电子行业周报：英伟达业绩超预期，静待国内AI行情“二次启动”

   514OpenAIAIGPT-4o GPT-4o320 GPT-4o API GPT-4Turbo GPT-4Turbo 2 5 15 I/O AIProjectAstraGPT-4oVeoSora6270 1 Gemma2 Llama370B 9 GPT-4 Qwen-LongAPI0.02 /tokens 0.0005/tokens97% AI 2023 PE AI PE EPS  24Q1 AI AI AI CAPEX  1 OpenAIGoogle 2HBM  523FY25Q1 FY25Q1260.4 1 yoy:262%/qoq:+18% 240 GAAP- 148.8yoy:628%/qoq:+21% GAAP-EPS 5.98 GAAP- 78.4%yoy:+13.7pcts/qoq:+2.4pcts FY25Q1 225.6 yoy:427% /qoq:+23% 87% NVHopperGPU 5 3AI 45% NVIDIAAI 1 4 5GPU AI3.5 NV Tesla H100GPUTeslaFSDV122024 AI AI NV AI NV NV FY25Q1 HopperGPU CUDA H100 LLM 3 LLM3 3 H200 FY25Q2 OpenAIGPT-4o H100 GTC Blackwell FY25Q2 Q3 Q4 2 FY25Q1 26.5yoy:18%/qoq:-8% 10% NvidiaGeForceRTXSuperGPU GeForceRTXGPU1 AIPCAI 3 FY25Q1 3.3yoy:11%/qoq:+17% OEM SU7 AION HyperNeuro OEMBlackwell DRIVEThor Nvidia分季度财务简表-GAAP 财务年份（FY） FY22Q1 FY22Q2 FY22Q3 FY22Q4 FY23Q1 FY23Q2 FY23Q3 FY23Q4 FY24Q1 FY24Q2 FY24Q3 FY24Q4 FY25Q1 营业收入（亿美元） 56.6 65.1 71.0 76.4 82.9 67.0 59.3 60.5 71.9 135.1 181.2 221.0 260.4 YoY 84% 68% 50% 53% 46% 3% -17% -21% -13% 101% 206% 265% 262% QoQ 13% 15% 9% 8% 8% -19% -12% 2% 19% 88% 34% 22% 18% 毛利润（亿美元） 36.3 42.2 46.3 50.0 54.3 29.2 31.8 38.3 46.5 94.6 134.0 167.9 204.1 YoY 81% 85% 56% 58% 50% -31% -31% -23% -14% 225% 322% 338% 339% QoQ 15% 16% 10% 8% 9% -46% 9% 21% 21% 104% 42% 25% 22% 毛利率（%） 64.1% 64.8% 65.2% 65.4% 65.5% 43.5% 53.6% 63.3% 64.6% 70.1% 74.0% 76.0% 78.4% 净利润（亿美元） 19.1 23.7 24.6 30.0 16.2 6.6 6.8 14.1 20.4 61.9 92.4 122.9 148.8 YoY 109% 282% 84% 106% -15% -72% -72% -53% 26% 843% 1259% 769% 628% QoQ 31% 24% 4% 22% -46% -59% 4% 108% 44% 203% 49% 33% 21% 稀释EPS（美元） 3.03 0.94 0.97 1.18 0.64 0.26 0.27 0.57 0.82 2.48 3.71 4.93 5.98 研发费用（亿美元） 11.5 12.5 14.0 14.7 16.2 18.2 19.5 19.5 18.8 20.4 22.9 24.7 27.2 YoY 57% 25% 34% 28% 40% 47% 39% 33% 16% 12% 18% 26% 45% QoQ 1% 8% 13% 4% 10% 13% 7% 0% -4% 9% 12% 7% 10% 研发费用率（%） 20.4% 19.1% 19.8% 19.2% 19.5% 27.2% 32.8% 32.2% 26.1% 15.1% 12.7% 11.2% 10.4% 分业务收入（亿美元）: DataCenter 20.5 23.7 29.4 32.6 37.5 38.1 38.3 36.2 42.8 103.2 145.1 184.0 225.6 YoY 79% 35% 55% 71% 83% 61% 31% 11% 14% 171% 279% 409% 427% QoQ 8% 16% 24% 11% 15% 1% 1% -6% 18% 141% 41% 27% 23% 收入占比 36% 36% 41% 43% 45% 57% 65% 60% 60% 76% 80% 83% 87% Gaming 27.6 30.6 32.2 34.2 36.2 20.4 15.7 18.3 22.4 24.9 28.6 28.7 26.5 YoY 106% 85% 42% 37% 31% -33% -51% -46% -38% 22% 81% 56% 18% QoQ 11% 11% 5% 6% 6% -44% -23% 16% 22% 11% 15% 0% -8% 收入占比 49% 47% 45% 45% 44% 30% 27% 30% 31% 18% 16% 13% 10% ProfessionalVisualization 3.7 5.2 5.8 6.4 6.2 5.0 2.0 2.3 3.0 3.8 4.2 4.6 4.3 Auto 1.5 1.5 1.4 1.3 1.4 2.2 2.5 2.9 3.0 2.5 2.6 2.8 3.3 OEMOther 3.3 4.1 2.3 1.9 1.6 1.4 0.7 0.8 0.8 0.7 0.7 0.9 0.8 ifind AI 514OpenAI 320 GPT-4oGPT-4o GPT-3.5GPT-4 2.8 5.4 GPT-4o ChatGPT API AIGPT-4-Turbo 515 I/O AI AI 5 GPT-4o250% ProjectAstraGPT-4o Veo 70 1080p 200 SoraGoogleGemini1.5Protokens / 0.0008/ tokens 99.3% Pro128k 0.0005 /tokens 95.8%5 21 9 GPT-4 Qwen-Long API 0.02 / tokens 0.0005 tokens 97% OpenAI OpenAI AI 2023 PE PE EPS 24Q1AICAPEX AI AIOpenAIGoogle AI & ifind ifind ifind ifind ifind ifind ifind ifind ifind “ ”