Nvidia(US:NVDA) KAIYUAN SECURITIES·2026-02-28 14:19Investment Rating - The investment rating for Nvidia (NVDA.O) is "Buy" (maintained) [1][6] Core Insights - The report highlights that market demand is driven by the performance of agents, leading to an optimistic outlook for earnings release. The net profit forecasts for FY2027-2028 have been raised to $197.7 billion and $262.4 billion, respectively, from previous estimates of $170.9 billion and $214.4 billion. Additionally, a new net profit forecast for FY2029 is set at $320.15 billion, representing year-on-year growth of 64.7%, 32.7%, and 22.0%. The current stock price corresponds to a PE valuation of 21.9, 16.6, and 14.0 times for the respective years [6][7]. Financial Summary - For FY2026 Q4, Nvidia reported revenue of $68.127 billion, a year-on-year increase of 73%. The data center segment generated $62.314 billion, with year-on-year and quarter-on-quarter growth of 75% and 22%, respectively. The computing business contributed $51.334 billion, reflecting a year-on-year and quarter-on-quarter increase of 58% and 19%. The networking business revenue reached $10.98 billion, showing significant growth of 263% year-on-year and 34% quarter-on-quarter. The gaming segment reported $3.727 billion, with a year-on-year increase of 47% but a quarter-on-quarter decline of 13% due to seasonal factors. The professional visualization segment achieved $1.321 billion, up 159% year-on-year. The non-GAAP gross margin for Q4 was 75.2%, with a quarter-on-quarter increase of 1.6 percentage points, resulting in a non-GAAP net profit of $39.552 billion, a year-on-year increase of 79% [7][9]. Future Guidance - For FY2027 Q1, Nvidia provides guidance for revenue of approximately $78 billion, with a non-GAAP gross margin of 75%. The price upgrades driven by the Blackwell Ultra and Rubin series are expected to mitigate cost fluctuations [7][9]. Product Development - The report mentions that the VR series is set to be shipped, with the first batch of Vera Rubin samples sent to customers, and mass production expected to begin in the second half of the year. Nvidia is also advancing collaborations with model manufacturers such as OpenAI, Anthropic, and Meta, as the demand for computational power is anticipated to rise significantly with the growth of Agentic AI [8].