IPO周报：温多利撤单，美国大客户砍价22%重创利润

Core Viewpoint - The company, Wendoli, has signed a new Supply Agreement with American Spring, resulting in a 22% reduction in the comprehensive sales price of existing products, which is expected to significantly impact its revenue and profit margins [1][2]. Group 1: Financial Performance - From 2020 to the first half of 2023, Wendoli reported revenues of 153 million, 171 million, 173 million, and 88.18 million yuan, respectively, while net profits were 38.97 million, 37.27 million, 31.61 million, and 16.69 million yuan, indicating a trend of increasing revenue but declining net profit [1]. - The gross profit margin for Wendoli decreased from 44.69% in 2020 to 34.63% in 2022, before recovering to 39.07% in 2023 [1]. Group 2: Sales and Market Dependency - The majority of Wendoli's sales are international, with overseas sales accounting for 91.75%, 84.51%, 82.83%, and 81.51% of total revenue during the reporting period [2]. - Sales to the top five customers represented 76.99%, 69.10%, 66.52%, and 69.33% of total revenue, with American Spring being a significant contributor, accounting for 45.20%, 38.72%, 28.24%, and 46.13% of total revenue [2]. Group 3: Impact of Price Adjustment - The new Supply Agreement with American Spring, effective from September 2024, is projected to reduce Wendoli's annual revenue by 16.88 million yuan and profit by 14.35 million yuan [2]. - In the third quarter of the previous year, sales to American Spring dropped to 7.89 million yuan, a 68% decline from the second quarter, attributed to macroeconomic factors affecting the U.S. real estate market [3].