<p>从其 2025 财年第四季度报告来看，<strong>英伟达</strong>(NVDA 3.97%) 再次展现了显著的增长。对其图形处理单元（GPU）的需求依然旺盛。公司的半导体芯片已成为人工智能（AI）基础设施建设的支柱，且这一趋势似乎没有减缓的迹象。</p>
<p>尽管报告强劲，但股价未能实现明显反弹，今年迄今下跌约 10.5%。不过，过去五年该股表现出色，截至目前，股价上涨了惊人的 1,810%。</p>
<p>让我们更仔细地看看英伟达的业绩，看看该股能否恢复其动能。</p>
<h2>快速增长持续</h2>
<p>连续第二年，英伟达的收入实现了翻倍，这对于其规模的公司来说是一个惊人的成就。在截至 1 月 26 日的 2025 财年中，收入增长了 114%，达到了 1305 亿美元，前一年收入增长为 126%。</p>
<p>在 2025 财年第四季度，收入同比飙升 78%，达到 393 亿美元，再次受到 AI 需求的推动。调整后的每股收益（EPS）增长 71%，达到 0.89 美元。由于毛利率下降 300 个基点至 73%，调整后的 EPS 增速低于收入增速。尽管如此，结果仍超出分析师对调整后 EPS 为 0.84 美元、收入为 381 亿美元的预期。</p>
<p>其数据中心业务再次领跑，收入同比激增 93%，达到 356 亿美元。公司表示，增长主要得益于其 H200 Hopper 芯片，而下一代 Blackwell GPU 架构的收入约为 110 亿美元，超出预期。虽然英伟达以其芯片在训练 AI 模型中的卓越性能而闻名，但它表示推理需求正在加速，并指出 Blackwell 是为推理 AI 推理而设计的。</p>
<p>英伟达的收入大部分仍来自大型云计算提供商，这些提供商在本季度占英伟达数据中心收入的约一半；然而，公司表示区域云提供商在数据中心收入中的比例有所增加。同时，其消费互联网收入，包括 <strong>Meta Platforms</strong> 和埃隆·马斯克的 xAI 等客户，增长了三倍。企业收入翻了一番，英伟达表示其平台正在被各行业的组织采用。它表示其解决方案被用于自动驾驶、欺诈检测和药物发现等领域。</p>
<p>英伟达的其他业务表现参差不齐。游戏收入下降 11%，至 25 亿美元，第四季度出货受到供应限制的影响。专业可视化收入增长 10%，达到 5.11 亿美元，而汽车和机器人收入则翻了一番，达到 5.7 亿美元。</p>
<p>公司继续保持强劲的现金流，在本季度产生了 166 亿美元的经营现金流和 156 亿美元的自由现金流。英伟达以 432 亿美元的净现金和可流通证券以及 85 亿美元的债务结束了这一年。它宣布将从下个季度开始支付每季度 0.01 美元的适度股息。</p>
<p>英伟达预计 2025 财年第一季度收入将达到约 430 亿美元，同比增长约 65%。这一增长将由其新的 Blackwell GPU 架构推动。然而，它预计毛利率将为 70.6%，低于一年前的 78.4%。它预计随着 Blackwell 的规模扩大和效率提升，毛利率将在全年内改善，达到中 70% 的范围。</p>
<p>与此同时，公司计划在 2025 年下半年推出其新的 Ultra GPU 架构。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDkyODgvZ2V0dHlpbWFnZXMtMTQwMjQ1Mjg3Ni5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDkyODgvZ2V0dHlpbWFnZXMtMTQwMjQ1Mjg3Ni5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>英伟达股票值得购买吗？</h2>
<p>考虑到其增长，英伟达的股票仍然便宜，前瞻市盈率（P/E）仅略高于 28 倍的分析师预期，市盈率与增长比率（PEG）低于 0.5。PEG 比率低于 1 通常表明股票被低估。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/1108a3d7905e3501e5ea95715ca32452.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/1108a3d7905e3501e5ea95715ca32452.png"/></p>
<p>NVDA 前瞻市盈率数据来源于 YCharts</p>
<p>与此同时，英伟达继续成为 AI 基础设施增长的最大赢家。公司继续向 AI 基础设施投入资金，这从三大云计算公司的资本支出（capex）预算（超过 2.5 亿美元）以及 Meta Platforms 计划在 AI 相关资本支出上花费高达 650 亿美元中可见一斑。此外，由日本 <strong>软银</strong> 和 OpenAI 主导的一组公司计划在未来几年内在美国花费 5000 亿美元用于 AI 基础设施，作为星际计划的一部分。</p>
<p>这是一笔巨额的 AI 基础设施支出，英伟达将在今年受益。不过，英伟达并没有像软件公司那样的经常性收入商业模式，半导体业务可能是周期性的。未来五到十年 AI 基础设施支出的趋势将在很大程度上决定该股票是否是一个良好的长期投资。</p>
<p>不过，目前英伟达在今年的形势非常良好，且估值吸引，使其在当前水平上值得购买。</p>

英伟达

<p>英伟达在其 2025 财年第四季度报告了显著的增长，收入增长了 114%，达到 1305 亿美元，这得益于对人工智能的需求。尽管年初至今股价下跌了 10.5%，但该股在五年内飙升了 1810%。数据中心业务引领了收入增长，增长了 93%，达到 356 亿美元。英伟达的前瞻市盈率超过 28，显示出潜在的低估。公司预计第一季度收入为 430 亿美元，同比增长 65%，并计划在 2025 年推出新的 GPU 架构。然而，半导体行业的周期性特征带来了风险</p>

