0001628280-26-051237
SEC filingQ2营收净利双增，投行与财富管理驱动，但薪酬费用拖累GAAP利润。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $454.9M | $373.2M | +21.9% |
| Gross Margin | — | — | — |
| Operating Income | — | — | — |
| Pre-tax Income | $39.4M | $32.2M | +22.5% |
| Net Income | $27.4M | $21.7M | +26.2% |
| Diluted EPS (GAAP) | $2.38 | $1.91 | +24.6% |
| Adjusted Net Income (Non-GAAP) | $45.7M | $27.8M | +64.5% |
| Adjusted Diluted EPS (Non-GAAP) | $3.98 | $2.45 | +62.4% |
| Book Value per Share | $91.84 | $85.27 | +7.7% |
| Tangible Book Value per Share | $75.19 | $68.25 | +10.2% |
| Wealth Management Revenue | $272.7M | $246.4M | +10.7% |
| Wealth Management Pre-tax Income | $55.7M | $62.8M | -11.4% |
| Capital Markets Revenue | $179.2M | $123.0M | +45.7% |
| Capital Markets Pre-tax Income | $22.5M | $(3.9)M | — |
| AUM | $59.4B | $52.8B | +12.5% |
| AUA | $154.7B | $138.4B | +11.8% |
简评
第二季度营收与净利均实现强劲增长，主要受投资银行业务驱动。投行营收同比大增93.7%，其中咨询费飙升158.5%，股权承销费增长46.0%，反映金融行业并购交易活跃及医疗板块承销强劲。财富管理业务营收增长10.7%，AUM创纪录达$59.4B，但预税利润下滑11.4%，主因薪酬费用上升及银行存款扫款收入减少$3.7M。资本市场业务扭亏为盈，预税利润达$22.5M，股票及固收销售交易收入均增长。
利润率方面，GAAP口径下薪酬费用率升至67.5%（去年同期64.1%），主要受股票增值权（SAR）费用$24.9M影响，该费用与OPY股价上涨直接挂钩。剔除该非现金项目及Q1诉讼和解$70M后，调整后净利$45.7M，调整后稀释EPS $3.98，反映核心业务盈利能力显著改善。管理层强调市场条件有利，资产负债表稳健，期末股东权益$983.4M，监管超额净资本$400.5M。公司宣布季度股息$0.20/股，8月28日支付，未进行股票回购。