Market Overview - Pre-market futures show positive movement with the Dow up +126 points, S&P 500 up +33 points, Nasdaq up +178 points, and Russell 2000 up +10 points [1] - Over the past five trading days, the Dow is down -1.8%, S&P 500 down -2.3%, Nasdaq down -3.8%, and Russell 2000 down -4.0% [1] - All indexes are still up year-to-date except for the Russell 2000, with the Nasdaq barely maintaining its gains [1] Economic Indicators - Key Q4 earnings reports are anticipated, but no major economic reports are expected until New Home Sales for January are released at 10am ET [2] - New Home Sales are projected to reach 671K, lower than December's 698K but an improvement from the 12-month low of 615K in October [3] - The last time new home sales exceeded 1 million was in October 2020 [3] Company Earnings Reports - NVIDIA is set to report Q4 earnings with estimates indicating +60% growth in earnings and +70% growth in revenues, reflecting its significant market cap of $3 trillion [4] - Salesforce is expected to report Q4 results with +13.5% earnings growth and +8% revenue growth, following a rare earnings miss last quarter [5] - The TJX Companies reported Q4 earnings of $1.23 per share, beating expectations of $1.16, with revenues of $16.35 billion surpassing projections [6] - Lowe's reported earnings of $1.93 per share, exceeding consensus estimates, and revenues of $18.55 billion, outperforming expectations by +1.13% [7] - Anheuser-Busch InBev reported earnings of 88 cents per share, significantly above expectations of 72 cents, with revenues of $14.84 billion, exceeding projections by +2.5% [8]

Financial Data and Key Metrics Changes - In 2024, Innoviz recorded full-year revenues of $24.3 million, an increase from $20.1 million in 2023, exceeding the midpoint of guidance [5][43] - Cash used in operations and capital expenditures decreased to $81.4 million from $99.6 million in 2023 [5] - The company ended 2024 with $68 million in cash and cash equivalents [6][40] - Gross profit was generated for the first time in Q4 2024, with expectations for positive gross margins for the full year of 2025 [42][36] Business Line Data and Key Metrics Changes - The company announced a multi-year $80 million NRE payment plan with key customers, with over $40 million expected in 2025 [10][14] - NRE bookings for 2024 were in line with expectations, and the company anticipates $20 million to $50 million in additional NRE bookings for 2025 [11][36] Market Data and Key Metrics Changes - Innoviz is expanding its production capacity significantly in 2025 to meet future customer demands [8] - The partnership with Mobileye has led to programs with several new OEMs, indicating a strong market position [8][17] Company Strategy and Development Direction - Innoviz plans to explore opportunities outside the automotive industry while maintaining a focus on automotive applications [9][34] - The company aims to become the leading Tier 1 automotive LiDAR supplier, leveraging its superior technology and strengthened balance sheet [49] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving long-term goals and reaching profitability by the end of the decade [16] - The company expects a more than twofold increase in revenues year-over-year for 2025, driven by NRE payments and LiDAR sales [36][35] Other Important Information - The company has optimized operations to deliver approximately $12 million in annual savings [7][15] - Innoviz is actively engaging with multiple OEMs on RFIs and RFQs across various platforms, indicating a robust pipeline of opportunities [31][32] Q&A Session Summary Question: Update on potential nomination with top auto OEM - Innoviz has passed legal discussions and is awaiting final alignment from the customer [53] Question: Expectations for free cash flow and cash burn reduction - The company expects to continue reducing cash burn, with NREs contributing positively [55] Question: Insights on potential tariff implications - Currently, there is no impact from tariffs, and interest in the U.S. market is increasing due to Innoviz's geopolitical neutrality [64] Question: Data insights on LiDAR's role in driving decisions - LiDAR plays a significant role in complex driving scenarios, with some customers reporting over 90% reliance on LiDAR for decision-making [68] Question: Clarification on NRE bookings - NREs are paid by customers for development support before production ramp-up, with payments tied to milestones [76][78] Question: Milestones for VW ID Buzz program - Innoviz is approaching the C-sample stage, which is critical for production validation [98][100] Question: Update on BMW China platform - BMW's Level 3 platform is awaiting approval, and Innoviz's LiDAR provides a substantial quality advantage for Level 3 and Level 4 systems [110][112]

