--- title: "Guotai Junan Securities: NVIDIA raises revenue guidance + emphasizes LPU architecture, upstream materials are expected to benefit" type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/279743638.md" description: "Guangfa Securities released a research report stating that NVIDIA raised its revenue guidance for the Blackwell and Rubin series chips at the 2026 GTC conference, expecting to generate $1 trillion in revenue by 2027. The LPU chips will be manufactured by Samsung, with shipments expected to begin in the second half of this year. The LPX architecture is expected to further open up the AI PCB market, benefiting upstream materials for CCL, and domestic manufacturers are also expected to follow suit with price increases" datetime: "2026-03-19T08:01:20.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/279743638.md) - [en](https://longbridge.com/en/news/279743638.md) - [zh-HK](https://longbridge.com/zh-HK/news/279743638.md) --- > 支持的语言: [English](https://longbridge.com/en/news/279743638.md) | [繁體中文](https://longbridge.com/zh-HK/news/279743638.md) # Guotai Junan Securities: NVIDIA raises revenue guidance + emphasizes LPU architecture, upstream materials are expected to benefit According to Zhitong Finance APP, GF Securities released a research report stating that at the 2026 GTC conference, NVIDIA (NVDA.US) raised its revenue guidance for the Blackwell and Rubin series chips, extending this guidance to 2027, reflecting a significant increase in visibility of AI demand. The LPU chips will be manufactured by Samsung, with shipments expected to begin in the second half of this year. The NVIDIA LPX architecture is expected to further open up the AI PCB market space, benefiting upstream raw materials for CCL. Currently, in a high-frequency and high-speed environment, signal attenuation is severe, leading to increased electrical performance requirements for copper-clad laminate materials. Domestic manufacturers are also expected to follow overseas companies in raising prices, with optimism for price increases across the entire range of electronic circuit copper foil products. ## Key Points from GF Securities: **GTC Conference Raises Revenue Guidance + Emphasizes LPU Architecture** According to the Science and Technology Innovation Board Daily, NVIDIA held its annual GTC conference on March 17th. Key content includes: **(1) Revenue guidance extended to 2027:** It is expected that the Blackwell and Rubin series chips will help the company generate $1 trillion in revenue by 2027 (last year's GTC conference revenue guidance indicated that data center equipment would bring in $500 billion in sales by the end of 2026). This revenue guidance extension to 2027 reflects a significant increase in visibility of AI demand. **(2) LPX architecture to ship in H2 2026:** The Groq 3 LPX rack will be equipped with 256 LPU processors, providing 128GB of on-chip SRAM and 640TB/s of expanded bandwidth. After combining LPX with the VeraRubin platform, the inference throughput/power consumption ratio is expected to improve by 35 times. The LPU chips will be manufactured by Samsung, with shipments expected to begin in the second half of this year. The LPX architecture is expected to further open up the AI PCB market space, benefiting upstream raw materials for CCL. **The upgrade of electronic circuit copper foil is an inevitable trend, and supply-demand tightness is expected to accelerate domestic substitution** In a high-frequency and high-speed environment, signal attenuation is severe, leading to increased electrical performance requirements for copper-clad laminate materials. RTF and HVLP are the mainstream products used in high-frequency and high-speed copper-clad laminates, with electronic circuit copper foil upgrading to HVLP products. Currently, major players include Japan's Mitsui and Taiwan's Chang Chun Chemical, Nanya Plastics, etc. According to the Science and Technology Innovation Board Daily, Mitsui Metal recently announced that it has begun price negotiations with customers, intending to raise the price of the ultra-thin copper foil MicroThin used for AI servers and other applications. Considering the current tight supply-demand situation for high-end electronic circuit copper foil, domestic copper foil suppliers are expected to accelerate their entry into the supply chain. In addition, domestic manufacturers are also expected to follow overseas companies in raising prices, with optimism for price increases across the entire range of electronic circuit copper foil products. According to electronic copper foil