<p>A glance at its fiscal 2025 fourth-quarter report shows <strong>Nvidia</strong>(NVDA 3.97%) once again showed remarkable growth. The demand for its graphics processing units (GPUs) remains insatiable. The company's semiconductor chips have become the backbone of the artificial intelligence (AI) infrastructure build-out, which continues to show no signs of slowing down.</p>
<div class="lb-trans"><p>从其 2025 财年第四季度报告来看，<strong>英伟达</strong>(NVDA 3.97%) 再次展现了显著的增长。对其图形处理单元（GPU）的需求依然旺盛。公司的半导体芯片已成为人工智能（AI）基础设施建设的支柱，且这一趋势似乎没有减缓的迹象。</p>
</div><p>Despite the strong report, the stock was unable to get a nice bounce and it trades down about 10.5% year to date. Still, the stock has been on a tremendous run the past five years, up an astounding 1,810% over the past five years, as of this writing.</p>
<div class="lb-trans"><p>尽管报告强劲，但股价未能实现明显反弹，今年迄今下跌约 10.5%。不过，过去五年该股表现出色，截至目前，股价上涨了惊人的 1,810%。</p>
</div><p>Let's take a closer look at Nvidia's results and see if the stock can regain its momentum.</p>
<div class="lb-trans"><p>让我们更仔细地看看英伟达的业绩，看看该股能否恢复其动能。</p>
</div><h2>Rapid growth continues</h2>
<div class="lb-trans"><h2>快速增长持续</h2>
</div><p>For the second consecutive year, Nvidia was able to more than double its revenue, which is an astonishing feat for a company its size. Revenue rose 114% to $130.5 billion in its fiscal 2025 (which ended Jan. 26) on top of 126% revenue growth the year before.</p>
<div class="lb-trans"><p>连续第二年，英伟达的收入实现了翻倍，这对于其规模的公司来说是一个惊人的成就。在截至 1 月 26 日的 2025 财年中，收入增长了 114%，达到了 1305 亿美元，前一年收入增长为 126%。</p>
</div><p>For fiscal Q4, revenue soared 78% year over year to $39.3 billion, once again powered by AI demand. Its adjusted earnings per share (EPS) climbed 71% to $0.89. Adjusted EPS grew slower than revenue as its gross margin slipped 300 basis points to 73%. Nonetheless, the results surpassed analyst expectations for adjusted EPS of $0.84 on revenue of $38.1 billion.</p>
<div class="lb-trans"><p>在 2025 财年第四季度，收入同比飙升 78%，达到 393 亿美元，再次受到 AI 需求的推动。调整后的每股收益（EPS）增长 71%，达到 0.89 美元。由于毛利率下降 300 个基点至 73%，调整后的 EPS 增速低于收入增速。尽管如此，结果仍超出分析师对调整后 EPS 为 0.84 美元、收入为 381 亿美元的预期。</p>
</div><p>Its data center business once again led the way, with revenue surging 93% year over year to $35.6 billion. The company said the growth was led by its H200 Hopper chip, while its next-generation Blackwell GPU architecture exceeded expectations with revenue of about $11 billion. While Nvidia is known for its chips' superior performance in training AI models, it said its inference demand was accelerating, while noting that Blackwell was designed for reasoning AI inference.</p>
<div class="lb-trans"><p>其数据中心业务再次领跑，收入同比激增 93%，达到 356 亿美元。公司表示，增长主要得益于其 H200 Hopper 芯片，而下一代 Blackwell GPU 架构的收入约为 110 亿美元，超出预期。虽然英伟达以其芯片在训练 AI 模型中的卓越性能而闻名，但它表示推理需求正在加速，并指出 Blackwell 是为推理 AI 推理而设计的。</p>
