站在投資人的角度分析電子通路業財務報表： 以全國電、燦坤為例

Abstract

中文摘要 在這個科技日新月異的時代，全國電與燦坤作為本土知名的電子通路業者，常常能在各城市商圈與購物中心內看見他們設立的實體店面。疫情的出現帶動網購日益興盛，電子通路業受到了一定的影響，實體店面客流量下降，使兩家企業將販賣通路拓展至線上，提供消費者更多元的購物方式，滿足顧客對各種電子產品與家用電器的需求，同時業者也持續透過創新與服務升級來滿足消費者的多樣化需求。本組想探討這兩家電子通路企業的財務報表，並運用財務比率分析之方法，判斷此兩家企業在疫情後的市場是否具備投資潛力。 此報告首先針對全國電與燦坤的資產負債表與綜合損益表進行共同比與變動百分比分析，判斷兩家企業的財務狀況和組成結構，再藉由比率分析（財務結構分析、償債能力分析、獲利能力分析、經營能力分析、現金流量分析、股票評價分析）與同產業進行比較，探究及推測部分科目之變化原因。 透過上述方法，從投資人的角度觀察全國電、燦坤及同產業的財務報表分析結果，可以發現，從2018至2022年的各項分析中，全國電於財務結構方面大部分比率皆優於燦坤，其財務結構穩定，適合長期投資，且每股盈餘呈上升趨勢。因此，本組認為全國電是一間值得投資者參考的企業標的。

Abstract In this era of ever-changing technology, well-known local electronic channel industry, E-life Mall Corporation and Tsannkuen Co., Ltd. can often be seen setting up their physical stores in the business districts and shopping centers of various cities. The emergence of the epidemic has led to the growing popularity of online shopping, which has affected the electronic channel industry to a certain extent. The decline in footfall to physical stores has led the two companies to expand their sales channels online. Providing consumers with more diversified shopping methods to satisfy their needs for a variety of electronic products and home appliances. At the same time, the two companies have continued to satisfy the diversified needs of consumers through innovations and upgrades in services. We would like to examine the financial statements of these two electronic channel industry companies and use financial ratio analysis to determine whether these two companies have investment potential in the post-epidemic market. This report first analyzes the balance sheets and income statements of E-life Mall Corporation and Tsannkuen Co., Ltd. in terms of common ratio and percentage change to determine the financial status and composition of the two companies and then compares them with those of the same industry through ratio analyses (financial structure analysis, solvency analysis, profitability analysis, operating capability analysis, cash flow analysis, and stock evaluation analysis) to explore and speculate on the reasons for the changes in some accounts. By using the above methodology and observing the results of the financial statement analysis of E-life Mall Corporation, Tsannkuen Co., Ltd., and its peers from an investor's point of view, it can be found that from the various analyses from 2018 to 2022, E-life Mall Corporation is better than Tsannkuen Co., Ltd. in most ratios of its financial structure, which is stable and suitable for long-term investment, and its EPS is on an upward trend. Therefore, the group believes that E-life Mall Corporation is a corporate target worthy of investors' reference.