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《大行報告》匯豐研究升英偉達(NVDA.US)目標價至880美元 季績及指引強勁惟乏震撼力
阿思達克 02-23 09:33
匯豐環球研究發表報告指,英偉達(NVDA.US)季績及指引強勁,但缺乏震撼力。公司去年第四財季的銷售額為221億美元(下同),勝於匯豐預測的206億及市場預期的208億元;毛利率76.7%,同樣高於該行及市場預期。期內,數據中心收入為184億元,較匯豐預期高出8%,比市場預測則高出6%。集團2025年第一財季的收入指引為240億元毛利率指引為77%,但管理層承認,毛利率將在首財季達到高峰,其後將回落至70%左右。 匯豐研究表示,基於英偉達第一財季的收入指引有改善,將2025財年的銷售預測調高4%至1,120億元,比市場預期的1,010億元高出11%,又分別上調2025及2026財年的盈測11%和14%。該行預期,集團的H200和B100提升需要時間,意味著整體晶圓晶片基板(CoWoS)產能緊張狀況應在下半年開始緩解,產能將從次季起增加。因此,重點應更多地放在潛在的AI GPU需求和新的潛在市場上。 該行維持英偉達「買入」評級,目標價由835元上調至880元,調升2025財年的每股盈測5%至25.11元,以反映2025財年首季的指引。
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