Nvidia(US:NVDA) Guoxin Securities·2025-11-24 11:13Investment Rating - The investment rating for NVIDIA is "Outperform" [5] Core Insights - Demand remains strong, with NVIDIA's revenue for FY26Q3 reaching $57.006 billion, a year-over-year increase of 62% and a quarter-over-quarter increase of 22% [1][9] - The company expects revenue guidance for FY26Q4 to be $65 billion, reflecting a significant increase from the previous quarter [1][24] - The introduction of the GB300 product has driven a 56% year-over-year growth in computing business, with GB300 now accounting for over two-thirds of Blackwell's total revenue [2][12] - The Rubin platform is set to begin mass production in H2 2026, promising significant performance improvements [2][12] - NVIDIA has established new partnerships, including one with Anthropic, which will utilize NVIDIA's technology for a substantial computing capacity [2][12] Financial Performance - For FY26Q3, NVIDIA reported a GAAP gross margin of 73.4%, with a net profit of $31.9 billion, reflecting a 65% year-over-year increase [1][9] - Revenue from the data center segment was $51.2 billion, up 66% year-over-year, while gaming revenue was $4.3 billion, up 30% year-over-year [1][12][13] - The network business saw revenue of $8.2 billion, a remarkable 162% increase year-over-year, driven by the successful application of NVLink technology [2][11] Financial Projections - Revenue projections for FY2026-2028 have been raised to $213 billion, $334 billion, and $428 billion, respectively, with net profit estimates adjusted to $114 billion, $188 billion, and $235 billion [3] - The expected EPS for FY2026 is $7.72, with a projected P/E ratio of 23 [4][27] - The company anticipates maintaining a gross margin of around 75% through ongoing cost optimization and product structure adjustments [24][27]