Revenue and Growth - Revenue for the three months ended April 28, 2024, was $26.044 billion, an 18% increase quarter-over-quarter and a 262% increase year-over-year[138] - Total revenue for the quarter was $26.044 billion, a 262% increase from $7.192 billion in the same period last year[154][177] - Revenue for the first quarter of fiscal year 2025 was $26.0 billion, up 262% year-over-year and 18% sequentially[199] - Data Center revenue increased by 427% year-over-year to $22.563 billion, driven by higher shipments of the NVIDIA Hopper GPU computing platform[154][171] - Data Center revenue reached $22.6 billion, up 427% year-over-year and 23% sequentially, with inference driving approximately 40% of revenue over the trailing 4 quarters[203] - Gaming revenue grew to $2.647 billion, up from $2.240 billion in the previous year[154] - Gaming revenue was $2.6 billion, up 18% year-over-year but down 8% sequentially due to seasonally lower GPU sales for laptops[204] - Professional Visualization revenue increased by 45% year-over-year to $427 million, primarily due to higher sell-in to partners[154][172] - Automotive revenue rose to $329 million, up from $296 million in the previous year[154] - Automotive revenue grew to $329 million, up 11% year-over-year and 17% sequentially, driven by self-driving platforms and AI Cockpit solutions[205] - Revenue from sales outside the United States accounted for 48% of total revenue for the first quarter of fiscal year 2025[180] Profitability and Margins - Gross margin for the quarter was 78.4%, up 2.4 percentage points quarter-over-quarter and 13.8 percentage points year-over-year[138] - Gross margin improved significantly to 78.4%, up from 64.6% a year ago, driven by strong Data Center revenue growth[177] - Gross margin increased to 78.4% from 64.6% year-over-year, primarily due to strong Data Center revenue growth[214] - Operating income for the quarter was $16.909 billion, a 24% increase quarter-over-quarter and a 690% increase year-over-year[138] - Net income for the quarter was $14.881 billion, a 21% increase quarter-over-quarter and a 628% increase year-over-year[138] Segment Performance - The Compute & Networking segment generated $22.675 billion in revenue, while the Graphics segment generated $3.369 billion in revenue for the quarter[151] - Data Center revenue in China declined significantly following new export control restrictions in October 2023, despite ramping new products designed specifically for the Chinese market[195] Shareholder Returns and Stock Activity - The company repurchased 9.9 million shares of common stock for $8.0 billion during the first quarter of fiscal year 2025[146] - The company repurchased 9.9 million shares for $8.0 billion during the quarter and is authorized to repurchase up to $14.5 billion of additional shares[235] - The company paid $98 million in cash dividends to shareholders during the first quarter of fiscal year 2025[147] - The company announced a ten-for-one forward stock split, with the record date set for June 6, 2024, and distribution on June 7, 2024[156] Financial Commitments and Liabilities - The company has purchase commitments totaling $29.373 billion, with $19.306 billion due in fiscal year 2025 (excluding the first quarter)[140] - The estimated product warranty liabilities were $532 million as of April 28, 2024, up from $306 million as of January 28, 2024[140] - The company's long-term debt obligations include $1.25 billion due within one year, $2.25 billion due in 1-5 years, $2.75 billion due in 5-10 years, and $3.5 billion due in more than 10 years[315] - The company's net carrying amount of debt is $9.71 billion, with $8.46 billion classified as long-term[315] Operating Expenses and Costs - Research and development expenses increased by 45% to $2.720 billion, representing 10.4% of net revenue[184] - Operating expenses increased 39% year-over-year and 10% sequentially, driven by compensation and benefits reflecting employee growth[202] - The company has experienced extended lead times of more than 12 months for certain supplies and has paid premiums and provided deposits to secure future supply and capacity, increasing product costs[239] - The company has increased prices for certain products due to supplier price hikes and may continue to do so in the future[242] - The company has written down inventory, incurred cancellation penalties, and recorded impairments due to overestimation of future demand[242] - The company's purchase obligations and prepaids have grown and are expected to continue growing, increasing risks to gross margins and financial results[242] Liquidity and Cash Position - Cash, cash equivalents, and marketable securities totaled $31.4 billion as of April 28, 2024, providing sufficient liquidity for at least the next twelve months[220] Customer Concentration - Sales to two direct customers, Customer A and Customer B, accounted for 13% and 11% of total revenue, respectively, both in the Compute & Networking segment[181] - Customer A and Customer B accounted for 13% and 11% of total revenue, respectively, in Q1 FY2025, both within the Compute & Networking segment[245] - Two indirect customers each represented 10% or more of total revenue in Q1 FY2025, with one purchasing primarily through direct Customer B[245] Regulatory and Market Challenges - The US government's new export licensing requirements have restricted shipments of certain products, including A100, A800, H100, H800, and L40S, to China and other countries[135] - The company expects supply constraints for its Blackwell GPU architecture to continue into next year, with initial demand well ahead of projected supply for this fiscal year[192] Strategic Initiatives - The company has begun a broader and faster Data Center product launch cadence to address growing AI opportunities[241] - The company's ERP system upgrade, initiated in FY2022, is ongoing in phases and continues to be evaluated for impacts on internal control over financial reporting[313]

