通信：英伟达业绩超预期，光模块与液冷有望受益

Investment Rating - The investment recommendation for the industry is "Outperform the Market" [5] Core Insights - Nvidia's Q1 FY2025 results exceeded expectations, with revenue reaching $26 billion, a year-over-year increase of 262% and a quarter-over-quarter increase of 18% [1] - The data center segment saw record revenue of $22.563 billion, a year-over-year growth of 427% and a quarter-over-quarter increase of 23%, driven by increased shipments of the Nvidia Hopper GPU computing platform [2] - The networking segment's revenue reached $3.2 billion, a year-over-year increase of 242%, primarily due to the significant rise in InfiniBand end-to-end solutions [3] - Nvidia's Blackwell platform is transitioning cooling technology from air to liquid cooling, which is expected to enhance AI computing capabilities [4] Summary by Sections Industry Events - Nvidia reported Q1 FY2025 results with a revenue of $26 billion and a net profit of $14.88 billion, indicating strong demand for computing power [1] Data Center - The data center revenue reached $22.563 billion, with computing revenue at $19.4 billion, reflecting a substantial increase in GPU shipments [2] Networking - Networking revenue was $3.2 billion, driven by the growth of InfiniBand solutions and new AI-optimized Ethernet network solutions [3] Liquid Cooling - The transition to liquid cooling technology in Nvidia's products is expected to benefit companies involved in liquid-cooled data centers [4] Investment Suggestions - The report suggests focusing on companies in the optical module sector such as Zhongji Xuchuang, Xinyi Technology, and Tianfu Communication, as well as those involved in liquid cooling data centers [5]