下游多领域需求回暖，收入盈利能力改善。1)营收端：公司25H1营业收入同比增长25.8%，主要是公司 积极推进下游产品落地，扫地机器人、智能汽车电子、智能视觉等主要细分领域营业收入同比实现较快 增长。2)利润端：公司25H1归母净利润同比增长35.4%，主要是因为公司销量提升规模效应带动利润率 提升，高价值量产品量产并落地，收入增速快于费用增速。公司毛利率进一步改善，毛利率为33.0%， 同比提升0.1pp；净利率为12.1%，同比提升0.9pp。3)费用端：25H1公司期间费用率较上年同期同比缩 窄，销售费用率为1.7%，同比下降0.5pp；管理费用率为2.1%，同比下降0.5pp；研发费用率为20.6%， 同比下降4.3pp，研发投入同比增长4.3%，主要因为公司重视研发、聚焦智能终端应用处理器芯片的技 术迭代。 盈利预测与投资建议。预计2025-2027年公司归母净利润3.5/4.9/6.7亿元。给予公司2026年105倍PE，对 应目标价63元。首次覆盖，给予"买入"评级。 风险提示：市场竞争风险加剧风险；技术研发遭遇瓶颈的风险；晶圆材料价格波动的风险；汇率波动的 风险。 （来源：研报虎） 打造高技术 ...

Core Viewpoint - Nvidia's CPU development has faced multiple setbacks, leading to delays in the launch of its N1/N1X chips, which are now expected to debut in late 2026 [3][4][9] Group 1: Issues and Delays - Nvidia's initial timeline for the N1/N1X chips was set for early 2026, but has been pushed back multiple times due to various issues, including a recent problem that may require modifications to the silicon [3] - The company has publicly blamed Microsoft for delays, despite having resolved earlier issues without needing a chip redesign [3][4] - The latest performance forecasts indicate that the N1x prototype scored 3096 in single-threaded and 18837 in multi-threaded tests, but OEM partners may need to adjust their plans due to these delays [4] Group 2: Competitive Landscape - Nvidia has historically not focused on consumer-grade SoCs, unlike competitors such as AMD, Intel, and Qualcomm, which have launched their own consumer-oriented chips [5][6] - The success of the Nintendo Switch 2 has shown that older architectures can still perform well in gaming, suggesting Nvidia could leverage its technology in the consumer market [5][6] - Nvidia's DLSS technology has become a significant competitive advantage, enhancing gaming experiences and potentially driving sales of its GPUs [7][8] Group 3: Future Prospects - The N1X chip is seen as a potential turning point for Nvidia, marking its first significant push into the consumer SoC market in years [9] - The company has shifted much of its focus to AI infrastructure, but the N1X could represent a return to innovation in the consumer hardware space [8][9] - If the N1X is successfully launched, it could be a groundbreaking product for Nvidia, appealing to both gamers and general consumers [9]