Guangda Securities: Maintains "Buy" rating on NVIDIA, performance expected to enter a new growth stage

Guangda Securities released a report stating that NVIDIA's second-quarter revenue and profit both exceeded market expectations. Guangda Securities believes that the release of additional capacity for CoWoS and HBM will drive continuous improvement on the supply side. In addition, with the basic resolution of Blackwell production issues and expected production shipments in the fourth quarter, it is anticipated that the strong demand and high value volume of the Blackwell platform will drive NVIDIA's performance to continue to grow rapidly in the fourth quarter and the next fiscal year. The forecast for NVIDIA's GAAP net profit for this fiscal year has been raised to $67.96 billion, while new forecasts for the fiscal years 2026 to 2027 are $107.23 billion and $154.49 billion, corresponding to annual growth rates of 128%, 58%, and 44% respectively. Considering the accelerated shipment expectations for Blackwell in the fourth quarter, NVIDIA's performance is expected to enter a new growth phase, maintaining a "buy" rating