<p>在经历了近一年的低迷后，Axon Enterprise（纳斯达克代码：AXON）在最近的财报中取得了重大胜利。该公司在 5 月发布后，股价上涨了近 11%，并且发布了令人印象深刻的销售额、收益和指引。</p>
<p>获取 <strong>Axon Enterprise</strong> 的提醒：</p>
<p>尽管如此，这只防务股票仍大幅下跌，目前交易价格不到 2025 年 8 月创下的 52 周高点的 50%。这种下跌部分是合理的，但其他方面则更值得怀疑。</p>
<p>在过去的高点，Axon 的前瞻市盈率（P/E）接近 130 倍；这表明该公司 “被定价为完美”。</p>
<p>然而，尽管硬件销售在 Axon 的业务中起着关键作用，并使其飞轮效应得以运作，但该股票仍因对软件行业人工智能的担忧而下跌。</p>
<p>在关键时刻，Axon 的业绩显示出未来对该公司的乐观空间很大。</p>
<h2>Axon 的第一季度超预期</h2>
<p>在 2026 年第一季度，Axon 报告收入为 8.073 亿美元，同比增长 34%。这一数字远超 778.9 万美元的预期。同时，调整后的每股收益（EPS）略微增长不到 10%，达到 1.61 美元，轻微超出预期的 1.60 美元。值得注意的是，毛利率受到显著影响，导致收入增长速度远快于调整后的 EPS。</p>
<p>毛利率同比下降 150 个基点，降至 59.1%，公司指出全球关税是主要原因。这是另一个对 Axon 股票造成伤害的合理因素，也是财报电话会议上的一个持续讨论点。</p>
<p>尽管如此，公司仍维持全年调整后的息税折旧摊销前利润（EBITDA）率指引为 25.5%。Axon 还将全年收入增长指引上调至 31% 的中点。这比过去 29% 的中点指引有了显著提升，合同预订增长同比增加了 44%，远高于第一季度的销售增长。重要的是，Axon 在其人工智能产品中看到显著增长，反驳了这一技术对 Axon 构成重大威胁的说法。</p>
<h2>人工智能增长飙升，执法部门积极采购</h2>
<p>Axon 的人工智能时代计划是其为执法部门提供的最昂贵的硬件和软件包。在这里，预订同比增长了 140%，公司指出 “几乎所有大型国内执法机构现在都在其采购中包含人工智能。” 这是一项非常强有力的声明，表明人工智能正在成为机构采购决策的核心，而不仅仅是可有可无的选择。</p>
<p>公司投资者演示文稿的第 23 页也说明了硬件销售如何构成公司软件、服务和人工智能飞轮效应的基础。在人工智能时代计划的第一年，硬件销售占收入的约一半。这是公司销售电击器、身体摄像头、虚拟现实头盔和无人机等产品的地方。</p>
<p>然而，在第一年之后，硬件销售非常有限。在五年内，人工智能和非人工智能软件及服务的组合占总计划收入的 75% 以上。这包括像 Draft One 这样的产品，人工智能利用身体摄像头录制的视频生成事件报告的初稿，节省了警员在文书工作上的时间。</p>
<p>机构继续在几年内为这些服务付费，但只有在首次购买必要的硬件后才有用。因此，尽管 Axon 确实有显著的软件曝光，但其以硬件为先的模式提供了对软件公司所没有的人工智能竞争的保护。</p>
<p>此外，Axon 的无人机需求正在激增。在本季度，其反无人机收入同比增长了 300%。预订增长更为显著，同比增长 500%，表明需求正在加速。</p>
<h2>Axon 在财报后的成功持续；市场仍然不信服</h2>
<p>值得注意的是，尽管最近股价下跌，Axon 通过财务业绩持续展现其业务的强劲。在过去 10 次财报发布后，Axon 的平均财报后涨幅约为 12%。这是投资者在许多其他股票中难以找到的成就。</p>
<h3>Axon Enterprise MarketRank™ 股票分析</h3>
<p><strong>整体 MarketRank™****89 百分位</strong></p>
<p>分析师评级 <strong>适度买入</strong></p>
<p>上涨/下跌 <strong>76.6% 上涨</strong></p>
<p>空头头寸水平 <strong>健康</strong></p>
<p>股息强度 <strong>不适用</strong></p>
<p>新闻情绪 <strong>0.61</strong></p>
<p><strong><img src="https://imageproxy.pbkrs.com/https://www.marketbeat.com/scripts/MediaMentionsMiniChart.ashx/query-UHJlZml4PU5BU0RBUQAyNlN5bWJvbD1BWE9OADI2dj0y?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://www.marketbeat.com/scripts/MediaMentionsMiniChart.ashx/query-UHJlZml4PU5BU0RBUQAyNlN5bWJvbD1BWE9OADI2dj0y"/></strong></p>
<p>内部交易 <strong>出售股份</strong></p>
<p>预计收益增长 <strong>114.89%</strong></p>
<p>查看完整分析</p>
<p>当然，过去的财报后成功并不意味着未来会继续。然而，这证明了一件事：市场一再低估 Axon，然后在公司提供无法否认的数字后进行修正。可以说，现在发生的事情与此相似，考虑到股票的巨大下跌和财报后的反弹。</p>
<p>此外，Axon 的价格走势仍与整体软件市场的价格走势相吻合。这表明，尽管其商业模式存在显著差异，投资者尚未将 Axon 与软件股票区分开。</p>
<p>分析师对 Axon 的前景继续持乐观态度。MarketBeat 的共识目标价接近 713 美元，意味着上涨空间超过 75%。在公司财报发布后更新的目标价则显著较低，平均约为 604 美元。然而，这一数字仍暗示着超过 50% 的可观上涨空间。</p>
<h2>你现在应该投资 1000 美元在 Axon Enterprise 吗？</h2>
<p>在考虑 Axon Enterprise 之前，你会想听听这个。</p>
<p>MarketBeat 跟踪华尔街顶级评级和表现最佳的研究分析师，以及他们每天向客户推荐的股票。MarketBeat 已识别出五只股票，顶级分析师正在悄悄地向客户推荐现在购买，以便在更广泛的市场注意到之前……而 Axon Enterprise 并不在名单上。</p>
<p>虽然 Axon Enterprise 目前在分析师中被评为适度买入，但顶级分析师认为这五只股票更值得购买。</p>
<p>在这里查看这五只股票</p>

