market is estimated to be around $50 billion, but the H20 export ban has significantly impacted NVIDIA's ability to capitalize on this market [4][34]. - The company anticipates a recovery in gross margins to 75% by the end of the year, driven by improved profitability from Blackwell products [3][32]. Strategic Developments - NVIDIA is expanding its manufacturing capabilities in the U.S., with significant investments in new facilities to support AI infrastructure [34][35]. - The company is exploring options to comply with new export regulations while maintaining its competitive edge in the AI market [34][47].