作者：中信证券前瞻研究团队（陈俊云/高飞翔/许英博/俞好好） 来源：市场资讯 1、公司当季营收681亿美元（同比+73%，环比+20%），好于市场670亿美元的一致预期，好于公司此 前650亿美元的指引预期。 （b）12月与Groq签订非独家许可协议，以加速全球范围内的 AI 推理。 2、公司当季GAAP毛利率75.0%，Non-GAAP毛利率75.2%，好于公司此前74.8%的指引，符合市场 75.0%的一致预期。 3、公司当季GAAP净利润429.6亿美元（同比+94%，环比+35%），对应EPS为1.76美元。公司当季Non- GAAP净利润395.5亿美元（同比+79%，环比+25%），对应Non-GAAP EPS为1.62美元，好于市场380亿 美元Non-GAAP净利润的一致预期。 4、业绩指引：（a）公司预计FY27Q1营收约780亿美元（±2%），显著好于市场733亿美元的一致预 期。该收入指引并未包含中国区的收入假设。（b）公司预计FY27Q1毛利率为75%（上下50个基点）， 好于市场74.6%的预期。 【数据中心】 1、公司当季营收623亿美元（同比+75%，环比+22%），主要得益于 ...

Summary of NVIDIA Corporation Conference Call Company Overview - **Company**: NVIDIA Corporation (NVDA) - **Current Price**: $201.70 USD - **Price Objective**: $235.00 USD - **Investment Rating**: BUY Key Highlights 1. **Sales Visibility**: NVIDIA has visibility into over $500 billion in sales from Blackwell/Rubin through CY26, significantly exceeding the $100 billion lifetime revenue from the Hopper generation [1][2] 2. **Earnings Power**: The company projects an earnings per share (EPS) power of approximately $8 for CY26, with an additional $1.15 EPS potential based on current sales consensus [1][2] 3. **Product Development**: The Vera Rubin platform is expected to generate 100 times the token generation compared to Blackwell, with production anticipated to start in 4Q26 [1][3] 4. **Supercomputer Projects**: NVIDIA has partnered with the Department of Energy (DOE) for multiple supercomputer projects, including Solstice and Equinox, which will utilize Blackwell GPUs [1][4] 5. **Partnerships**: A new partnership with Nokia aims to develop a cloud-native 5G and 6G computing platform, enhancing NVIDIA's market presence in telecommunications [1][4] 6. **Quantum Computing**: The introduction of NVQLink will facilitate connectivity between NVIDIA GPUs and quantum processing units (QPUs), supported by 17 quantum vendors [1][4] Financial Metrics - **Market Valuation**: $5.018 billion - **Shares Outstanding**: 24.88 million - **Return on Equity (ROE) for 2026E**: 98.5% - **Net Debt to Equity Ratio**: -0.2% [6] Risks and Concerns 1. **Gaming Market Weakness**: Potential decline in the consumer-driven gaming market could impact sales [9] 2. **Competition**: Increased competition from major firms and internal cloud projects in AI and accelerated computing markets [9] 3. **Regulatory Risks**: Possible restrictions on compute shipments to China and heightened government scrutiny of NVIDIA's market position [9] 4. **Sales Volatility**: Unpredictable sales patterns in new enterprise, data center, and automotive markets [9] Conclusion NVIDIA is positioned as a leader in the AI infrastructure buildout, with significant sales visibility and strong earnings potential. However, the company faces risks from market competition and regulatory challenges that could impact its growth trajectory.