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英伟达FY26Q2业绩点评:AI基建CapEx持续增长,中国潜在市场或达500亿美元
Xinda Securities· 2025-08-28 11:21
Investment Rating - The industry investment rating is "Positive" [2] Core Insights - NVIDIA's Q2 FY26 revenue reached $46.7 billion, a year-over-year increase of 56% and a quarter-over-quarter increase of 6%, exceeding market expectations of $46.06 billion [2] - The company expects Q3 FY26 revenue to be around $54 billion, with GAAP and non-GAAP gross margins projected at 73.3% and 73.5%, respectively [2] - NVIDIA's AI infrastructure capital expenditure (CapEx) is still in its early stages, with expectations to reach $3-4 trillion by 2030 [2] Summary by Sections Performance Overview - NVIDIA's Q2 FY26 net profit was $25.78 billion, a year-over-year increase of 52% and a quarter-over-quarter increase of 30%, surpassing market expectations of $23.46 billion [2] - Non-GAAP diluted EPS for the quarter was $1.05, reflecting a year-over-year increase of 54% and a quarter-over-quarter increase of 30% [2] Revenue Breakdown - Data center revenue for Q2 was $41.1 billion, up 56% year-over-year and 5% quarter-over-quarter [2] - Gaming and AI PC revenue was $4.3 billion, a year-over-year increase of 49% and a quarter-over-quarter increase of 14% [2] - Automotive and robotics revenue reached $590 million, a year-over-year increase of 69% and a quarter-over-quarter increase of 3% [2] Market Potential - NVIDIA did not sell H20 chips to the Chinese market in Q2, resulting in a $4 billion reduction in H20 sales [2] - The potential market opportunity in China could reach $50 billion if NVIDIA can successfully penetrate with competitive products [2] Future Outlook - The Blackwell platform contributed significantly to revenue, with a quarter-over-quarter growth of 17%, accounting for nearly 70% of data center computing revenue [2] - The company is ramping up production of the GB300 system, with current weekly production at approximately 1,000 racks [2] - Recommendations for investment focus include both overseas and domestic AI companies [2]