新意網公布，截至3月底止季度及9個月，股東應佔溢利按年升26%及22%，報1.025億港元及2.863億港元，每股盈利2.54港仙及7.08港仙。
第三季營業額按年升8.8%，報1.958億港元；首三季營業額按年升7.1%，報5.654億港元。
第三季毛利率創歷史新高，報62.3%，相對去年同期報54.8%；首三季報59.7%，相對去年同期報52.8%。
成本對收入比率持續改善，第三季報42.9%，相對去年同期51.9%，首三季報45.4%，相對去年同期報53.1%。
下圖為新意網自2003年9月底止季度業績以來的營業額及經營溢利數據，經營溢利已扣除所有一次性及非現金損益。從圖表的斜率可以看出，集團近年的經營溢利升幅正在加速。
下表顯示新意網每個季度的經營狀況，當中包括營業額(revenue)，經營溢利(OP)，毛利率(GPM)，成本／收入比率(Cost/income)，以及經營溢利率(OPM)。本欄經營溢利數字與公司披露稍有偏差，是因為本欄將一次性的投資損益剔除。
按目前的溢利增長速度計算，集團全年每股盈利應在9.6-10港仙之間。按昨日收市價2.01港元計算，市盈率20-21倍之間，惟集團全數將盈利派息，息率達4.8%至5%之間。
若上述趨勢不變，明年每股盈利或進一步上升10-15%，報每股10.6港仙至11.5港仙，預測2014年6月底止息率將上升至5.3-5.7%之間。我們預期盈利增長稍為放緩，是因為目前出租率已升至88%，為歷來最高水平，集團已幾乎用盡所有可出租空間，未來增長主要來舊租約到期後加租的收入增長。
然而，若市場需求增加，集團仍可向母公司增加出租樓面。我們正密切留意集團會否增加從母公司租賃的沙田廠房樓面，一旦出租樓面增加，這將顯示集團很可能已獲得足額的新租客垂青。
Period
|
Revenue
|
OP
|
yoy
|
GPM
|
Cost/income
|
Occupancy
|
OPM
|
Mar-13
|
195,815
|
120,222
|
25.3%
|
62.3%
|
42.9%
|
88%
|
61.4%
|
Dec-12
|
188,456
|
111,884
|
21.4%
|
59.4%
|
45.6%
|
88%
|
59.4%
|
Sep-12
|
181,158
|
103,741
|
19.8%
|
57.4%
|
48.0%
|
78%
|
57.3%
|
Jun-12
|
177,679
|
98,188
|
20.8%
|
53.5%
|
49.9%
|
78%
|
55.3%
|
Mar-12
|
179,975
|
95,983
|
20.2%
|
52.8%
|
51.9%
|
87%
|
53.3%
|
Dec-11
|
177,187
|
92,151
|
16.8%
|
51.9%
|
53.5%
|
87%
|
52.0%
|
Sep-11
|
171,019
|
86,584
|
14.7%
|
51.8%
|
54.0%
|
87%
|
50.6%
|
Jun-11
|
165,910
|
81,283
|
21.3%
|
51.1%
|
54.9%
|
87%
|
49.0%
|
Mar-11
|
163,141
|
79,821
|
20.5%
|
51.0%
|
55.0%
|
86%
|
48.9%
|
Dec-10
|
154,552
|
78,916
|
22.7%
|
51.6%
|
55.4%
|
80%
|
51.1%
|
Sep-10
|
147,200
|
75,500
|
25.9%
|
52.0%
|
53.4%
|
79%
|
51.3%
|
Jun-10
|
137,509
|
67,023
|
15.6%
|
52.1%
|
53.4%
|
74%
|
48.7%
|
Mar-10
|
136,421
|
66,255
|
18.1%
|
49.0%
|
55.6%
|
74%
|
48.6%
|
Dec-09
|
136,229
|
64,299
|
13.4%
|
48.0%
|
54.0%
|
74%
|
47.2%
|
Sep-09
|
133,883
|
59,963
|
15.6%
| | |
74%
|
44.8%
|
Jun-09
|
133,523
|
57,968
|
28.6%
|
46.5%
|
57.4%
|
77%
|
43.4%
|
Mar-09
|
127,060
|
56,095
|
28.4%
| | |
77%
|
44.1%
|
Dec-08
|
134,638
|
56,705
|
45.9%
|
46.0%
|
58.5%
|
80%
|
42.1%
|
Sep-08
|
127,075
|
51,891
|
32.1%
| | |
85%
|
40.8%
|
Jun-08
|
111,095
|
45,070
|
14.1%
|
46.0%
|
57.4%
|
85%
|
40.6%
|
Mar-08
|
105,699
|
43,704
|
53.3%
| | |
85%
|
41.3%
|
Dec-07
|
97,037
|
38,863
|
6.4%
| | |
83%
|
40.0%
|
Sep-07
|
92,566
|
39,282
|
-4.6%
| | |
82%
|
42.4%
|
Jun-07
|
86,257
|
39,501
|
27.8%
|
46.0%
|
58.9%
|
82%
|
45.8%
|
Mar-07
|
80,826
|
28,515
|
-13%
| | |
74%
|
35.3%
|
Dec-06
|
80,464
|
36,513
|
11.0%
| | |
74%
|
45.4%
|
Sep-06
|
75,586
|
41,156
|
31.9%
| | |
74%
|
54.4%
|
Jun-06
|
73,609
|
30,913
|
19.0%
|
43.5%
|
59.8%
|
74%
|
42.0%
|
Mar-06
|
70,340
|
32,662
|
19.2%
| | |
69%
|
46.4%
|
Dec-05
|
66,698
|
32,905
|
55.6%
| | |
68%
|
49.3%
|
Sep-05
|
65,685
|
31,198
|
53.4%
| | |
67%
|
47.5%
|
Jun-05
|
65,093
|
25,973
|
40.5%
|
39.4%
|
59.5%
|
65%
|
39.9%
|
Mar-05
|
62,585
|
27,398
|
44.9%
| | |
65%
|
43.8%
|
Dec-04
|
59,605
|
21,145
|
58.2%
| | |
65%
|
35.5%
|
Sep-04
|
60,785
|
20,337
|
13.2%
| | |
62%
|
33.5%
|
(客戶持有8008)
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