英伟达（NVDA.O） 2026 年 02 月 28 日 投资评级：买入（维持） ——美股公司信息更新报告 | 日期 | 2026/2/28 | | --- | --- | | 当前股价(美元) | 177.19 | | 一年最高最低(美元) | 212.18/86.60 | | 总市值(亿美元) | 43057 | | 流通市值(亿美元) | 43057 | | 总股本(亿股) | 243 | | 流通股本(亿股) | 243 | | 近 3 个月换手率(%) | 44.40% | 股价走势图 -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% 60% 英伟达 纳斯达克指数 数据来源：聚源 相关研究报告 | 初敏（分析师） | | 杨哲（分析师） | | | | | --- | --- | --- | --- | --- | --- | | chumin@kysec.cn | | yangzhe@kysec.cn | | | | | 证书编号：S0790522080008 | | 证书编号：S0790524100001 | | | | |  | Agent | 行情带动需 ...

证券研究报告 | 2026年02月27日 财报重点：①计算业务同比增长 57%，GB 系列收入占数据中心总营收超 过 2/3，主要是 Blackwell 和 Blackwell Ultra 产能爬坡。②各大云厂、 数据中心运营商、模型公司等部署的 Blackwell 基础设施算力规模已经 达到 9GW。自 2023 财年推出 ChatGPT 以来，数据中心业务规模已增长近 13 倍。前五家云服务商和超大规模数据中心运营商目前贡献了公司约 50%的营收。③26 财年，主权 AI 业务营收同比增长超三倍，突破 300 亿美元。主要客户来自加拿大、法国、荷兰、新加坡和英国，预计主权 人工智能业务的机遇将持续增长。④网络业务营收同比+263%。全年来 看，网络业务收入超过 310 亿美元，比 2021 年（收购 Mellanox 的那年） 增长了十倍以上。Scale up 和 Scale out 需求创新高。 投资建议：考虑到 GB 系列产品与网络连接出货积极，同时下游 AI 需求 持续旺盛，我们上调预期，预计 2027-2028 财年公司收入为 3449/4304 亿美元（前置 3335/4279 亿美元），上调幅 ...

Investment Rating - The report maintains a "Buy" rating for NVIDIA with a target price raised to $310 from $280, reflecting a 33x FY27E PE multiple [4][5][26]. Core Insights - NVIDIA's FY26Q4 revenue reached $68.1 billion, a 73% year-over-year increase, surpassing expectations [1] - The data center revenue was $62.3 billion, accounting for 91% of total revenue, with a 75% year-over-year growth [1] - The company expects FY27Q1 revenue guidance of $78 billion, exceeding market expectations of $71.5 billion [1] - Strategic investments in leading AI model companies like Anthropic and OpenAI are aimed at securing long-term demand for GPU deployments [3] Summary by Sections Financial Performance - FY26Q4 revenue: $68.1 billion, up 73% YoY, exceeding the consensus estimate of $65.9 billion [1] - Non-GAAP EPS for FY26Q4 was $1.62, higher than the expected $1.52 [1] - Data center revenue: $62.3 billion, up 75% YoY, representing 91% of total revenue [1] - FY27-28E revenue forecasts have been raised by 11.2% and 2.3% to $403.5 billion and $513.4 billion respectively [4][25] Strategic Developments - Upcoming GTC 2026 updates are expected to include details on Rubin Ultra and the integration of Groq LPU [2] - NVIDIA is focusing on enhancing its core capabilities in semiconductor manufacturing and advanced packaging [3] - The company is expected to reveal independent deployment plans for Vera CPU at GTC, targeting Agentic inference needs [2] Market Positioning - NVIDIA's investments in AI model companies are designed to lock in long-term demand for computational power [3] - The report highlights the ongoing high demand for AI infrastructure, supported by increased capital expenditures from major tech firms [4][25] - The company is positioned to benefit from the evolving landscape of AI and data center requirements, reinforcing its industry leadership [26]