花旗：英伟达首财季业绩优于预期予其“买入”评级及目标价150美元

格隆汇

May 29

花旗发表报告指，受强劲的人工智能需求推动，英伟达截至4月27日止首财季业绩优于预期，对其目标价为150美元，评级“买入”。英伟达首财季的收入、Non-GAAP每股盈利(换除股票激励)分别录441亿美元及0.96美元(排除H20相关费用及税务影响，如计入则为0.81美元)，高于该行预测分别436亿美元及0.94美元(排除费用)及市场预测分别433亿美元及0.74美元(计及开支)。

英伟达指引7月底止次财季收入为450亿美元(中位值)，高于该行预测的442亿美元，惟低于市场预期的459亿美元，此展望反映近期出口管制导致H20收入损失约80亿美元。花旗认为，英伟达达成目标价的下行风险包括：(1)若其在游戏市场份额流失，竞争加剧可能导致股价下跌；(2)新平台采用速度慢于预期，或拖累数据中心及游戏业务销售；(3)汽车及数据中心市场的业绩波动可能加剧股价及估值倍数的不稳定性；(4)加密货币挖矿活动对游戏业务销售的潜在影响。

而投资者将关注以下方面：(1)美国出口管制扩散规则有否可能逆转及中东地区的AI需求潜力；(2)Hopper架构向Blackwell的技术过渡进度，以及GB200/GB300服务器机架的供应情况；(3)毛利率走势；(4)对中国市场限制的最新看法。

责任编辑：栎树

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