Nvidia(US:NVDA) Guoxin Securities·2025-08-29 02:27Investment Rating - The investment rating for the company is "Outperform the Market" [7] Core Insights - The company reported strong financial performance in FY26Q2, with revenue of $46.743 billion, a year-over-year increase of 56% and a quarter-over-quarter increase of 6%, exceeding the previous guidance of $45 billion [1][12] - The data center revenue reached $41.1 billion, up 56% year-over-year and 5% quarter-over-quarter, driven by significant growth in network connectivity revenue [1][13] - The company has raised its revenue expectations for FY26-28, projecting revenues of $205.6 billion, $271.4 billion, and $306.6 billion respectively, along with net profits of $102.7 billion, $146.9 billion, and $168.3 billion [3][4] Financial Performance - For FY26Q2, the company achieved a GAAP gross margin of 72.4%, with operating profit increasing by 53% to $28.4 billion and GAAP net profit rising by 59% to $26.4 billion [1][12] - The company expects FY26Q3 revenue to be around $54 billion, with a gross margin target of approximately 75% by year-end [24] Business Segments - Data Center: Revenue of $41.1 billion, with a strong contribution from network connectivity and cabinet sales [13] - Gaming: Revenue of $4.3 billion, benefiting from the continued sales of Blackwell architecture graphics cards [21] - Professional Visualization: Revenue of $601 million, driven by high-end workstation GPUs and AI workloads [21] - Automotive: Revenue of $586 million, primarily from sales growth in autonomous driving platforms [21] Market Trends - The global data center infrastructure investment is expected to reach $600 billion by 2025 and could grow to $3-4 trillion by 2030, driven by the surge in demand for AI [2][11] - The company aims to transition from a "GPU manufacturer" to an "AI infrastructure service provider" [11][12]