Nvidia(US:NVDA) Guoxin Securities·2026-02-27 07:49Investment Rating - The investment rating for NVIDIA is "Outperform" [5] Core Insights - NVIDIA's Q4 FY26 revenue reached $68.1 billion, representing a year-over-year increase of 73% and a quarter-over-quarter increase of 20%, exceeding the previous guidance of $65 billion [1][8] - The company's GAAP gross margin was 75%, with a net profit of $43 billion, reflecting a 94% year-over-year growth [1][8] - The data center revenue was $62.3 billion, up 75% year-over-year, while gaming revenue was $3.7 billion, up 47% year-over-year [1][9] - The company expects Q1 FY27 revenue to be $78 billion, not accounting for data center revenue from the Chinese market [1][24] Financial Performance - For FY26, NVIDIA's total revenue is projected to be $215.9 billion, with a year-over-year growth of 65.5% [4] - The net profit for FY26 is estimated at $120.1 billion, reflecting a growth of 64.7% [4] - The earnings per share (EPS) for FY26 is projected to be $4.94, with a significant increase in profitability metrics [4] Business Segments - The computing business grew by 57% year-over-year, with the GB series contributing over two-thirds of the data center revenue [2] - The network business revenue surged by 263% year-over-year, driven by high demand for NVLink and Spectrum X Ethernet [10] - The sovereign AI business revenue exceeded $30 billion, growing over three times year-over-year, with major clients from Canada, France, the Netherlands, Singapore, and the UK [2][11] Market Trends - The infrastructure capacity for Blackwell has reached 9GW, with the data center business growing nearly 13 times since the launch of ChatGPT in FY23 [2][11] - The top five cloud service providers contribute approximately 50% of NVIDIA's revenue [2][11] - The transition of traditional data center workloads to GPU-accelerated computing is expected to provide long-term market opportunities [11]