英伟达 FY26Q4 业绩点评：指引超预期，Token 经济学的最佳增长引擎

Investment Rating - The investment rating for the company is "Buy" [7] Core Insights - The report indicates a long-term revenue upgrade and stable gross margins, with the Agent application reaching a turning point, positioning the company to lead in AI infrastructure with optimal token costs [3][4] - The company has adjusted its revenue forecasts for FY2027E-FY2029E to $380.1 billion, $523.8 billion, and $637.4 billion respectively, with corresponding Non-GAAP net profits of $223.6 billion, $306.4 billion, and $371.0 billion [11] - The data center revenue exceeded expectations, with a year-on-year increase of 73% to $68.1 billion, driven by a diverse customer base and significant growth in data center computing and networking revenues [11] Financial Summary - Revenue projections for the company are as follows (in million USD): - FY2025: $130,497 - FY2026: $215,938 - FY2027E: $380,098 - FY2028E: $523,847 - FY2029E: $637,418 - Year-on-year growth rates are projected at 114.2% for FY2025, 65.5% for FY2026, 76.0% for FY2027E, 37.8% for FY2028E, and 21.7% for FY2029E [5] - Non-GAAP net profit projections are as follows: - FY2025: $74,266 - FY2026: $116,996 - FY2027E: $223,590 - FY2028E: $306,380 - FY2029E: $371,027 - The Non-GAAP gross margin is expected to be approximately 75% for FY2027Q1, reflecting significant performance improvements [11][5] Market Data - The current stock price is $184.89, with a 52-week price range of $94.31 to $207.04 [8] - The current market capitalization is approximately $4,492.827 million [8]