</div><p>Much of Nvidia's revenue continues to come from large cloud computing providers, which made up about half of Nvidia's data center revenue in the quarter; however, it said regional cloud providers increased as a percentage of data center revenue. Meanwhile, its consumer internet revenue, which includes customers such as <strong>Meta Platforms</strong> and Elon Musk's xAI, tripled. Enterprise revenue doubled, with Nvidia saying that its platform is being adopted by organizations across industries. It said its solutions are being used for such things as autonomous driving, fraud detention, and drug discovery.</p>
<div class="lb-trans"><p>英伟达的收入大部分仍来自大型云计算提供商，这些提供商在本季度占英伟达数据中心收入的约一半；然而，公司表示区域云提供商在数据中心收入中的比例有所增加。同时，其消费互联网收入，包括 <strong>Meta Platforms</strong> 和埃隆·马斯克的 xAI 等客户，增长了三倍。企业收入翻了一番，英伟达表示其平台正在被各行业的组织采用。它表示其解决方案被用于自动驾驶、欺诈检测和药物发现等领域。</p>
</div><p>Nvidia's other segments were mixed. Gaming revenue sank 11% to $2.5 billion, as Q4 shipments were impacted by supply constraints. Professional visualization revenue increased 10% to $511 million, while automotive and robotics revenue more than doubled to $570 million.</p>
<div class="lb-trans"><p>英伟达的其他业务表现参差不齐。游戏收入下降 11%，至 25 亿美元，第四季度出货受到供应限制的影响。专业可视化收入增长 10%，达到 5.11 亿美元，而汽车和机器人收入则翻了一番，达到 5.7 亿美元。</p>
</div><p>The company continues to be a cash-flow machine, generating operating cash flow of $16.6 billion and free cash flow of $15.6 billion in the quarter. Nvidia ended the year with net cash and marketable securities of $43.2 billion and $8.5 billion in debt. It announced it will begin paying a modest $0.01 quarterly dividend next quarter.</p>
<div class="lb-trans"><p>公司继续保持强劲的现金流，在本季度产生了 166 亿美元的经营现金流和 156 亿美元的自由现金流。英伟达以 432 亿美元的净现金和可流通证券以及 85 亿美元的债务结束了这一年。它宣布将从下个季度开始支付每季度 0.01 美元的适度股息。</p>
</div><p>Nvidia projected fiscal Q1 revenue to be around $43 billion, which would represent growth of approximately 65% year over year. The growth will be led by its new Blackwell GPU architecture. However, it is looking for its gross margin to come in at 70.6%, down from 78.4% a year ago. It expects the gross margin to improve throughout the year as Blackwell scales and efficiencies are gained, reaching the mid-70% range.</p>
<div class="lb-trans"><p>英伟达预计 2025 财年第一季度收入将达到约 430 亿美元，同比增长约 65%。这一增长将由其新的 Blackwell GPU 架构推动。然而，它预计毛利率将为 70.6%，低于一年前的 78.4%。它预计随着 Blackwell 的规模扩大和效率提升，毛利率将在全年内改善，达到中 70% 的范围。</p>
</div><p>Meanwhile, the company is looking to launch its new Ultra GPU architecture in the second half of 2025.</p>
<div class="lb-trans"><p>与此同时，公司计划在 2025 年下半年推出其新的 Ultra GPU 架构。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDkyODgvZ2V0dHlpbWFnZXMtMTQwMjQ1Mjg3Ni5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F809288%2Fgettyimages-1402452876.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Is Nvidia stock a buy?</h2>
