英伟达（NVDA.O）FY26Q1业绩点评：FY26Q1营收超市场预期，Blackwell出货动能强劲

Investment Rating - The report maintains a "Buy" rating for Nvidia (NVDA.O) based on strong demand for AI computing and robust shipment momentum from the Blackwell architecture [4][6]. Core Insights - Nvidia's FY26Q1 revenue reached $44.062 billion, exceeding market expectations with a year-over-year growth of 69% and a quarter-over-quarter increase of 12% [1][2]. - The company's guidance for FY26Q2 is slightly below consensus expectations, projecting revenue of $45 billion, which is lower than the Bloomberg consensus of $45.454 billion [1][4]. - The data center business is a key growth driver, with FY26Q1 revenue of $39.112 billion, reflecting a year-over-year increase of 73% [2][3]. Summary by Sections Financial Performance - FY26Q1 revenue was $44.062 billion, with a Non-GAAP gross margin of 61.0%, down from previous periods due to $4.5 billion in inventory and procurement obligations related to H20 [1][4]. - Non-GAAP net profit for FY26Q1 was $19.894 billion, with a corresponding Non-GAAP EPS of $0.81, surpassing the consensus estimate of $0.93 [1][4]. Business Segments - Data Center Business: Revenue of $39.112 billion in FY26Q1, with a significant contribution from Blackwell architecture, which is nearing completion in its transition [2][3]. - Gaming Business: Revenue reached $3.763 billion, marking a historical high driven by the launch of Blackwell architecture chips [3]. - Automotive Business: Revenue of $567 million, showing a year-over-year growth of 72%, primarily due to increased demand for autonomous driving [3]. Profitability Forecast - The report revises Nvidia's GAAP net profit estimates for FY2026 to FY2028 downwards to $113.882 billion, $149.200 billion, and $182.477 billion respectively, reflecting a year-over-year growth of 56%, 31%, and 22% [4][5]. - The projected GAAP EPS for FY2026, FY2027, and FY2028 are $4.67, $6.11, and $7.48 respectively [5][4].