宏景科技 20251215 红景科技自 2022 年开始布局算力业务，但实际上公司在这一领域具有先发优 势。早在 2013 年，公司就开始涉足 HPC 集群，并于 2016 年为中山大学眼科 中心的人工智能项目提供 HPC 加 GPU 的计算集群，使用的是英伟达初期的泰 坦 S 卡。从那时起，公司便开始积累相关人才和技术。2023 年，公司在算力 业务上的收入达到 1.15 亿元，主要来自国家实验室项目。2024 年，公司进一 步加大了算力业务布局，签订了三个三年期、总额 13 亿元的 H800 合同，当 摘要 红景科技 2023 年算力业务收入 1.15 亿元，主要来自国家实验室项目； 2024 年签订 13 亿元 H800 合同，收入增至 4.89 亿元；2025 年上半 年已披露合同额达 27.5 亿元，包括万卡 H200 五年期合同及宁夏移动 合同。截至 2025 年三季度末，总营收 15.51 亿元。 红景科技通过与国企合作解决资金问题，如与山东铁路投资合作，降低 融资成本并确保供应链稳定。H800 和 H200 卡的净利润率维持在 15% 左右，预计 B 卡利润率更高。2025 年前三季度利润率未 ...

Investment Rating - The report maintains a "Buy" rating for Nvidia (NVDA.O) [7][11]. Core Insights - Nvidia's Q3 performance and strong guidance counter the concerns regarding an AI bubble, indicating genuine resilience in AI demand [3][11]. - The company has adjusted its revenue forecasts for FY2026E-FY2028E to $213.7 billion, $341 billion, and $412.5 billion respectively, with corresponding Non-GAAP net profits of $114.2 billion, $193.1 billion, and $234.5 billion [11][12]. Financial Summary - Revenue projections for Nvidia are as follows (in million USD): - FY2024: $60,922 (125.9% YoY growth) - FY2025: $130,497 (114.2% YoY growth) - FY2026E: $213,695 (63.8% YoY growth) - FY2027E: $341,044 (59.6% YoY growth) - FY2028E: $412,504 (21.0% YoY growth) [5][11]. - Non-GAAP net profit projections are: - FY2024: $32,312 (286.3% YoY growth) - FY2025: $74,266 (129.8% YoY growth) - FY2026E: $114,187 (53.8% YoY growth) - FY2027E: $193,110 (69.1% YoY growth) - FY2028E: $234,537 (21.5% YoY growth) [5][11]. Market Data - Current stock price is $180.64, with a 52-week price range of $94.31 to $207.04 [7][8]. - The current market capitalization is approximately $4.39 trillion [8]. Earnings Forecast and Investment Recommendations - The report suggests a target price of $252 for FY2027, based on a PE ratio of 32X, maintaining the "Buy" rating [11][12]. - The strong Q3 results included a revenue of $57 billion, exceeding Bloomberg's consensus estimate of $55.1 billion, with data center revenue growing by 66% YoY to $51.2 billion [11].