研報掘金|中金:上調英偉達目標價至1000美元 預計首季營收將高於指引
中金髮表報吿指,英偉達受惠於H系列AI加速芯片超出預期的旺盛需求,預計公司2025財年首季營業收入將高於公司早前240億美元的收入指引,料有望達到265億美元,按年增長268%,高於市場預期的240.7億美元10%。同時預計英偉達2025財年首季實現non-GAAP淨利潤147.8億美元,按年增長445%,高於市場預期的137億美元8%。中金指,GTC2024發佈GB200 NVL72服務器新架構,疊加H200有望二季度量產,增強全年業績確定性。該行認為GTC 2024 發佈的計算單元GB200 NBL72能夠有效優化對訪存密集型任務處理速度及功耗,客户需求反饋或將超出市場此前預期。同時根據英偉達早前業績會指引,其H200產品有望在今年次季爬坡出貨。在GTC 2024後,該行認為市場對於英偉達服務器機櫃新品的需求或超出此前預期,從而推升全年業績的確定性。中金升英偉達目標價15%至1,000美元,此相當預測2025財年及2026財年市盈率各34.9倍及24.2倍,維持“跑贏行業”評級。中金料英偉達2025財年及2026財年歸屬母公司淨利潤各713.69億及1,030.26億美元,按年各升1.2倍及44.4%。
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