Group 1 - Evercore ISI raised Nvidia's target price from $261 to $352 while maintaining an "outperform" rating, citing a resurgence in revenue growth and improved product supply [1] - Nvidia is still considered a top pick in the AI ecosystem, with significant improvements in the supply situation of its GB200 and GB300 products [1] - The estimated revenue growth for the Blackwell computing platform is expected to reach 48% quarter-over-quarter, adding over $13 billion in new revenue compared to the previous quarter [1] Group 2 - Nvidia's inventory increased by 32% quarter-over-quarter, and the supply commitment amount surged by 63%, supporting a robust demand for data center computing orders projected to reach $500 billion by 2025-2026 [1] - Revenue growth is projected to rise from 56% in July 2025 to 79% in July 2026, justifying a premium price-to-earnings ratio of 35 times [2] - Current market conditions show Nvidia's price-to-earnings ratio at 25 times, which is nearly 30% below its 9-year historical median of 35 times, indicating an attractive risk-reward ratio [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported FY25Q4 revenue of $39.3 billion, exceeding Bloomberg consensus of $38.2 billion, with a year-over-year growth of 78% and a quarter-over-quarter growth of 12% [4][5] - Non-GAAP gross margin was 73.5%, slightly above the expected 73.1%, while Non-GAAP net profit reached $22.1 billion, a 72% increase year-over-year and a 10% increase quarter-over-quarter [4][5] - The revenue guidance for FY26Q1 is set at $43 billion (±2%), with a gross margin expectation of 71% [4][8] Revenue and Growth Drivers - The data center business is a key growth driver, with FY25Q4 data center revenue growing 93% year-over-year and 16% quarter-over-quarter, primarily due to strong demand for the Blackwell computing platform [5][8] - Blackwell architecture generated $11 billion in revenue, surpassing market expectations [5] - The gaming segment saw a decline in revenue by 11% year-over-year and 22% quarter-over-quarter, impacted by production constraints [6] Future Outlook - The company anticipates that Blackwell will be a major growth driver for FY26, with projected revenues of $196.8 billion, $231 billion, and $267 billion for FY2025, FY2026, and FY2027 respectively [8][11] - Non-GAAP net profits are expected to be $107.3 billion, $128.2 billion, and $144.8 billion for the same fiscal years [8][11] Financial Metrics - The company’s FY25 revenue growth is projected at 114.2%, with net profit growth of 129.8% [11] - The return on equity (ROE) is expected to be 93.6% for FY25, decreasing to 42.1% by FY28 [11] - The price-to-earnings (P/E) ratio is forecasted to decline from 36.3 in FY25 to 18.6 in FY28 [11]

[Table_StockNameRptType] NVIDIA（NVDA.O） 公司点评 收入、指引表现稳健，Blackwell 需求强劲 | 投资评级：增持（维持） [Table_Rank] | | | --- | --- | | 报告日期： 2025-3-7 | | | [Table_BaseData] 收盘价（美元） | 110.57 | | 近 12 个月最高/最低（美元） 153.1/75.6 | | | 总股本（百万股） | 24,400 | | 流通股本（百万股） | 24,400 | | 流通股比例（%） | 100 | | 总市值（亿美元） | 26979 | [公司价格与 Table_Chart]纳斯达克指数走势比较 -20% 0% 20% 40% 60% 80% 2024/3/4 2024/9/4 英伟达 纳斯达克指数 分析师：金荣 执业证书号：S0010521080002 邮箱：jinrong@hazq.com 分析师：刘京松 执业证书号：S0010524090001 邮箱：liujs@hazq.com [Table_CompanyReport] 相关报告 1.英伟达 C3Q24 点评 ...