Nvidia(US:NVDA) SINOLINK SECURITIES·2026-02-26 15:16Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4]. Core Insights - The company reported a revenue of $68.127 billion for FY26Q4, representing a year-over-year increase of 73%. The GAAP and Non-GAAP gross margins were 75.0% and 75.2%, respectively, with net profits of $42.96 billion and $39.55 billion, reflecting increases of 94% and 79% year-over-year [2]. - For FY27Q1, the company guides revenue expectations at $78 billion (±2%), excluding data center revenue from China, with projected gross margins of 74.9% and 75.0% for GAAP and Non-GAAP, respectively [2]. - The data center revenue grew rapidly, reaching $62.314 billion in FY26Q4, a 75% increase year-over-year, with network revenue contributing approximately $11 billion. The company plans to commercialize the Vera Rubin CPU in the second half of the year, which is expected to enhance performance in data processing and AI applications [3]. - The company anticipates diversifying its customer base beyond the top five cloud service providers, which currently account for over 50% of its revenue. Strategic investments, such as in Anthropic, aim to expand the AI ecosystem around the company's CUDA platform [3]. - The company is positioned as a leader in AI chips, benefiting from ongoing AI development. The product lineup continues to evolve, with the Vera Rubin expected to be a significant contributor to revenue growth. The company is well-positioned in networking, computing power, and software ecosystems [4]. Financial Projections - The company is projected to achieve net profits of $217.6 billion, $307.4 billion, and $381.1 billion for FY27, FY28, and FY29, respectively, indicating strong growth potential [4]. - Revenue forecasts for FY27, FY28, and FY29 are $401.342 billion, $562.932 billion, and $692.407 billion, respectively, with growth rates of 85.9%, 40.3%, and 23.0% [9].