摩根大通：英伟达财报最新点评，目标价170$

J P M O R G A N North America Equity Research 29 May 2025 NVIDIA Corporation Solid Results/Guide Despite China Restrictions; Blackwell Production/Deployment Ramp Progressing Well; Readying GB300 Ramp This Qtr; Reit OW NVIDIA reported solid Apr-Qtr revenues of $44B (above ours/consensus estimates of$43B) even with ~$2.5B of lost H20 China GPU shipments due to China restrictions (restrictions to China went into effect on April 9th) while margins/EPS were impacted by the$4.5B of H20 inventory write-downs/pur ...