站在投資人角度分析營建業財務報表：以京城、華友聯為例

Abstract

中文 摘要 營建業在現代社會中扮演著不可或缺的角色，不論是住宅、辦公室、百貨公 司亦或者是學校，都是其使用的形式，除此之外，老城區常見的都市更新、老屋 翻新等這類建築翻新也都能看到它的影子，可運用的範圍可謂數不勝數。近年來， 房價不斷上漲，房屋對於投資者來說是具有前景的優秀選擇，對房屋的需求會進 而帶動建案興起，對於建設房屋的營建業來說是一大商機，因此我們想藉此機會 更深入的對營建業做探討。 此報告我們從已上市的營建業中挑出兩家，將京城建設及華友聯 開發 做相 互對比，希望透過財務報表的分析更加了解營建業的經營績效和營運狀況，使 用經常被用於分析的短期償債能力分析、現金流量分析、資產結構及長期償債 能力分析、經營績效能力分析、股票評價分析等五大類比率，連結對其資產負 債表和綜合損益表所做的分析。除此之外，同時也會和同產業的 中位數 做比 較，以了解這兩家公司在行業裡的營運狀況，最後做出綜合的分析及結論。 基於 上述方法， 我們以投資人的 角度去觀察京城建設、華友聯 開發 及營建 業財務報表分析的結果， 得知 京城建設在多數核心財務指標上確實優於產業中 位數，也普遍優於華友聯，但各面向仍呈現差異化優勢 ，屬於 穩健型領先者 。 綜合而言，京城建設適合偏好穩健報酬之投資者，華友聯則可供願意承擔較高 風險者參考。 投資人進行 投資決策 時 仍應視個別風險承受度與市場景氣變化， 並持續追蹤兩家公司在現金流與負債管理上的後續表現。

Abstract The construction industry plays an indispensable role in modern society, shaping everything from homes and offices to shopping malls and schools. Its influence also extends to urban renewal projects in older districts and the renovation of aging buildings, demonstrating its virtually limitless applications. In recent years, rising property prices have made real estate an attractive investment, spurring demand for new developments and creating significant opportunities for construction firms. Against this backdrop, we take a closer look at the sector. This report compares two listed Taiwanese construction companies—King’s Town Construction and Hwa Yo Lien Development—by analyzing their financial statements to assess operating performance and financial health. We apply five commonly used ratio categories: short-term liquidity, cash-flow adequacy, asset structure and long-term solvency, operating efficiency, and equity valuation. These metrics are linked to analyses of each company’s balance sheet and income statement, and benchmarked against industry averages to gauge relative standing. From an investor’s perspective, our findings show that King’s Town outperforms the industry median and generally surpasses Hwa Yo Lien on most core financial indicators, making it the more stable leader. Overall, King’s Town suits investors seeking steady returns, whereas Hwa Yo Lien may appeal to those willing to assume greater risk. Investment decisions should still account for individual risk tolerance and market conditions, while investors should continue monitoring both firms’ cash-flow generation and debt management.