投资建议：考虑到 GB 系列产品与网络连接出货积极，Rubin 将于 26H2 启动量产，同时下游 AI 需求持续旺盛，我们上调收入预期，预计 2026-2028 财年 公 司收 入为 2130/3335/4279 亿美 元，上 调幅度 为 4%/23%/40%。预计 2026-2028 财年公司净利润为 1141/1876/2352 亿美 元，上调幅度为 11%/28%/40%，维持"优于大市"评级。 风险提示：下游 AI 应用发展与 ROI 低于预期；Blackwell 供应链风险；AI 芯片竞争加剧；宏观与地缘风险。 证券研究报告 | 2025年11月24日 英伟达(NVIDIA)（NVDA.O） 需求保持高景气度，Rubin 将于 26H2 启动量产 优于大市 财务表现：需求保持高景气度，FY26Q4 指引强劲。①整体：英伟达三季 度（均指财季，下同）收入 570.06 亿美元（同比+62%，环比+22%）， 高于公司此前540（±2%）亿美元指引。GAAP毛利率73.4%（同比-1.2pcts， 环比+1pcts）。营业利润同比+65%至 360 亿美元，GAAP 净利润同比+65% 至 319 亿 ...

Investment Rating - Industry investment rating is "Outperform the Market" [23] Core Viewpoints - Nvidia's Q3 2026 financial report shows impressive performance with revenue of $57 billion, a year-on-year increase of 62% and a quarter-on-quarter increase of 22%. The net profit reached $31.9 billion, growing 65% year-on-year and 21% quarter-on-quarter. The outlook for Q4 anticipates revenue of $65 billion, indicating a year-on-year growth of 65% and a quarter-on-quarter growth of 14%, reflecting strong global demand for AI computing power [5][10][19] - The competition in the global AI large model sector remains intense, which is expected to drive the application of large models and sustain high demand in the AI computing market. Domestic large models in China are continuously iterating and improving, positioning themselves among the top tier globally [19][22] Summary by Sections Industry News and Commentary - Nvidia's Q3 2026 report highlights a robust demand for AI computing power, with significant revenue growth driven by the data center business, which generated $51.2 billion, a 66% increase year-on-year and a 25% increase quarter-on-quarter. The gaming and professional visualization segments also showed strong performance [9][10][19] - The overall computer industry index fell by 2.74% this week, while the CSI 300 index dropped by 3.77%, indicating that the computer sector outperformed the broader market by 1.03 percentage points [13][16] Investment Recommendations - The report suggests focusing on investment opportunities in the AI sector, particularly in AI computing power and algorithms. Recommended stocks include Haiguang Information, Longxin Zhongke, and Industrial Fulian for AI computing power, and strong recommendations for companies like Hengsheng Electronics and Zhongke Chuangda in AI algorithms and applications [19][22]

Ac t i o n | 20 Nov 2025 02:46:50 ET │ 19 pages NVIDIA Corp (NVDA.O) Estimate Changes — We revise FY27/FY28 sales by 19%/26% reflecting what we now expect to be a re-accelerated DC sales backed by better-than expected Blackwell and Rubin demand visibility. Though pushing down our FY27E/FY28E non-GAAP GM estimates to 75%/75.3% from prior 76%/76.1% respectively, our FY27/28 EPS estimates go up by 12%/19% to $8.10 and $10.08, respectively. We raise our TP to $270 on consistent 30x P/E times revised CY27 EPS po ...

