中華電信財務績效、ESG 風險與合理價值評估：與台灣大哥大之比較

Abstract

中文摘要 隨著 5G、雲端運算、人工智慧、資料中心及企業數位轉型快速發展，電信 業者已由傳統通訊服務提供者，逐步轉型為數位基礎建設與資訊整合服務業者。 本研究以中華電信為主要研究對象，並以台灣大哥大為比較公司，蒐集 2020 年 至 2025 年合併財務報告、年度報告、永續報告書及其他公開資訊，運用共同比、 趨勢、財務比率、杜邦及現金流量分析，比較兩家公司之獲利能力、經營效率、 流動性、資本結構、償債能力及股利支付能力，並評估 ESG 重大風險與投資價 值。考量台灣大哥大於 2023 年合併台灣之星，本研究另區分整併前、過渡期及 整併後期間。結果顯示，中華電信在獲利穩定性、流動性、資本結構及利息支付 能力方面較為穩健；台灣大哥大之股東權益報酬率及資產運用效率較高，但亦受 到財務槓桿與整併效果影響。最後，本研究採本益比法與股利折現法進行估值， 基準情境合理價值約為每股新臺幣 142 元，顯示中華電信較適合重視穩定股利、 財務安全及中長期持有之投資人。

Abstract With the rapid development of 5G communications, cloud computing, artificial intelligence, data centers, and enterprise digital transformation, telecommunications operators have gradually evolved from traditional communications service providers into digital infrastructure and information integration service providers. This study examines Chunghwa Telecom and uses Taiwan Mobile as a comparison firm. Based on consolidated financial statements, annual reports, sustainability reports, and other publicly available information from 2020 to 2025, the study applies common-size analysis, trend analysis, financial ratio analysis, DuPont analysis, and cash flow analysis to compare profitability, operating efficiency, liquidity, capital structure, solvency, and dividend-paying capacity. ESG-related material risks and investment value are also assessed. Because Taiwan Mobile completed its merger with Taiwan Star Telecom in 2023, the analysis distinguishes the pre-merger, transition, and post-merger periods. The results show that Chunghwa Telecom demonstrates greater stability in profitability, liquidity, capital structure, and interest-paying capacity. Taiwan Mobile exhibits higher return on equity and asset utilization efficiency, although these results are also affected by greater financial leverage and merger effects. Finally, the price-to-earnings approach and dividend discount model are used for valuation. Under the base-case scenario, the estimated fair value is approximately NT$142 per share. The findings suggest that Chunghwa Telecom is more suitable for investors who emphasize stable dividends, financial safety, and medium- to long-term holding.