金吾财讯 | 摩根士丹利最新发布研究报告，重新将芯片巨头英伟达（NVDA）列为其半导体领域的首选股票，维持“增持”评级，目标价看至300美元。摩根士丹利分析师约瑟夫·摩尔团队指出，英伟达目前仍处于新产品周期的早期阶段。受消费者对智能体热情的推升，AI应用场景正不断拓展，进一步拉动代币（Token）与算力需求，而英伟达有望在此趋势下扩大跑赢同行的优势。大摩强调，当前英伟达对应2028财年盈利预测的市盈率仅为15倍，估值极具吸引力，即便市盈率不发生扩张，依靠业绩增长仍能带来坚实的投资回报。在与英伟达CEO黄仁勋等管理层会面后，大摩补充道，虽然AI智能体的演进将推高对CPU的需求，但资本开支的最大份额仍将集中于GPU。目前市场面临严峻的CPU短缺问题，但英伟达对其CPU业务表现出强烈的信心，预计其CPU产值将从2026年的200亿美元翻倍增长至2027年的400亿美元。此外，管理层明确表示将继续利用强劲的资产负债表巩固竞争优势，并维持向股东返还50%现金的承诺。同时，英伟达正致力于在提升每吉瓦（GW）算力收益的同时，进一步拓展传统超大规模数据中心和AI前沿实验室之外的多元化客户群。
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