Nvidia(US:NVDA) Huachuang Securities·2025-11-21 05:14Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [36]. Core Insights - NVIDIA's FY26Q3 revenue reached $57 billion, representing a year-over-year growth of 62% and a quarter-over-quarter growth of 22%, significantly surpassing market expectations [3][7]. - The company has a clear visibility of $500 billion in orders related to the Blackwell and Rubin platforms, with major clients including Meta, Microsoft, and OpenAI [4][13]. - The data center business accounted for over 90% of total revenue in FY26Q3, with a revenue of $51.2 billion, a year-over-year increase of 66% [8]. - NVIDIA expects FY26Q4 revenue to be approximately $65 billion, with GAAP gross margin projected at 74.8% [12]. Summary by Sections 1. NVIDIA FY26Q3 Performance - Overview: FY26Q3 revenue was $57 billion, with a GAAP gross margin of 73.4% and Non-GAAP EPS of $1.30, reflecting strong profitability [3][7]. - Business Segments: - Data Center: Revenue of $51.2 billion, up 66% YoY, driven by the GB300 product [8]. - Gaming: Revenue of $4.3 billion, a 30% increase YoY, benefiting from the Blackwell architecture [9]. - Professional Visualization: Revenue of $760 million, a 56% increase YoY, driven by AI supercomputing solutions [10]. - Automotive: Revenue of $592 million, up 32% YoY, supported by autonomous driving solutions [11]. - Q4 Guidance: Expected revenue of around $65 billion, with gross margins projected at 74.8% [12]. 2. AI and Data Center Business - The unified CUDA platform and full-stack AI technology enable comprehensive coverage from training to inference [4]. - The Blackwell platform's GB300 products have been shipped in bulk, contributing significantly to revenue [4]. - The company has locked in $500 billion in revenue visibility for the period from early 2025 to the end of 2026 [4][13].