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【招商电子】英伟达(NVDA.O)FY26Q1跟踪报告:本季H20禁令影响弱于预期,Q2营收指引为450亿美元
招商电子·2025-05-29 06:51

Core Viewpoint - NVIDIA's FY26Q1 revenue reached $44.062 billion, representing a year-over-year increase of 69.18% and a quarter-over-quarter increase of 12.03%, exceeding guidance expectations [1][10] Group 1: Financial Performance - FY26Q1 revenue of $44.062 billion surpassed guidance of $43 billion, with a non-GAAP gross margin of 61% and a margin of 71.3% after excluding H20-related expenses [1][10] - The company incurred $4.5 billion in expenses due to H20 product inventory surplus and procurement obligations, which was lower than expected due to the reuse of some materials [1][11] - FY26Q2 revenue guidance is set at $45 billion, reflecting an expected loss of approximately $8 billion in H20 revenue [4][24] Group 2: Business Segments - Data Center revenue reached $39 billion, up 73% year-over-year and 10% quarter-over-quarter, driven by demand for AI applications [3][10] - Gaming and AI PC revenue hit a record $3.8 billion, up 42% year-over-year and 48% quarter-over-quarter, primarily due to Blackwell architecture products [2][18] - Professional Visualization revenue was $509 million, up 19% year-over-year, while Automotive revenue was $567 million, up 72% year-over-year [3][20] Group 3: Market Dynamics - The Chinese AI chip market is estimated at $50 billion, but the H20 export ban has significantly impacted NVIDIA's operations in China [5][25] - The introduction of the GB200 NVL architecture is expected to support large-scale workloads and reduce inference costs [5][12] - The company is expanding its manufacturing capabilities in the U.S., with TSMC building six fabs in Arizona and partnerships with Foxconn for AI supercomputer production [5][28] Group 4: Future Outlook - The company anticipates a recovery in gross margin to 75% by the end of the year, driven by improved profitability from Blackwell products [4][24] - The AI industry is expected to experience exponential growth, with significant demand for inference AI driving the need for increased computational power [40][36] - The company is well-positioned to capitalize on the growing AI infrastructure investments globally, with a focus on local deployments and integration with existing IT systems [32][40]