เนื้อหาโดยรวม
• Nvidia (NVDA) เผยงบ F3Q24 ดีกว่าคาดทั้งรายได้และกำไร โดยรายได้เติบโต 206%YoY ขณะที่กำไรอยู่ที่ $4.02 ต่อหุ้น หนุนจากรายได้ทุกกลุ่มที่มีการเติบโต โดยเฉพาะ Data Center ที่มีรายได้เพิ่มขึ้นกว่า 279%YoY นอกจากนี้บริษัทให้คาดการณ์รายได้ในช่วง F4Q24 ดีกว่าคาดอยู่ที่ราว $20bn (บวกลบ 2% ) ด้านอัตรากำไรขั้นต้นมองอยู่ที่ 75.5%
• แต่อย่างไรก็ดีราคาหุ้นในช่วง After Hours -0.6% หลังตลาดตอบสนองต่อ 1) ความกังวลต่อแหล่งรายได้หลักจากจีนหลังบริษัทเผยว่ายอดขาย F4Q24 ในจีนจะลดลงอย่างมากผลกระทบจากกฎใหม่ของสหรัฐฯที่จำกัดการส่งออกชิป GPU 2) บริษัทยังเผชิญกับความเสี่ยงจากสงครามในอิสราเอลที่ซึ่งธุรกิจเครือข่ายของ Nvidia มีสำนักงานใหญ่อยู่ อย่างไรก็ดีเรายังคงเชื่อว่าบริษัทจะสามารถโตนำอุตฯได้หนุนจากอุปสงค์ AI ที่เพิ่มขึ้น เราจึงแนะทยอยสะสมในช่วงที่ราคาย่อตัวลง
• ด้าน Bloomberg ให้ราคาเป้าหมายเฉลี่ยไว้ที่ 504.1 USD ซึ่งมี Upside 28% จากราคาปัจจุบัน
22 November 2023
NVIDIA Corporation
NVDA.US
Bloomberg NVDA.US
Reuters NVDA.O
Despite NVDA's strong growth and exceeding earnings estimates, its stock declined due to apprehensions about future sales performance in China.
Earnings Result
The company's financial performance in the current quarter has shown significant growth compared to the previous quarter. Revenue increased by 34%, reaching $18.12 billion, and gross margin improved to 75.0%. Operating income surged by 49% to $11.56 billion, and net income and diluted earnings per share both increased by 49% as well. These strong earnings results indicate the company's continued success in the market. Looking ahead, the company provided its outlook for the fourth quarter of fiscal year 2024, demonstrating a positive outlook for future performance.
NVIDIA's Net Profit Skyrockets in Q3 FY24
In Q3 FY24, NVIDIA's net profit showed significant growth, surpassing estimates with a 49% increase quarter-over-quarter (QoQ) and an impressive 588% year-over-year (YoY). This remarkable growth is largely attributed to the surge in revenue substantial improvements in the gross margin and operating income further contributed to the overall increase in net profit.
NVIDIA Reports Robust Revenue Growth Across Key Segments.
In Q3 FY2024, Nvidia reported revenue exceeding estimates, reaching $18.12 billion. This marks a 34% increase from the previous quarter and a 206% increase from the same period last year. The Data Center segment saw particularly strong growth, with revenue reaching $14.51 billion, up 41% from the previous quarter and up 279% from a year ago. These numbers indicate a strong performance and growth in revenue for each business segment.
Operating margin Beating Estimates with Enhanced Profitability
NVIDIA's operating margin soared to 49%, a 652% year-over-year increase, surpassing estimates. This reflects improved profitability and efficiency. Additionally, a 13% quarter-over-quarter reduction in non-GAAP operating expenses further enhanced the margin.
Balance sheet and cashflow
The balance sheet shows that NVIDIA Corporation's total liabilities increased from $19,081 million to $20,883 million, while shareholders' equity increased from $22,101 million to $33,265 million. This indicates that the company's financial position has improved. The cash flow statement shows that the company generated $7,333 million in net cash from operating activities, indicating strong cash flow generation. Additionally, the company had a decrease in cash, cash equivalents, and restricted cash from $3,013 million to $5,519 million, suggesting that the company invested in its operations or made acquisitions.
