交银国际研究 公司更新 科技 2025 年 11 月 21 日 英伟达 (NVDA US) 收盘价 目标价 潜在涨幅 美元 180.64 美元 245.00↑ +35.6% 业绩和指引均超预期，可持续性和供应链依然是焦点 个股评级 买入 1 年股价表现 资料来源： FactSet 11/24 3/25 7/25 11/25 -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% NVDA US 标普500 股份资料 | 52周高位 (美元) | 207.04 | | --- | --- | | 52周低位 (美元) | 94.31 | | 市值 (百万美元) | 4,389,552.00 | | 日均成交量 (百万) | 336.22 | | 年初至今变化 (%) | 34.51 | | 200天平均价 (美元) | 168.49 | | 资料来源： FactSet | | 王大卫, PhD, CFA Dawei.wang@bocomgroup.com (852) 3766 1867 童钰枫 Carrie.Tong@bocomgroup.com (852) 3766 1804 财 ...

智通财经APP获悉，在人工智能投资热潮面临质疑之际，英伟达(NVDA.US)最新公布的季度业绩与前景 指引，再次给华尔街打了一针"强心剂"。多位分析师表示，这份财报不仅回应了市场对AI需求、融资泡 沫及GPU生命周期的担忧，更显示出这家由黄仁勋领导的科技巨头"火力全开"，对几乎所有唱空论点都 给出了有力反击。 Curtis表示，GB300销售表现极强，占据Blackwell系列出货量的三分之二；尽管市场担心包括存储在内 的成本上升，公司仍预期毛利率将在70%中段，高于市场普遍预期的74%下方。他进一步指出，云服务 商(CSP)已普遍"全部售罄"，Blackwell、Hopper甚至 Ampere系列都处于满负荷运转状态，"这有助于平 息GPU使用寿命缩水的讨论"。 他维持"买入"评级并将目标价从240美元上调至250美元。 Evercore ISI分析师Mark Lipacis则继续将英伟达列为"首选个股"。他指出，尽管AMD(AMD.US)、博通 (AVGO.US)等厂商竞争加剧，但英伟达仍是"AI生态系统的首选供应商"。 他写道："虽然供应仍受限，英伟达库存环比增长 32%，供应承诺环比大增63%，这让我 ...

Core Viewpoint - NVIDIA's CEO Jensen Huang expressed optimism about the revenue potential of the Blackwell and Rubin AI product lines, projecting significant sales growth compared to the previous Hopper series, although subsequent clarifications adjusted these figures [2][4]. Revenue Projections - The initial claim of $500 billion in revenue from Blackwell and Rubin products over the next five quarters was clarified to represent cumulative shipments from 2025 to 2026, including revenues from NVIDIA's InfiniBand and NVLink products [4]. - It is estimated that 30% of the expected demand has already been shipped, contributing $100 billion in revenue from Blackwell products this month [4]. - The revised revenue expectation for the next five quarters is $307 billion, lower than the initial projection made by Huang [4]. Product Performance - The Blackwell series is noted for its superior performance and energy efficiency, which has made it popular among customers, marking a significant achievement for NVIDIA [4]. - The Rubin product line is anticipated to be crucial for NVIDIA's expansion in computing capabilities, with the introduction of the Vera Rubin superchip, which integrates ARM-based Vera CPU and Rubin chipsets [4]. Market Position and Growth - NVIDIA's market capitalization reached a record $5 trillion, indicating strong momentum in the AI sector [5]. - The company has transitioned from a focus on consumer GPUs to establishing a foundational role in providing necessary computing power for large tech firms, significantly increasing its market share [5]. - NVIDIA's recent announcements at the GTC 2025 conference have contributed to its soaring market value and reinforced its leadership in AI computing [5][6]. Strategic Developments - The GTC 2025 conference showcased NVIDIA's collaborations with notable companies like Nokia and Palantir, highlighting untapped applications of AI technology [6]. - There is potential for NVIDIA to re-enter the Chinese AI market, which could yield substantial additional revenue, as discussions about Blackwell AI chips with Chinese leaders are anticipated [6].