Investment Rating - The report assigns a "Buy" rating to the company with a target price of $160, representing a potential upside of 33.17% from the current price of $120.15 [2][31]. Core Insights - The company is expected to experience significant growth driven by the demand for its Blackwell products, particularly in the AI and data center sectors. The revenue for fiscal year 2025 is projected to be $393 billion, a year-over-year increase of 77.9%, surpassing previous guidance and market expectations [3][5][10]. - The gross margin for the latest quarter was reported at 73.0%, slightly below expectations due to higher short-term costs associated with ramping up Blackwell production. However, margins are expected to improve as production stabilizes [5][10]. - The company anticipates a revenue guidance midpoint of $430 billion for the next quarter, reflecting a year-over-year growth of 65.1% [10][15]. Financial Performance Summary - For the fiscal year ending January 26, 2025, total revenue is forecasted to reach $393 billion, with a net profit of $221 billion, resulting in a GAAP diluted EPS of $0.89, exceeding Bloomberg consensus estimates [3][6]. - The company generated free cash flow of $155 billion in the latest quarter, up from $115 billion in the same period last year, and returned $81 billion to shareholders through buybacks and dividends [6][10]. - The data center business saw revenue of $355.8 billion, a 93.3% increase year-over-year, driven by demand for large models and AI applications [15][19]. Product and Market Developments - The Blackwell platform is highlighted as the fastest ramping product in the company's history, with Q4 revenue reaching $110 billion, exceeding expectations. The transition from Hopper to Blackwell is noted to be more challenging, but improvements in gross margins are anticipated as production scales [10][19]. - The company launched Project DIGITS, a personal AI computer capable of running large models, showcasing its commitment to innovation in AI technology [26][20]. - The automotive business reported a revenue increase of 102.8% year-over-year, driven by rising demand for smart driving chips, with a projected market space of $5 billion for autonomous driving chips in 2025 [27][26]. Future Outlook - The company expects a compound annual growth rate (CAGR) of 29% for revenue and EPS over the next three years, supported by strong capital expenditure growth from major clients like Microsoft and Google [32][31]. - The report emphasizes the need for continuous product development and iteration to maintain competitive advantages in the rapidly evolving AI and semiconductor markets [32][19].

点击招商研究小程序查看PDF报告原文 事件： 英伟达发布FY25Q4季报，本季营收393.31亿美元，同比+78%/环比+12%，毛利率73.5%，同比-3.2pcts/ 环比-1.5pcts。综合财报及交流会议信息，总结要点如下： 评论： 1、本季营收超出指引预期，毛利率同环比微降主要系Blackwell处量产初期。 FY25Q4营收为393.31亿美元，同比+78%/环比+12%，超指引预期（375亿美元）。毛利率73.5%，同 比-3.2pcts/环比-1.5pcts，环比下降主要系Blackwell架构GPU量产初期成本高企，高度定制化设计推升生 产复杂度，产能扩张优先策略导致短期成本承压，量产规模效应释放及供应链协同优化后，毛利率有望 回升至75%左右。EPS为0.89亿美元，同比+71%/环比+10%。FY25营收为1305亿美元，同比+114%，毛 利率为75.5%，同比+1.7pcts，EPS为2.99亿美元，同比+130%。 2、 Blackwell架构GPU驱动数据中心增长，供应限制影响游戏部门收入。 1）数据中心： 本季营收为356亿美元，同比+93%/环比+16%，Blackwell架 ...

免责声明 本文转载于互联网公开信息。天风证券不对本信息所载资料的准确性和完整性做任何形式的 保证，在任何情况下，本信息均不构成对任何人的投资建议。相关投资观点请参考已发布的 研究报告。 业绩会纪要 感谢 Stuart。第四季度又是创纪录的一个季度。 营收为 393 亿美元，环比增长 12%，同比增长 78%。高于我们 375 亿美元的预期。2025 财 年营收为 1305 亿美元，比上一年增长 114%。 首先来看数据中心。2025 财年数据中心营收为 1152 亿美元，比上一年翻了一番还多。第四 季度，数据中心营收为 356 亿美元，创历史新高，环比增长 16%，同比增长 93%。 随着 Blackwell 开始量产，H200 继续推动增长。第四季度，Blackwell 的销售额超出了我们的 预期。我们交付了 110 亿美元的 Blackwell 收入，以满足强劲的需求，这是我们公司历史上 最快的产品量产。其速度和规模都是前所未有的。Blackwell 的生产正在全面展开，涵盖多种 配置，我们正在迅速增加供应，扩大客户的采用。第四季度，我们的数据中心计算收入环比 增长 18%，同比增长超过 2 倍。客户正在 ...