<div class="lb-trans"><h2>英伟达股票值得购买吗？</h2>
</div><p>Nvidia's stock remains inexpensive given its growth, with a forward price-to-earnings (P/E) ratio of just over 28 times this year's analyst estimates and a price/earnings-to-growth (PEG) ratio of under 0.5. PEG ratios below 1 typically indicate a stock is undervalued.</p>
<div class="lb-trans"><p>考虑到其增长，英伟达的股票仍然便宜，前瞻市盈率（P/E）仅略高于 28 倍的分析师预期，市盈率与增长比率（PEG）低于 0.5。PEG 比率低于 1 通常表明股票被低估。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/1108a3d7905e3501e5ea95715ca32452.png" alt="" original-src="https://media.ycharts.com/charts/1108a3d7905e3501e5ea95715ca32452.png"/></p>
<p>NVDA PE Ratio (Forward) data by YCharts</p>
<div class="lb-trans"><p>NVDA 前瞻市盈率数据来源于 YCharts</p>
</div><p>Meanwhile, Nvidia continues to be the biggest winner of AI infrastructure growth. Companies continue to pour money into AI infrastructure as evidenced by the announced capital expenditure (capex) budgets from the big three cloud computing companies (over $250 million combined) as well as Meta Platforms, which is looking to spend up to $65 billion in AI-related capex. In addition, a consortium of companies led by Japan's <strong>SoftBank</strong> and OpenAI are set to spend $500 billion on AI infrastructure in the next few years in the U.S. as part of Project Stargate.</p>
<div class="lb-trans"><p>与此同时，英伟达继续成为 AI 基础设施增长的最大赢家。公司继续向 AI 基础设施投入资金，这从三大云计算公司的资本支出（capex）预算（超过 2.5 亿美元）以及 Meta Platforms 计划在 AI 相关资本支出上花费高达 650 亿美元中可见一斑。此外，由日本 <strong>软银</strong> 和 OpenAI 主导的一组公司计划在未来几年内在美国花费 5000 亿美元用于 AI 基础设施，作为星际计划的一部分。</p>
</div><p>That's a lot of AI infrastructure spending that Nvidia is set to benefit from this year. That said, Nvidia doesn't have a recurring-revenue business model like a software company and the semiconductor business can be cyclical. Where AI infrastructure spending trends over the next five to 10 years will go a long way in determining whether the stock is a good long-term investment.</p>
<div class="lb-trans"><p>这是一笔巨额的 AI 基础设施支出，英伟达将在今年受益。不过，英伟达并没有像软件公司那样的经常性收入商业模式，半导体业务可能是周期性的。未来五到十年 AI 基础设施支出的趋势将在很大程度上决定该股票是否是一个良好的长期投资。</p>
</div><p>Right now, though, Nvidia looks to be in a very good position for this year while trading at an attractive valuation, making it a buy at current levels.</p>
<div class="lb-trans"><p>不过，目前英伟达在今年的形势非常良好，且估值吸引，使其在当前水平上值得购买。</p>
</div>

Nvidia Continues to See Unstoppable Growth, but Is the Stock Still a Buy?

- Nvidia 在 2025 财年第四季度报告中显示出显著增长，收入同比增长 78%。  
- 数据中心业务收入激增 93%，主要受 H200 Hopper 芯片推动。  
- 公司预计 2026 财年第一季度收入约为 430 亿美元，增长约 65%。  

英伟达继续呈现出不可阻挡的增长势头，但该股票仍然值得购买吗？