英伟达Q1业绩稳健，Vera CPU驱动未来增量
- 核心观点：英伟达2027财年Q1业绩及Q2指引符合乐观预期，数据中心业务是核心增长动力，Vera CPU开启新市场，但回购略低导致盘后微跌，中长期增长逻辑依然清晰。
- 关键要素：
- Q1营收816.2亿美元，同比增长85%，略超买方预期810-820亿美元区间，净利润达455.5亿美元，同比增长139%。
- 数据中心营收752亿美元，同比增长92%，其中超大型客户（Hyperscale）收入同比增长115%，占数据中心收入50.4%，为最核心增长驱动。
- Vera CPU为Agentic AI设计，既是Rubin GPU配套设备也可独立销售，预计今年CPU总收入接近200亿美元，Q3量产发货，开启新市场。
- 管理层维持2025-2027年Blackwell+Rubin收入目标1万亿美元指引未上调，Rubin平台下半年量产，明年Q1出货显著增加。
- Q2收入指引910亿美元，毛利率75%基本符合预期；但新增800亿美元回购略低于部分投资者预期，导致盘后股价下跌1.3%。
Original Author: SoSoValue Research
NVIDIA released its Q1 results for fiscal year 2027. The Q1 performance and Q2 guidance broadly aligned with bullish buy-side expectations, although share buybacks fell slightly short of investor projections. The stock edged down 1.3% in after-hours trading. While the market lacks short-term catalysts, the medium-to-long-term growth thesis remains intact.
Q1 Performance Highlights: Solid and In Line with Bullish Expectations
NVIDIA's Q1 revenue reached $81.62 billion, up 85% year-over-year and 20% quarter-over-quarter, largely within the buy-side's optimistic range of $81-82 billion and exceeding the Bloomberg consensus of $78.91 billion. Adjusted gross margin stood at 75%, up 14.2 percentage points year-over-year, matching the Bloomberg estimate of 75.1%. Adjusted net income was $45.55 billion, up 139% year-over-year, with adjusted EPS of $1.87, exceeding the Bloomberg consensus of $1.77.
This quarter, NVIDIA reclassified its revenue structure into Data Center and Edge Computing to better reflect the AI-driven business mix. Orders from hyperscale customers within the Data Center segment remain the core growth driver:
- Data Center revenue was $75.2 billion, up 92% year-over-year and 21% quarter-over-quarter, exceeding the Bloomberg estimate of $73.33 billion.
- Hyperscale (including public cloud and large internet companies) revenue reached $37.9 billion, up 115% year-over-year, accounting for 50.4% of Data Center revenue. This is the fastest-growing segment and the most important driver of NVIDIA's revenue.
- ACIE (AI Cloud, Enterprise, and Industry Applications) revenue was $37.4 billion, up 74% year-over-year, representing 49.6% of Data Center revenue.
- Edge Computing (Agentic & Physical AI, including PCs, gaming consoles, workstations, AI-RAN base stations, robotics, and automotive) revenue was $6.4 billion, up 29% year-over-year and 10% quarter-over-quarter.
Earnings Call Key Takeaway: Vera CPU Represents the Most Incremental Information
The earnings call revealed that the Vera CPU opens up a new $200 billion market for NVIDIA. Designed for Agentic AI, the Vera CPU can be sold both as a companion to the Rubin GPU and as a standalone CPU, storage node, and security node. Total CPU revenue is expected to approach $20 billion this year, with mass production and shipments planned to begin in the third quarter, representing a new growth vector for NVIDIA's business.
Management maintained its 2025-2027 revenue target of $1 trillion for Blackwell + Rubin, with no upward revision for now. The Rubin platform will begin mass production in the second half of the year, ramping in Q3, accelerating in Q4, with shipments expected to increase significantly in Q1 of next year.
Additionally, China revenue continues to be excluded from guidance. The U.S. government has approved H200 shipments to Chinese customers, but it remains unclear whether China will permit imports.
Q2 Guidance Broadly In Line with Expectations
- Q2 revenue guidance is $91 billion (±2%, excluding China revenue contribution). The buy-side's optimistic estimate was $91 billion, broadly in line.
- Adjusted gross margin guidance is 75% (±0.5%), also broadly in line.
However, share buybacks were slightly below expectations: The company authorized an additional $80 billion in share repurchases and raised its quarterly dividend to $0.25 per share (from $0.01 previously). This fell slightly short of some investors' expectations for an incremental $100 billion or more in buyback authorization.
