NVIDIA 财报解析：88% 营收增长背后的定价权与利润
The Dawn of AI : Pricing Power & Profits in NVidia's Business
NVIDIA 单季营收增长 88%，超出预期 26%，数据中心业务环比激增 141% 至 $10.3b，净利一年内翻四倍而运营成本增幅不超过 15%。作者指出库存天数下降 41%、长期供应义务增加 53%、应收账款增长超 70%，均显示供不应求；CEO 黄仁勋估计全球数据中心每年新芯片支出 $250b，NVIDIA 目前约占该市场 22%。
作者用库存、应收账款等财报指标拆解 NVIDIA 定价权，提供了比单纯营收数字更细的观察角度。
In short : NVIDIA's AI-driven growth showcases 88% revenue increase and 141% surge in data center sales, highlighting pricing power.
If we needed another exclamation point on the tremendous growth opportunity, NVidia’s earnings punctuated the euphoria with gusto.
Revenue grew 88% in a quarter, nearly doubling. The company had projected $11b & exceeded projections by $2.5b or 26%.
The Data Center business, which sells to clouds & consumer companies drove nearly all of the growth, surging 141% quarter-over-quarter to $10.3b & nearly 3x annually.
NVDA’s profitability is remarkable. Over the last year, the company’s operating costs haven’t increased more than 15% yet, net income (profit) has quadrupled. The company’s pricing power at work : limited supply & increased demand pushes prices higher.
China demand remained within the historical range of 20%-25% of Data Center revenue, implying the export regulations imposed on chips doesn’t seem to have impacted the company.
Looking at some of the inventory metrics (this isn’t a software company!), inventory is relatively flat, but DSI (Days Sales Inventory - the number of days required to sell all existing inventory) has fallen 41% ; another sign of unmet demand.
Long term supply obligations (pre-purchasing of materials/inventory) has increased 53%, another sign of customers yelling for more GPUs. Accounts receivable - which is the amount customers owe NVidia for purchased goods but yet haven’t paid - increased more than 70%.
| Metric | Q1 | Q2 |
|---|---|---|
| Inventory, $b | 4.6 | 4.3 |
| DSI | 165 | 97 |
| Long term supply obligations, $b | 7.3 | 11.2 |
| Accounts receivable, $b | 4.1 | 7.1 |
Jensen Huang, the company’s CEO, estimated worldwide data centers are worth $1t with $250b spent on new chips each year. At the current run rate, that implies NVidia is capturing about 22% of that market.
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来源：Tomer Tunguz 博客（VC 分析） · tomtunguz.com