《大行報告》匯豐研究升NVIDIA(NVDA.US)目標價至1,050美元 評級「買入」
匯豐發表研究報告指,NVIDIA(NVDA.US)2025年的AI產品路線圖會為公司提供更多定價能力,以及新的整體潛在市場(TAM)機會。不過另一方面亦提醒,公司需要成功渡過人工智能圖形處理器(AI GPU)產品的過渡年才能夠實現以上目標。
由於公司或會於2024年第三季尾或第四季,由製造H100等舊一代的AI GPU轉向生產即將推出的B100,連帶相關CoWos的產能緊張情況在2024年下半年或有所緩解。該行同時預計NVIDIA在未來幾季的業績表現不會超出預期,因為公司會繼續銷售舊一代的晶片。
另外,該行預計公司的Grace Hopper CPU在2026年的受歡迎程度將會增加,CPU收入潛力將達32億美元(下同),軟體AI GPU收入在2026年亦將達到44億元。雖然兩者的收入潛力分別只佔2026年數據中心收入的2%及3%,不過相信有關的數據具有重要的長期TAM機會。因此匯豐將NVIDIA的目標價由880元上調至1,050元,並重申「買入」評級。(js/k)
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