【招银国际】Nvidia: Solid 4Q results and 1QFY26E guidance;investors look for evidence of growth beyond FY26-250227（5页）.pdf

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1、 PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG:RESP CMBR OR http:/.hk 1 27 Feb 2025 CMB International Global Markets|Equity Research|Sector Update Semiconductors Nvidia:Solid 4Q results and 1QFY26E guidance;investors look for evidence of gro

2、wth beyond FY26 Nvidia(NVDA US,NR)announced solid 4QFY25 results.Revenue was US$39.3bn,up 78%/12%YoY%/QoQ,above Bloomberg consensus(US$38.2bn)by 3%and company guidance(US$37.5bn)by 5%.Quarterly revenue grew another US$4.2bn,similar to previous quarters(US$4bn in 4Q24/1Q25/2Q25 except for US$5bn in 3

3、Q25).Non-GAAP GPM was 73.5%(vs.76.7%/75.0%in 4Q24/3Q25),slightly above consensus(73.1%)and in-line with guidance.GPM was down sequentially due to first delivery of Blackwell architecture(mgmt.cited increasing complexity of new products and higher material costs).Non-GAAP net profit was US$22.1bn,abo

4、ve consensus(US$21.0bn)by 5%.1QFY26 revenue guidance exceeds consensus although GPM fell short of estimate.1QFY26 revenue is guided to be US$43.0bn,implying another 9.3%QoQ growth(vs.consensus of US$42.2bn).Non-GAAP GPM is guided at 71.0%(vs.estimates of 72.1%).The company expects that GPM will rema

5、in at low-70s as Blackwell ramps up(expediting manufacturing to meet demand)and may return to mid-70s when it fully ramps up later this year.By segment,DC revenue(88%of 4Q sales)was US$35.6bn,up 93%YoY and 16%QoQ,driven by commencement of Blackwell shipment and continuous contribution from H200.CSPs

6、(i.e.,Microsoft,Google,Amazon,and Oracle)remain the largest revenue contributors,accounting for 50%of DC revenue(2x YoY growth).Consumer internet/enterprise revenue grew 3x/2x YoY.The mgmt.sees more growth potential ahead from untapped applications(such as robotics/autonomous driving).Nvidias share