information, in 2025, Mitsui Metal in Japan raised prices for high-end copper foil to customers, with an average increase of about 15%. Considering the current supply-demand tightness, domestic manufacturers are also expected to follow suit in raising prices. In terms of price increase varieties, it is expected that the low yield of HVLP and strong demand will squeeze RTF and HTE capacity, and RTF and HTE are also expected to follow HVLP in raising prices, but the increase may be slightly lower than that of HVLP **Investment Recommendations** Recommend Defu Technology (301511.SZ) (copper foil production capacity ranks among the top domestic copper foil enterprises, fully benefiting from copper foil price increases; carrier copper foil validated by leading storage companies), pay attention to Tongguan Copper Foil (301217.SZ) (rich accumulation in the electronic circuit copper foil field), Jiayuan Technology (688388.SH) (deep cooperation in lithium battery copper foil with CATL; acquisition of Endatong to layout optical modules), Nord Shares (600110.SH) (leading in lithium battery 4.5-micron products; layout of RTF and HVLP products), and Zhongyi Technology (301150.SZ) among others. **Risk Warning** Sales of new energy vehicles may fall short of expectations; technological upgrade progress may lag behind expectations; domestic substitution progress may be slower than expected; risk of raw material price fluctuations ### 相关股票 - [NVIDIA (NVDA.US)](https://longbridge.com/zh-CN/quote/NVDA.US.md) - [Samsung Electronics (SSNGY.US)](https://longbridge.com/zh-CN/quote/SSNGY.US.md) - [THREE STARS NEW MATERIALS (603578.CN)](https://longbridge.com/zh-CN/quote/603578.CN.md) - [GTJA Allianz CSI All Share Semiconductors & Semiconductor Equipment ETF (512480.CN)](https://longbridge.com/zh-CN/quote/512480.CN.md) - [Guotai CES Semiconductor Chip Industry ETF (512760.CN)](https://longbridge.com/zh-CN/quote/512760.CN.md) - [Harvest SSE STAR Chip ETF (588200.CN)](https://longbridge.com/zh-CN/quote/588200.CN.md) - [Direxion Semicon Bull 3X (SOXL.US)](https://longbridge.com/zh-CN/quote/SOXL.US.md) - [Invesco S&P 500 Equal Weight Tech ETF (RSPT.US)](https://longbridge.com/zh-CN/quote/RSPT.US.md) - [XL2CSOPNVDA (07788.HK)](https://longbridge.com/zh-CN/quote/07788.HK.md) - [China Merchants CSI Semiconductor Industry ETF (561980.CN)](https://longbridge.com/zh-CN/quote/561980.CN.md) - [YieldMax NVDA Option Income Strategy ETF (NVDY.US)](https://longbridge.com/zh-CN/quote/NVDY.US.md) - [SPDR S&P Semicon (XSD.US)](https://longbridge.com/zh-CN/quote/XSD.US.md) - [Harvest CSI All Share Integrated Circuit ETF (562820.CN)](https://longbridge.com/zh-CN/quote/562820.CN.md) - [Guotai CSI All Share Integrated Circuit ETF (159546.CN)](https://longbridge.com/zh-CN/quote/159546.CN.md) - [T-Rex 2X Long NVIDIA Daily Target ETF (NVDX.US)](https://longbridge.com/zh-CN/quote/NVDX.US.md) - [GraniteShares 2x Long NVDA Daily ETF (NVDL.US)](https://longbridge.com/zh-CN/quote/NVDL.US.md) - [Guotai CSI Semiconductor Material Equipment Theme ETF (159516.CN)](https://longbridge.com/zh-CN/quote/159516.CN.md) - [E Fund CSI Semiconductor Material & Equipment Thematic ETF (159558.CN)](https://longbridge.com/zh-CN/quote/159558.CN.md) - [ChinaAMC Guozheng Semiconductor Chip ETF (159995.CN)](https://longbridge.com/zh-CN/quote/159995.CN.md) - [GTJA Allianz SSE STAR Chip Design Thematic ETF (588780.CN)](https://longbridge.com/zh-CN/quote/588780.CN.md) - [T-Rex 2X Inverse NVIDIA Daily Target ETF (NVDQ.US)](https://longbridge.com/zh-CN/quote/NVDQ.US.md) - [Spdr Select Tech (XLK.US)](https://longbridge.com/zh-CN/quote/XLK.US.md) - [VanEck Semiconductor ETF (SMH.US)](https://longbridge.com/zh-CN/quote/SMH.US.md) - [Guotai CSI Computer Theme ETF (512720.CN)](https://longbridge.com/zh-CN/quote/512720.CN.md) - [XI2CSOPNVDA (07388.HK)](https://longbridge.com/zh-CN/quote/07388.HK.md) - [Direxion Daily NVDA Bear 1X ETF (NVDD.US)](https://longbridge.com/zh-CN/quote/NVDD.US.md) ## 相关资讯与研究 - [Nvidia GTC Day 3 Highlights Open Models, Inferencing Driving Revenues, UBS Says](https://longbridge.com/zh-CN/news/279813617.md) - [Nvidia Investors Just Got Incredible News from CEO Jensen Huang: 2 Highlights from GTC](https://longbridge.com/zh-CN/news/279334368.md) - [LPU: Nvidia popularizes a new AI acronym](https://longbridge.com/zh-CN/news/279662346.md) - [Aixia, Evroc And Opper Partner To Launch Nordic AI Platform Initiative](https://longbridge.com/zh-CN/news/279371840.md) - [Nvidia (NVDA) GTC Preview: New "Feynman" AI Chip Signals Next Phase of the AI Race](https://longbridge.com/zh-CN/news/279277279.md)