CITIC International stated that NVIDIA's visibility extends for several years, maintaining a "Buy" rating for beneficiaries Zhongji Innolight and Sytech

CMB International Research Report indicates that American AI chip leader NVIDIA (NVDA.US) announced its Q4 fiscal year 2026 financial report, with revenue and earnings per share both exceeding market consensus expectations. Overall, the group's Q4 performance once again surpassed expectations and raised guidance, confirming strong computing demand from hyperscale data center operators, emerging cloud providers, sovereign AI, enterprises, and other fields. NVIDIA's management also emphasized that we are at a turning point for agent-based AI, where computing power can now be directly converted into customer revenue.

CMB International believes that as customers increasingly interconnect decentralized data centers into integrated, hyperscale AI supercomputers, NVIDIA's networking business is evolving from a supportive component into a structural competitive moat.

In terms of finance, NVIDIA expects to maintain a gross margin of around 75% for the full year 2026, benefiting mainly from significant improvements in performance per watt and unit cost efficiency, which have significantly enhanced the economic benefits of tokens. By enabling customers to generate more revenue per unit of investment, NVIDIA can make the transition of AI factories to its latest products more economically viable.

CMB International maintains a "Buy" rating on Zhongji Innolight (300308.SZ) and Sytech (600183.SH), as both are direct beneficiaries of NVIDIA's ongoing demand momentum and platform upgrade cycle. (hc/)