英伟达公司：业绩超预期且上调指引意义重大，忽略市场噪音，买入，首选推荐

Beat/raise speaks volumes, ignore noise, Reiterate Rating: BUY | PO: 350.00 USD | Price: 223.47 USD 20 May 2026 Solid print and outlook, raise estimates, again A solidbeat/raise from NVDA, though its $91bn outlook is inline with bullish expectations,leading to usual post-call volatility (stock has declined 3 of last 4 earnings calls). Weignore this noise, and focus instead on NVDA’s: 1) Unique full-stack positioning in thelargest/fastest growing tech market of all time, with AI TAM 4x in next four years to~$3tn+ by CY30 (vs. our $1.7tn forecast), 2) Best-in-class GM at 75% and FCF around48%, with dividend boosted 25x to 0.45%, a quarter earlier than we anticipated withbuyback now ~$120bn, and 3) Emerging leadership in agentic CPU of $200bn TAM (vs.our $125bn), with $20bn of 2HFY demand @$5K ASP and memory/wafers reserved.Overall, we raise our FY27/28E pf-EPS by +9%/+15% to $9.09/$13.27, and raise our PO Equity Likes:diversity of growth, LPX still incremental, Computex 1)We flag NVDA’s unparalleled diversify of growth engines, across hyperscale and AIcloud/enterprise (NVDA’s new“ACIE”line). While the mix is ~50/50 today, we view thelatter to grow faster as AI broadens out, and NVDA has a near-monopoly here via AIfactories and full-platform support–areas which custom ASICs cannot address. 2) We Vivek AryaResearch AnalystBofASvivek.arya@bofa.com still view LPX (for ultra-low-latency) as fully incremental to the ~$1Tn sales commentary(for FY26-28 DC). 3) NVDA CEO Keynote at Computex on June 1 is likely to share furtherdetails on NVDA’s roles in agentic AI and its CPU potential. 4) Growth outlook is well Duksan JangResearch AnalystBofASduksan.jang@bofa.com supported by purchase commitment of $145bn, vs. $95bn in JanQ (FQ4’26). Michael ManiResearch AnalystBofASmichael.mani@bofa.com Risks:positioning/ownership, hyperscale desire for ASICs 1)NVDA’s large existing positioning (8.3% of the SPX index, ~78% active fund managerownership) continues to act as a headwind to the stock. NVDA’s investments in theecosystem (OpenAI, Anthropic, tech partners) and have been unfairly characterized as Liam PharrResearch AnalystBofASliam.pharr@bofa.com circular/vendor financing, in our view. 2) Hyperscale customers have desire to create/deploy more custom chips, in lieu of expensive and potentially supply-constrained GPUs,though we continue to expect ~70%+ accelerator market share for NVDA over time. BofA Securities does and seeks to do business with issuers covered in its researchreports. As a result, investors should be aware that the firm may have a conflict ofinterest that could affect the objectivity ofthis report. Investors should consider thisreport as only a single factor in making their investment decision. iQprofileSMNVIDIA Corporation Company SectorSemiconductors Company Description Nvidia designs and sell graphics and video processing chipsfor desktop and notebookgaming PCs, workstations, gameconsoles, and accelerated computing servers and Investment Rationale Our positive view on Nvidia is based on its unique full-stackand leadership in artificial intelligence silicon, hardware andsoftware. The company's strong balance sheet and freecash flow returns further enables ecosystem investments NVDA EPS Power / Valuation Summary of model changes Q1 reported vs. expectations Exhibit4: NVDA Q1resultsvs.theStreet expectationsQ1sales came in~3%aboveStreetexpectations Q2 guidance vs. expectations Exhibit5: NVDA Q2guidance vs. our/Street expectationsNVDA guided Q2sales (which has no H200assumption) ~$4bn abovethe Street Balance sheet, cash flow snapshot Exhibit6: Summary of Balance Sheet and Cash Flow trendsNet cashincreased QoQ, inventory daysflatQoQ Glossary ACIE: AI Clouds, Industrial, EnterpriseAI: Artificial IntelligenceAMD: Advanced Micro DevicesASIC: Application Specific Integrated CircuitASP: Average Selling PriceAVGO: BroadcomAWS: Amazon Web ServicesCPU: Central Processing UnitCPX: CPU RackDC: Data centerDGX: Datacenter GPU AcceleratorDPU: Data Processing UnitGB200/GB300: Grace Blackwell 200/300genAI: generative AIGPU: graphics processorGTC: GPU tech conferenceGW: GigawattLPU: Language Processing UnitLPX: LPU RackMag-7: Magnificent-7 (Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, Tesla)Tech-10:MCHP: MicrochipMW: MegawattNIC: Network Interface CardsNVDA: NvidiaPC: Personal ComputerPTC: Parametric Technology CorporationSOX: Semiconductor IndexSPIL: Silicon Precision IndustriesSPX: S&P 500 Index Price objective basis & risk NVIDIA Corporation (NVDA) Our $350 PO is based on 26x CY27E PE ex cash, within NVDA's historical 25x-56xforward year PE range, which we believe is justified by NVDA's leading share in fast-growing AI compute/networking markets, offset by lumpiness in global AI projects, Downside risks are: 1) weakness in consumer driven gaming market, 2) Competition withmajor public firms, internal cloud projects and other private companies in AI andaccelerated computing markets, 3)