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% YoY and 23% QoQ, with computing and networking businesses growing over 5x and 3x respectively [3] - The Blackwell (B-series) GPU shipments are ahead of schedule, while demand for the Hopper (H-series) remains strong during the product transition period [3] - Customer structure optimization has improved demand sustainability, with large cloud providers' revenue share decreasing from over 50% to around 45% [4] - Sovereign AI, consumer internet, autonomous driving, and healthcare are expected to contribute billions in revenue, diversifying demand sources [4] Financial Performance and Projections - Q1 FY2025 revenue: $26 billion, up 262% YoY and 18% QoY [2] - Q1 FY2025 Non-GAAP net income: $15.2 billion, up 462% YoY and 19% QoY [2] - Q2 FY2025 revenue guidance: $280±5.6 billion, up 107% YoY and 7.5% QoY [2] - FY2025E revenue: $118.044 billion, up 94% YoY [2] - FY2025E net income: $62.96 billion, up 112% YoY [2] - FY2025E Non-GAAP net income: $65.76 billion, up 104% YoY [2] - FY2025E EPS: $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]

Investment Rating - The report does not provide a specific investment rating for the company [6] Core Insights - The company reported a strong performance in Q1 FY25 with revenue of $26 billion, exceeding previous guidance and consensus estimates [1] - Data center revenue was a major driver, reaching $22.6 billion, reflecting significant year-over-year growth [1] - The company provided optimistic guidance for Q2 FY25, projecting revenue of $28 billion, which is above previous expectations [1] - The report anticipates continued high growth in data center revenue over the next two years due to strong demand from cloud service providers [1] - Earnings forecasts have been raised, with Q2 FY25 non-GAAP EPS expected to be $6.6, higher than consensus estimates [1] Financial Overview - Revenue projections for FY25 have been increased to $120.2 billion, surpassing consensus estimates [1] - Non-GAAP EPS for FY25 is now forecasted at $27.06, also above consensus [1] - The company’s gross margin for Q1 FY25 was reported at 78.9%, exceeding guidance and expectations [1] - The financial data indicates a significant increase in revenue and net profit over the next few years, with a projected revenue of $150.8 billion in FY26 and $160.5 billion in FY27 [5][14]

英伟达（NVDA.O） 需求端：模型加速迭代，垂直行业不断拓展。英伟达数据中心业绩的可持 续性，来自于 AI 算力需求的可持续性。训练端，CSP 云计算厂商均持续 加大投入，各类模型快速迭代、如 OpenAI 推出 GPT-4o、谷歌推出 AI 助 手 Project Astra 和视频生成模型 Veo 等。推理端，据英伟达 FY2025Q1 业绩会，过去 4 个季度推理业务贡献了数据中心约 40%的收入。 投资建议：上调盈利预测，重申"买入"评级。考虑到英伟达业绩指引超 预期、且需求端和供给端趋势持续向好，我们上调公司盈利预测。我们预 计 2025-2027 财年公司收入将达 1201/1563/1903 亿美元，同比增长 97%/30%/22%。Non-GAAP 净利润 671/869/1055 亿美元，同比增长 108%/29%/21%。我们认为英伟达合理市值为 3 万亿美元、对应股价为 1221 美金，对应 35x FY2026e P/E，重申"买入"评级。 作者 2024 年 05 月 27 日 FY 2025Q2，公司业绩指引为营收预计为 280 亿美元（±2%），超过一 致预期的 268 亿美元 ...

