Nvidia(US:NVDA) Tianfeng Securities·2024-03-12 16:00Investment Rating - The report maintains a "Buy" rating for NVIDIA with an expected relative return of over 20% within the next six months [15][17]. Core Insights - NVIDIA's FY24Q4 revenue reached $22.1 billion, a year-over-year increase of 265% and a quarter-over-quarter increase of 22%, exceeding the previous guidance of $20 billion [1]. - The company's GAAP net profit for FY24 was $29.76 billion, with a non-GAAP net profit of $12.839 billion [1]. - The data center business saw significant growth, with FY24Q4 revenue of $18.4 billion, a year-over-year increase of 409% and a quarter-over-quarter increase of 27% [12]. - The gaming segment generated $2.9 billion in FY24Q4 revenue, reflecting a year-over-year increase of 56% [3]. - The professional visualization business achieved FY24Q4 revenue of $463 million, a year-over-year increase of 105% [2]. Summary by Sections Financial Performance - FY24 revenue totaled $60.9 billion, a year-over-year increase of 126% [1]. - The next quarter's revenue guidance is set at $24 billion, with GAAP and non-GAAP gross margin guidance of 76.3% and 77%, respectively [4]. Business Segments - Data Center: Revenue for FY24Q4 reached $18.4 billion, driven by generative AI and large language models [12]. - Gaming: FY24Q4 revenue was $2.9 billion, supported by the new GeForce RTX™ 40 SUPER series GPUs [3]. - Professional Visualization: FY24Q4 revenue was $463 million, benefiting from the RTX Ada architecture [2]. - Automotive: FY24Q4 revenue was $281 million, with a year-over-year decrease of 4% but an annual increase of 21% [13]. Market Trends - Strong demand for AI is noted, with over 40% of data center revenue coming from AI inference [2]. - The transition from CPU to GPU dominance in recommendation systems is highlighted [2]. - Anticipation for the GTC conference and the B100 product launch, which is expected to significantly enhance AI computing performance [2]. Future Projections - The report forecasts NVIDIA's revenue for CY2023-2025 to be $59.3 billion, $117 billion, and $138.7 billion, respectively, with non-GAAP net profits of $27.8 billion, $52.6 billion, and $82.3 billion [14].