证券研究报告·海外公司点评·半导体 英伟达（NVDA） FY2026 一季报点评：产品切换超预期，政策 影响有望在 FY26Q2 后消除 买入（维持） | [Table_EPS] 盈利预测与估值 | FY2024A | FY2025A | FY2026E | FY2027E | FY2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 60,922 | 130,497 | 205,531 | 252,213 | 289,804 | | 同比(%) | 125.85 | 114.20 | 57.50 | 22.71 | 14.90 | | 归母净利润（百万元） | 29,760 | 72,880 | 104,835 | 136,413 | 154,780 | | 同比(%) | 581.32 | 144.89 | 43.85 | 30.12 | 13.46 | | EPS-最新摊薄（元/股） | 1.22 | 2.99 | 4.30 | 5.59 | 6.34 | | P/E（现价&最新摊薄） | 112.64 | 45.99 | 31.97 ...

Core Insights - The company, Songyan Power, has rapidly gained attention in the humanoid robot industry, achieving over 2000 orders for its N2 robot within a short period, primarily due to its participation in a marathon event [1][4][5] - The CEO, Jiang Zheyuan, emphasizes the need for commercialization and scalability in the humanoid robot sector, highlighting that the industry faces common challenges in achieving widespread application [6][7][8] Company Overview - Songyan Power was founded in September 2023 by Jiang Zheyuan and partners, who initially invested 1 million yuan to enter the humanoid robot market [2][3] - The company’s first humanoid robot, N1, was developed in just 43 days, showcasing the team's efficiency and technical capabilities [3][11] - The N2 robot, launched in March 2025, is noted for its advanced running capabilities and has been well-received in competitions, contributing to a surge in orders [4][10] Market Performance - Following the successful performance of its robots in a marathon, Songyan Power announced that the total orders for the N2 robot exceeded 2000, with all orders having paid deposits [4][5] - The company is recognized as one of the few humanoid robot enterprises to surpass 1000 units in sales, alongside Yushutech [5] Industry Challenges - The humanoid robot industry is still in the early stages of commercialization, with significant challenges in achieving large-scale production and application [6][7] - Jiang Zheyuan points out that the lack of diverse and extensive datasets is a major barrier to the widespread adoption of humanoid robots [7][14] Future Outlook - The company plans to focus on data collection and the development of commercially viable products that can generate positive cash flow [12][14] - Songyan Power is also considering the launch of consumer-grade products and has already developed a full-sized humanoid robot that has yet to be released [12][13] - The company aims to expand its global presence and has received interest from overseas distributors [8][12]

以下文章来源于APPSO ，作者发现明日产品的 APPSO . AI 第一新媒体，「超级个体」的灵感指南。 #AIGC #智能设备 #独特应用 #Generative AI 本文来自微信公众号： APPSO （ID：appsolution） ，作者：appso，原文标题：《刚刚，黄仁勋甩出三代核弹AI芯片！个人超算每秒运算1000万亿 次，DeepSeek成最大赢家》，题图来自：NVIDIA 英伟达GTC大会已经成了AI界超级碗，没有剧本也没有提词器，中途黄仁勋被线缆卡住，反而是这场高浓度AI发布会里最有人味的片段，在当今基本 提前彩排或录播的科技发布会里已经很稀缺了。 黄仁勋再次发布了全新一代核弹级AI芯片，不过这场发布会的还有个隐藏主角——DeepSeek。 由于智能体AI （Agentic AI） 和推理能力的提升，现在所需的计算量至少是去年此时预估的100倍。 推理成本效率给AI行业带来影响，而不是简单地堆积计算能力，成为贯穿这场发布会的主线。 英伟达要变成AI工厂，让AI以超越人类的速度学 习和推理。 推理本质上是一座工厂在生产token，而工厂的价值取决于能否创造收入和利润。因此，这座工厂必须以极 ...