Investment Rating - The report maintains a "Recommendation" rating for the industry [10] Core Insights - The report highlights that NVIDIA achieved a revenue of $57 billion in Q3 2025, representing a year-on-year growth of 62% and a quarter-on-quarter growth of 22%. The data center business generated $51.2 billion, with a year-on-year increase of 66% and a quarter-on-quarter increase of 25% [3][4] - NVIDIA's GAAP gross margin was 73.4%, and net profit reached $31.91 billion, reflecting a year-on-year growth of 65% [4][7] - The Blackwell architecture has been fully implemented, driving product updates and performance breakthroughs across multiple product lines [4][6] Revenue and Profit Performance - Total revenue for NVIDIA in Q3 2025 was $57 billion, with the data center segment contributing $51.2 billion, accounting for nearly 90% of total revenue [4] - The gaming, professional visualization, and automotive and robotics segments also saw year-on-year growth of 30%, 56%, and 32%, respectively [4] - GAAP net profit was $31.91 billion, with a GAAP gross margin of 73.4%, indicating stable profitability [4] Product and Technology Layout - The Blackwell architecture has led to significant updates in NVIDIA's product offerings, including the new GPU "NVIDIA Rubin CPX" designed for large-scale context processing [4][6] - New gaming titles such as "Borderlands 4" and "Battlefield 6" were released, enhancing player experience with advanced technologies [4] - NVIDIA introduced the world's smallest AI supercomputer, DGX Spark, and upgraded its automotive and robotics platforms with the DRIVE AGX Hyperion 10 development platform [4][6] Customer and Ecosystem Cooperation - NVIDIA has expanded its global strategic partnerships, including a collaboration with OpenAI for AI infrastructure deployment [6] - Partnerships with major companies like Google Cloud, Microsoft, and Oracle aim to build AI infrastructure in the U.S. and Europe [6] - In Asia, NVIDIA is working with the South Korean government and major corporations to enhance AI infrastructure [6] AI Technology Empowerment - AI remains the core driver of NVIDIA's strategy, with breakthroughs in training and inference achieved during the quarter [6] - The Blackwell platform set records in MLPerf Inference v5.1 benchmarks, showcasing its capabilities [6] - NVIDIA launched the NVQLink open system architecture, integrating GPU computing with quantum processors [6] Investment Recommendations - The report suggests that investors should continue to monitor NVIDIA's advancements in AI technology, global ecosystem collaborations, and multi-industry solution expansions [7]

Group 1 - The recent delivery of the DGX Spark AI supercomputer by Huang Renxun to Elon Musk has sparked community interest in local computing, indicating a potential shift from cloud-based AI to local AI solutions [1][4] - The global investment in cloud AI data centers is projected to reach nearly $3 trillion by 2028, with significant contributions from major tech companies, including an $80 billion investment by Microsoft for AI data centers [4][5] - The DGX Spark, priced at $3,999, is the smallest AI supercomputer to date, designed to compress vast computing power into a local device, marking a return of computing capabilities to personal desktops [4][5] Group 2 - The release of DGX Spark suggests that certain AI workloads are now feasible for local deployment, but achieving a practical local AI experience requires not only powerful hardware but also a robust ecosystem of local models and tools [6] Group 3 - The combination of new architectures in SLM and edge chips is expected to push the boundaries of local AI capabilities for consumer devices, although specific challenges remain to be addressed before widespread adoption [3]

