纺织服饰行业25W6周观点：Keep专题，展望AI加码下的下一个黄金十年

Investment Rating - The report maintains an "Outperform" rating for the industry [8] Core Insights - The report emphasizes the potential of AI in transforming the online fitness industry, with Keep's strategic focus on "All in AI" to lead the next decade of growth [13][14] - Keep's user engagement metrics are strong, with an average monthly active user count of approximately 30 million and a membership penetration rate exceeding 11% [14][21] - The report highlights the expected recovery in domestic demand supported by policy initiatives, particularly in the home appliance sector, and suggests monitoring key players like Midea Group and Haier [5][38] Summary by Sections 1. Keep's Strategic Focus - Keep's CEO outlined a vision for the next decade focusing on AI integration, hardware ecosystem development, brand expansion into various sports scenarios, and global market penetration [13] - The company has been exploring AI applications since 2018, leveraging its extensive data to enhance user experience and operational efficiency [14][16] 2. Market Performance - The textile and apparel sector saw a slight increase of 0.55% this week, with textile manufacturing up by 0.56% and apparel and home textiles by 0.41% [4][44] - The report notes fluctuations in raw material prices, with cotton prices at 14,817 RMB per ton, reflecting a 0.62% increase [4][44] 3. Financial Performance - Keep's revenue grew from 663 million RMB in 2019 to 2.14 billion RMB in 2023, with a compound annual growth rate of 34% [21][23] - The revenue from proprietary brand products increased from 400 million RMB in 2019 to 950 million RMB in 2023, indicating a 24% CAGR [21][25] - The membership subscription and online content revenue surged from 150 million RMB in 2019 to 1 billion RMB in 2023, achieving a 60% CAGR [21][25] 4. Investment Recommendations - The report suggests focusing on sectors likely to benefit from policy support, including home appliances and pet products, with specific companies highlighted for potential investment [5][38] - It also identifies opportunities in the export market for clean appliances and the ongoing international expansion of brands like Keep [39][6]