业绩再创新高，需求尚未见顶

Investment Rating - The report maintains a "Buy" rating for the company [25] Core Insights - The company's performance continues to reach new highs, driven by a surge in demand for computing power, particularly in data centers, which is expected to persist beyond 2024 [2][23] - The data center business revenue reached $18.4 billion, with a quarter-over-quarter increase of 27% and a year-over-year increase of 409% [3][23] - The company is well-positioned as a leading AI chip manufacturer, benefiting from the acceleration of large models and commercial applications based on AI [2] Revenue Analysis - Data center revenue: $18.4 billion, QoQ +27%, YoY +409% - Gaming revenue: $2.9 billion, QoQ +0%, YoY +56% - Professional visualization revenue: $463 million, QoQ +11%, YoY +105% - Autonomous driving revenue: $281 million, QoQ +8%, YoY -4% [3] Profitability Metrics - GAAP gross margin: 76%, Non-GAAP gross margin: 76.7%, both showing quarter-over-quarter increases [3] - GAAP net profit: $12.285 billion, QoQ +33%, YoY +769% [3] - Non-GAAP net profit: $12.839 billion, QoQ +28%, YoY +491% [3] Earnings Forecast - The company has raised its net profit forecast for 2024 and 2025 to $60.13 billion and $87.993 billion, respectively, reflecting increases of 20% and 24% [3] - Corresponding EPS estimates are $24.35 for 2024 and $35.62 for 2025 [3] Market Position - The company is recognized as a global leader in AI chip manufacturing, with a significant contribution from large cloud service providers accounting for over half of the data center revenue [3][2]