Core Viewpoint - Nvidia's FY26Q3 performance exceeded market expectations, with significant revenue growth driven by strong demand for its Blackwell platform and positive guidance for FY26Q4 [4][5]. Group 1: Financial Performance - FY26Q3 revenue reached $57.006 billion, a year-over-year increase of 62% and a quarter-over-quarter increase of 22%, surpassing Bloomberg's consensus estimate of $55.189 billion [4]. - Non-GAAP gross margin was 73.6%, showing a quarter-over-quarter increase of 0.9 percentage points but a year-over-year decrease of 1.4 percentage points due to the transition from the Hooper platform to the Blackwell platform [4]. - Non-GAAP net profit was $31.767 billion, with a quarter-over-quarter increase of 23% and a year-over-year increase of 59%, resulting in a Non-GAAP EPS of $1.30, exceeding Bloomberg's consensus estimate of $1.259 [4]. Group 2: Business Segments - Data Center Business: FY26Q3 revenue was $51.215 billion, up 66% year-over-year and 25% quarter-over-quarter, with computing revenue at $43.028 billion and networking revenue at $8.187 billion. The company anticipates continued capital expenditure growth from major CSPs and hyperscale data centers, projecting $500 billion in revenue from Blackwell and Rubin by the end of 2026 [5]. - Gaming Business: FY26Q3 revenue was $4.265 billion, reflecting a year-over-year increase of 30% but a slight quarter-over-quarter decline of 1%, driven by strong demand for Blackwell architecture chips [6]. - Professional Visualization Business: FY26Q3 revenue was $760 million, up 56% year-over-year and 26% quarter-over-quarter, primarily due to increased sales of the new DGX Spark and Blackwell chips [6]. - Automotive Business: FY26Q3 revenue was $592 million, a year-over-year increase of 32% and a quarter-over-quarter increase of 1%, supported by the adoption of the company's autonomous driving platform by downstream customers [7]. Group 3: Future Outlook - FY26Q4 guidance indicates expected revenue of $65 billion (±2%), which is higher than Bloomberg's consensus estimate of $62.133 billion, with a projected Non-GAAP gross margin of 75.0% (±50 basis points) [4]. - The company is collaborating with OpenAI to deploy at least 10 gigawatts of AI data centers, with OpenAI's weekly users surpassing 800 million [5]. - The Rubin platform is expected to begin mass production in the second half of 2026, further enhancing revenue potential [5].

Investment Rating - The report maintains a "Buy" rating for NVIDIA, indicating expected investment returns exceeding the market benchmark by more than 15% over the next 6-12 months [6]. Core Insights - NVIDIA's FY26Q3 revenue reached $57.006 billion, exceeding market expectations and showing a year-over-year growth of 62% and a quarter-over-quarter growth of 22% [1][2]. - The company expects FY26Q4 revenue guidance of $65 billion, which is higher than the Bloomberg consensus estimate of $62.133 billion [1]. - Strong demand for AI and data center products, particularly from the Blackwell and Rubin platforms, is driving revenue growth [2][4]. Summary by Sections Financial Performance - FY26Q3 revenue was $57.006 billion, with a Non-GAAP gross margin of 73.6% and a Non-GAAP net profit of $31.767 billion, resulting in a Non-GAAP EPS of $1.30 [1]. - The data center business generated $51.215 billion in revenue, up 66% year-over-year and 25% quarter-over-quarter [2]. - The gaming segment reported $4.265 billion in revenue, a 30% increase year-over-year [3]. Business Segments - Data Center: Contributed significantly to revenue, with expectations of continued capital expenditure growth from major cloud service providers [2]. - Gaming: Revenue growth driven by strong demand for Blackwell architecture chips [3]. - Professional Visualization: Revenue of $760 million, up 56% year-over-year, attributed to new product sales [3]. - Automotive: Revenue reached $592 million, a 32% increase year-over-year, supported by the adoption of the autonomous driving platform [3]. Profitability Forecast and Valuation - The report forecasts NVIDIA's GAAP net profit for FY2026 at $113.88 billion, with upward revisions for FY2027 and FY2028 net profits to $170.236 billion and $209.333 billion, respectively [4][5]. - The current stock price of $186.52 corresponds to projected P/E ratios of 40x for FY2026, 27x for FY2027, and 22x for FY2028 [4].

