Nvidia(US:NVDA) KAIYUAN SECURITIES·2025-09-01 07:18Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The demand for AI is strong, coupled with improvements in supply chain output, leading to a positive long-term investment outlook for the company [8] - The company has entered a smoother ramp-up period for its GB300 series, and its networking business has exceeded market expectations, indicating a strengthening ecosystem around its chip business [8] - The forecast for GAAP net profit for FY2027-2028 has been adjusted upwards to $146.65 billion and $170.73 billion, reflecting year-on-year growth of 36.9% and 16.4% respectively [8] Financial Summary and Valuation Metrics - Revenue for FY2026 is projected at $204.62 billion, with a year-on-year growth of 56.8% [11] - Net profit for FY2026 is estimated at $107.13 billion, showing a year-on-year increase of 47.0% [11] - The non-GAAP gross margin for Q2 was 72.4%, slightly above Bloomberg's consensus estimate of 72.1% [9] - The company’s P/E ratios for FY2026, FY2027, and FY2028 are projected at 39.4, 28.4, and 24.4 respectively [11]