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2024年04月21日 英伟达(NVDA.NASDAQ) 买入(维持评级) 电子组 市价（美元）: 762.00 元 1.《英伟达公司点评：业绩再创新高，需求尚未见顶》， 2024.2.22 美元(元) 成交金额(百万元) 1,000 00 877.00 754.00 631.00 508.00 385.00 262. 00 成交金额 英伟达 120, 000 100, 000 80, 000 60, 000 40, 000 20, 000 来源：公司年报、国金证券研究所 事件简评 硬件到通信一体化的系统性工程,我们认为公司始终维持相较竞 争对手全方面的领先优势。在软件端,CUDA 支持公司全系列 GPU. 在软件库覆盖率以及 AI 框架支持度都相对领先。硬件端, 公司训练芯片在算力以及其他指标上相对领先竞争对手。通信端, 公司自研卡间互联用 NVLink 系统以及集群网络用 IB 网络架构, 保证训练和推理效率最大化。 2）需求端： 我们认为海外云厂商 CAPEX 在 24 年有望重回上行 周期,并且在结构上向 AI 及相应基础设施作倾斜,有望持续拉动 AI 芯片需求。根据中际旭创 23 年报转引 Fact ...

股 票 研 究 海 外 公 司 （ 美 国 ） [Table_MainInfo] [Table_Title] 英伟达（NVDA.US） GB200 持续创新，引领加速计算系统演进 本报告导读： | --- | --- | |----------------------------|---------------------| | [Table_Invest 评级： ] | 海外信息科技 \n增持 | | 当前价格（美元）： | 893.98 | | | 2024.03.22 | 52周股价走势图 示生成式 AI 相关应用。 摘要： [Table_Summary] 盈利预测及投资建议：我们维持之前的盈利预测，预计 FY2025EFY2027E 的营业收入为 1224.94/ 1525.61/ 1478.89 亿美元（下同），净 利润 739.63 亿/929.05 亿/862.67 亿美元，同增 128.9%/25.6%/-7.1%。 考虑其在 AI 领域的稀缺性，同时我们认为这一轮的需求周期远未结 束，给予英伟达 FY2025E PE 40X，提升目标市值至 2.79 万亿美元， 目标价 1116 美元，维持 ...

交银国际研究 消息快报 英伟达 GTC 于当地时间 3 月 18 日如期举行。此次活动万众期待，18000 人 的场地座无虚席。虽然外界对本次活动发布的内容早有预期，我们通过总 结新硬件产品架构、软件服务模式和不同应用的前景，对生成式人工智能 后续的技术发展和应用的铺开保持积极态度。 AR/VR/MR、人形机器人、自动驾驶等各类应用纷至沓来：英伟达深化与 苹果的合作，NVDA Omniverse Cloud 将可以连接到苹果 Vision Pro。该服务 允许企业将 3D 应用中的交互式通用场景描述串流传输到 Apple Vision Pro 头显中，为数字孪生等应用服务。公司公布了 GR00T 项目，旨在为人形机 器人提供及一个基础模型。GR00T 硬件基于英伟达 Thor SoC 芯片，搭载 Blackwell 架构下 8 比特 800TFLOPS 算力。我们认为，人形机器人或是生成 式人工智能算法在人机互动模式方面一个新的平台。英伟达同时发布了下 一代车载计算芯片系统 DRIVE Thor，预计明年投产。公司宣布了与多家中 国车企的合作扩展，包括比亚迪、小鹏以及广汽埃安旗下的 Hyper 品牌。 童钰枫 ...