Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of $44.06 billion for FY2026 Q1, representing a year-on-year increase of 69.2% and a quarter-on-quarter increase of 12.0% [2] - Non-GAAP net profit for the same period was $19.89 billion, up 30.6% year-on-year but down 9.8% quarter-on-quarter [2] - The company expects to achieve revenue of approximately $45 billion in FY2026 Q2, with a year-on-year growth of 49.8% [4] Summary by Sections Financial Performance - FY2026 Q1 total revenue was $44.06 billion, with a year-on-year growth of 69.2% and a quarter-on-quarter growth of 12.0% [2] - Non-GAAP gross margin was 61.0%, and after excluding the impact of H20, the gross margin was 71.3%, showing a decrease of 7.6 percentage points year-on-year [2] - The data center business achieved revenue of $39.11 billion in FY2026 Q1, with a year-on-year increase of 73.3% [3] Product and Market Developments - The company launched several new products in the gaming and professional visualization sectors, including NVIDIA GeForce RTX 5060/5070 graphics cards [5] - The Blackwell architecture contributed nearly 70% of the data center revenue, driven by increased demand for inference capabilities [3] - The company is optimistic about revenue recovery in FY2026 Q2, despite the ongoing impact of H20 restrictions [4] Future Outlook - The company anticipates that the H20 restrictions will continue to affect revenue by approximately $8 billion in Q2, but mid-term shipment growth remains optimistic [4] - The company plans to achieve a gross margin of around 75% by the end of the year [4] - The forecast for FY2026 total revenue is $205.53 billion, with a year-on-year growth of 57.5% [1]