英伟达：2025财年一季报点评：业绩&指引超预期，AI产品需求持续高景气

Investment Rating - Buy (Maintained) [2] Core Viewpoints - Nvidia's Q1 FY2025 earnings and guidance exceeded market expectations, driven by strong demand for AI products [2] - Data center revenue reached $22.56 billion, up 427$26 billion, up 262% YoY and 18% QoY [2] - Q1 FY2025 Non-GAAP net income: $15.2 billion, up 462$280±5.6 billion, up 107% YoY and 7.5% QoY [2] - FY2025E revenue: $118.044 billion, up 94$62.96 billion, up 112% YoY [2] - FY2025E Non-GAAP net income: $65.76 billion, up 104$25.30, with a P/E ratio of 45x [2] Business Highlights - Data center business remains the primary growth driver, with B-series GPUs expected to ramp up in Q3 FY2025 [3] - H100 supply constraints have eased, but H200 supply remains tight [3] - Sovereign AI revenue is projected to grow from zero to billions in FY2025 [4] - Diversified demand from verticals like autonomous driving and healthcare is expected to contribute significantly [4] Valuation and Ratios - Current P/E ratio: 94x (GAAP), 87x (Non-GAAP) [2] - FY2025E P/E ratio: 45x (GAAP), 43x (Non-GAAP) [2] - FY2025E ROE: 69%, with a gross margin of 124% [7] - FY2025E net profit margin: 53% [7] Stock Split and Market Data - Nvidia announced a 10-for-1 stock split, effective June 7, 2024 [2] - Current stock price: $1,139, with a 52-week range of$298 to $1,149.4 [4] - Market capitalization:$2.806 trillion [4]