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《大行》摩根士丹利升英偉達(NVDA.US)目標價至170美元 予「增持」評級
阿思達克 05-30 10:42
摩根士丹利發表研究報告,將人工智能芯片巨頭英偉達(NVDA.US)目標價上調6%,從160美元升至至170美元美元, 予以「增持」評級。 該行表示,英偉達截至4月底止季度收入440億美元(按季增長12%,按年增長69.2%),分別超出場市場預期的433.49億美元,以及該行的預估422.13億美元。按業務分部,數據中心收入391.12億美元,按季增長9.9%,按年增長73.3%;遊戲業務收入37.63億美元,按季增長47.9%,按年增長42.2%;專業視覺化業務收入5.09億美元,按季下降0.4%,按年增長19.2%;汽車業務收入5.67億美元,按季下降0.5%,按年增長63%;OEM及其他業務收入1.11億美元,按季下降11.9%,按年增長42.3%。 期內,英偉達毛利率為60.5%(剔除H20庫存費用後為71.3%),低於市場預期的71.1%,高於該行的預估的57.8%。Non-GAAP每股盈餘0.81美元(剔除H20後為0.96美元),分別低於市場預期0.93美元,及高於該行預估的美元0.71美元。 若無H20限制,英偉達預計7月季度季度收入多65億美元,達中位數530億美元。包括限制影響的指引為450億美元(按季增長2.1%,按年增長49.8%),低於市場預期的479.48億美元,高於該行預估422.13億美元,數據中心仍是增長的最大貢獻者。公司指引毛利率為72%,高於市場預期的71.5%及該行的預估71.2%。 該行提高對英偉達2026財年(曆年2025)的收入預估,同時保持2027及2028財年的按年增長率在相若水平。對於10月季度,該行將英偉達收入從490.07億美元上調至512.99億美元,Non-GAAP每股盈利預測從1.1美元上調至1.17美元。對於2026財年,該行的收入及Non-GAAP每股盈利預測分別從1,908.18億美元及4.09美元,上調至1,988.21億美元及4.33美元;2027財年從2,528.90億美元及6.01美元,分別上調至2,646.48億美元及6.28美元。
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