Risks and concerns
The company faces a risk of significant sales decline in China and other affected areas, which currently contribute 20-25% of Data Center revenue, due to new licensing requirements. This is expected in fiscal 2024 Q4, but growth in other regions may offset this anticipated revenue drop.
The company's financial performance in the current quarter has shown significant growth compared to the previous quarter. Revenue increased by 34%, reaching $18.12 billion, and gross margin improved to 75.0%. Operating income surged by 49% to $11.56 billion, and net income and diluted earnings per share both increased by 49% as well. These strong earnings results indicate the company's continued success in the market. Looking ahead, the company provided its outlook for the fourth quarter of fiscal year 2024, demonstrating a positive outlook for future performance.
NVIDIA's Net Profit Skyrockets in Q3 FY24
In Q3 FY24, NVIDIA's net profit showed significant growth, surpassing estimates with a 49% increase quarter-over-quarter (QoQ) and an impressive 588% year-over-year (YoY). This remarkable growth is largely attributed to the surge in revenue substantial improvements in the gross margin and operating income further contributed to the overall increase in net profit.
NVIDIA Reports Robust Revenue Growth Across Key Segments.
In Q3 FY2024, Nvidia reported revenue exceeding estimates, reaching $18.12 billion. This marks a 34% increase from the previous quarter and a 206% increase from the same period last year. The Data Center segment saw particularly strong growth, with revenue reaching $14.51 billion, up 41% from the previous quarter and up 279% from a year ago. These numbers indicate a strong performance and growth in revenue for each business segment.
Operating margin Beating Estimates with Enhanced Profitability
NVIDIA's operating margin soared to 49%, a 652% year-over-year increase, surpassing estimates. This reflects improved profitability and efficiency. Additionally, a 13% quarter-over-quarter reduction in non-GAAP operating expenses further enhanced the margin.
Balance sheet and cashflow
The balance sheet shows that NVIDIA Corporation's total liabilities increased from $19,081 million to $20,883 million, while shareholders' equity increased from $22,101 million to $33,265 million. This indicates that the company's financial position has improved. The cash flow statement shows that the company generated $7,333 million in net cash from operating activities, indicating strong cash flow generation. Additionally, the company had a decrease in cash, cash equivalents, and restricted cash from $3,013 million to $5,519 million, suggesting that the company invested in its operations or made acquisitions.
Risks and concerns
The company faces a risk of significant sales decline in China and other affected areas, which currently contribute 20-25% of Data Center revenue, due to new licensing requirements. This is expected in fiscal 2024 Q4, but growth in other regions may offset this anticipated revenue drop.
| Revenue - %Chg YoY | 1Q24 | 2Q24 | 3Q24 | 4Q24E | 1Q25E |
|---|---|---|---|---|---|
| Data Center | 14.2% | 171.2% | 278.7% | 326.6% | 283.3% |
| Gaming | -38.1% | 21.7% | 81.4% | 49.7% | 13.3% |
| Professional Visualization | -52.6% | -23.6% | 108.0% | 88.8% | 40.8% |
| Automotive | 114.5% | 15.0% | 4.0% | -3.9% | 3.8% |
| OEM & Other | -51.3% | -52.9% | 0.0% | -8.2% | 0.6% |
| Sentiment | 4Q23 | 1Q24 | 2Q24 | 3Q24 |
|---|---|---|---|---|
| net profit | Positive | Neutral | Positive | Positive |
| margin | Neutral | Neutral | Positive | Positive |
| revenue | Negative | Neutral | Positive | Positive |
| Stock data | |
|---|---|
| Market Cap (USD Million) | 1233.62 |
| Beta | 1.93 |
| Last close | 499.44 |
| 12-m Low / High | 138.8 / 505.5 |
| Target price | 630.00 |
| Return Potential | 26.1 % |
| % of Buy / Sell rating | 95.0 % / 0.0 % |
| Valuation data | 12m Forward | 5-Yr Average |
|---|---|---|
| P/E | 27.68 | 90.27 |
| P/B | 29.92 | 17.25 |
| P/S | 21.87 | 24.69 |
| EV/EBITDA | 37.70 | 75.13 |
| Dividend Yield | 0.0 % |
NVIDIA Corporation
NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software. The Company offers products that provides interactive 3D graphics to the mainstream personal computer market.
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