Core Insights - NVIDIA Corporation (NVDA) shares increased nearly 6% after reporting better-than-expected third-quarter fiscal 2026 results, with non-GAAP earnings of $1.30 per share surpassing estimates by 4.84% and showing a 60% year-over-year increase [1][2] Financial Performance - Third-quarter revenues climbed 62% year over year and 22% sequentially to $57.01 billion, exceeding the consensus mark by 4.14% [2] - Non-GAAP gross margin was 73.6%, reflecting a decline of 140 basis points year over year but an improvement of 90 basis points sequentially [11] - Non-GAAP operating income rose 62% year over year and 25% sequentially to $37.75 billion, with a non-GAAP operating margin of 66.2% [13] Segment Performance - The Graphics segment accounted for 10.7% of revenues, rising 51% year over year to $6.1 billion, surpassing the consensus estimate of $5.65 billion [4] - Compute & Networking represented 89.3% of revenues, with revenues soaring 64% year over year to $50.91 billion, exceeding the consensus mark of $48.59 billion [5] - Data Center revenues, which make up 89.8% of total revenues, increased 66% year over year to $51.22 billion, driven by higher shipments of Blackwell GPU computing platforms [6] Market Insights - Gaming revenues increased 30% year over year to $4.27 billion, although they declined 1% sequentially due to normalized inventory levels [7][8] - Professional Visualization revenues rose 56% year over year to $760 million, driven by new product launches [8] - Automotive sales totaled $592 million, up 32% year over year, reflecting continued adoption of self-driving platforms [9] Cash Flow and Shareholder Returns - NVIDIA generated $23.75 billion in operating cash flow during the third quarter and $22.09 billion in free cash flow [15] - The company returned $243 million to shareholders through dividends and repurchased $12.46 billion in stocks during the quarter [16] Future Guidance - For the fourth quarter of fiscal 2026, NVIDIA anticipates revenues of $65 billion, higher than the Zacks Consensus Estimate of $60.3 billion, with a projected non-GAAP gross margin of 75% [17]

The numbers are in, and Nvidia (NVDA) has officially reported its Q3 earnings. At a glance, Nvidia reported: More News from Barchart Record revenue of $57.0 billion, up 22% from Q2 and up 62% from a year ago Record Data Center revenue of $51.2 billion, up 25% from Q2 and up 66% from a year ago Nvidia foresees continued revenue growth in the fourth quarter of its fiscal 2026, up to $65.0 billion. To the collective relief of the artificial intelligence (AI) industry, not only did Nvidia beat analys ...

Core Viewpoint - Nvidia's Q3 FY26 financial results exceeded Wall Street expectations, showcasing significant growth in revenue and net profit driven by strong demand for AI infrastructure and GPU sales [1][2]. Financial Performance - Nvidia reported revenue of $57.006 billion, a year-over-year increase of 62% and a quarter-over-quarter increase of 22% [1][9]. - Non-GAAP net income reached $31.767 billion, reflecting a 59% year-over-year growth and a 23% quarter-over-quarter increase [9]. - The company achieved a non-GAAP gross margin of 73.6%, up 0.9 percentage points from the previous quarter but down 1.4 percentage points year-over-year [8][9]. Revenue Breakdown - The data center segment generated $51.215 billion, a 66% increase year-over-year and a 25% increase quarter-over-quarter [7][9]. - The compute segment contributed $43.028 billion, with a 56% year-over-year growth and a 27% quarter-over-quarter increase [7][9]. - Networking revenue surged by 162% year-over-year, reaching $8.187 billion [7][9]. - Gaming and professional visualization segments also saw growth, with gaming revenue at $4.265 billion (30% year-over-year) and professional visualization at $760 million (56% year-over-year) [7][9]. Market Dynamics - Nvidia's CEO highlighted three major platform transitions: the shift from CPU to GPU computing, the rise of generative AI applications, and the emergence of Agentic AI [1][10]. - The demand for AI infrastructure is outpacing Nvidia's expectations, with major cloud service providers experiencing sold-out capacities [2][10]. - Nvidia's partnership with Anthropic, involving a combined investment of $15 billion, underscores the company's strategic positioning in the AI market [12]. Future Outlook - Nvidia anticipates revenue of $65 billion for Q4 FY26, with a projected non-GAAP gross margin of 75% [9][14]. - The company expects to benefit from increased capital expenditures in the AI infrastructure sector, with top cloud providers' spending projected to reach $600 billion, up $200 billion from earlier estimates [14].