Investment Rating - The report maintains a "Buy" rating for the company [25] Core Insights - The company's performance continues to reach new highs, driven by a surge in demand for computing power, particularly in data centers, which is expected to persist beyond 2024 [2][23] - The data center business revenue reached $18.4 billion, with a quarter-over-quarter increase of 27% and a year-over-year increase of 409% [3][23] - The company is well-positioned as a leading AI chip manufacturer, benefiting from the acceleration of large models and commercial applications based on AI [2] Revenue Analysis - Data center revenue: $18.4 billion, QoQ +27%, YoY +409% - Gaming revenue: $2.9 billion, QoQ +0%, YoY +56% - Professional visualization revenue: $463 million, QoQ +11%, YoY +105% - Autonomous driving revenue: $281 million, QoQ +8%, YoY -4% [3] Profitability Metrics - GAAP gross margin: 76%, Non-GAAP gross margin: 76.7%, both showing quarter-over-quarter increases [3] - GAAP net profit: $12.285 billion, QoQ +33%, YoY +769% [3] - Non-GAAP net profit: $12.839 billion, QoQ +28%, YoY +491% [3] Earnings Forecast - The company has raised its net profit forecast for 2024 and 2025 to $60.13 billion and $87.993 billion, respectively, reflecting increases of 20% and 24% [3] - Corresponding EPS estimates are $24.35 for 2024 and $35.62 for 2025 [3] Market Position - The company is recognized as a global leader in AI chip manufacturing, with a significant contribution from large cloud service providers accounting for over half of the data center revenue [3][2]

[Table_StockNameRptType] NVDIA（NVDA.O） 公司研究/美股点评 | --- | --- | --- | |-------------------------------------|---------------|---------| | | | | | [Table_Rank] 投资评级：增持（维持） | | | | 报告日期： | 2024-02-22 | | | [Table_BaseData] 收盘价 ( 美元 ) | | 674 | | 近 12 个月最高 / | 最低 ( 美元 ) | 746/207 | | 总股本 ( 亿股 ) | | 25 | | 流通股本 ( 亿股 ) | | 25 | | 流通股比例 (%) | | 100.00 | | 总市值 ( 亿美元 ) | | 16666 | | 流通市值 ( 亿美元 | ) | 16666 | | | | | 英伟达(NVIDIA)-行情图 -3.00% 47.00% 97.00% 147.00% 197.00% 英伟达(NVIDIA) 纳斯达克 NVIDIA 深度|受益数据中心 AI 芯片高 景气度，上游供应 ...

图表 15: 英伟达专业可视化主要产品 请仔细阅读本报告末页声明 英伟达（NVIDIA）由黄仁勋、Chris Malachowsky 和 Curtis Priem 创立于 1993 年。 ⚫ 在游戏显卡赛道，JPR 数据显示，英伟达占据了 PC 独立显卡的 80%以上出货量。 收购了 ATI 的 AMD 当前则在 10%左右的市占率浮动。 P.7 请仔细阅读本报告末页声明 图表 21: 自动驾驶场景仿真: GAIA-1 模型框架 . 资料来源：公司公告，国盛证券研究所 -50% 0% 50% 100% 150% - 10,000 20,000 30,000 FY2019 FY2020 FY2021 FY2022 FY2023 NVIDIA年度收入构成：百万美元 数据中心 游戏 专业可视化 自动驾驶 其他 yoy-数据中心 yoy-游戏 yoy-专业可视化 yoy-自动驾驶 图表 17: AI 训练需求增加: 更多国家开始加入 AI 年备竞赛 | --- | --- | |------------------------------------------------------------|-------| ...

• Announced that the NVIDIA Spectrum-X™ Ethernet networking platform for AI will be integrated into servers from Dell Technologies, Hewlett Packard Enterprise and Lenovo in the first quarter of next year. "Large language model startups, consumer internet companies and global cloud service providers were the first movers, and the next waves are starting to build. Nations and regional CSPs are investing in AI clouds to serve local demand, enterprise software companies are adding AI copilots and assistants to ...

NVIDIA Announces Financial Results for Second Quarter Fiscal 2024 • Record Data Center revenue of $10.32 billion, up 141% from Q1, up 171% from year ago GAAP earnings per diluted share for the quarter were $2.48, up 854% from a year ago and up 202% from the previous quarter. Non-GAAP earnings per diluted share were $2.70, up 429% from a year ago and up 148% from the previous quarter. "NVIDIA GPUs connected by our Mellanox networking and switch technologies and running our CUDA AI software stack make up the ...