AXON

AXUP

<p>Axon Enterprise 的股票在强劲的第一季度财报发布后上涨了近 11%，收入为 8.073 亿美元，调整后的每股收益为 1.61 美元。尽管如此，由于对人工智能竞争和全球关税影响毛利率的担忧，该股票仍然比其 52 周高点低超过 50%。然而，Axon 在其人工智能产品方面正经历显著增长，其 AI 时代计划的订单同比增长了 140%。公司保持积极的前景，将全年收入增长指引上调至 31%</p>

<p>After getting beaten down for the better part of a year, Axon Enterprise NASDAQ: AXON scored a big win after its last earnings report. Shares surged by nearly 11% following the firm’s May release, with the company posting impressive sales, earnings, and guidance.</p>
<div class="lb-trans"><p>在经历了近一年的低迷后，Axon Enterprise（纳斯达克代码：AXON）在最近的财报中取得了重大胜利。该公司在 5 月发布后，股价上涨了近 11%，并且发布了令人印象深刻的销售额、收益和指引。</p>
</div><p>Get <strong>Axon Enterprise</strong> alerts:</p>
<div class="lb-trans"><p>获取 <strong>Axon Enterprise</strong> 的提醒：</p>
</div><p>Nonetheless, the defense stock is down big time, still trading at less than 50% of its 52-week high reached in August 2025. Some of this fall was likely justified, but other aspects are much more questionable.</p>
<div class="lb-trans"><p>尽管如此，这只防务股票仍大幅下跌，目前交易价格不到 2025 年 8 月创下的 52 周高点的 50%。这种下跌部分是合理的，但其他方面则更值得怀疑。</p>
</div><p>At past highs, Axon traded at a forward price-to-earnings ratio (P/E) near 130x; evident of a company “priced for perfection.&#34;</p>
<div class="lb-trans"><p>在过去的高点，Axon 的前瞻市盈率（P/E）接近 130 倍；这表明该公司 “被定价为完美”。</p>
</div><p>However, the stock has also sunk amid fears of artificial intelligence in the software industry. This comes even though hardware sales play a critical role in Axon’s business and make its flywheel effect work.</p>
<div class="lb-trans"><p>然而，尽管硬件销售在 Axon 的业务中起着关键作用，并使其飞轮效应得以运作，但该股票仍因对软件行业人工智能的担忧而下跌。</p>
</div><p>When push comes to shove, Axon’s results show why there is a lot of room for optimism around this name going forward.</p>
<div class="lb-trans"><p>在关键时刻，Axon 的业绩显示出未来对该公司的乐观空间很大。</p>
</div><h2>Axon’s Beat and Raise Q1</h2>
<div class="lb-trans"><h2>Axon 的第一季度超预期</h2>
</div><p>In Q1 2026, Axon reported revenue of $807.3 million, good for a growth rate of 34% year over year (YOY). This very handily beat estimates of $778.9 million. Meanwhile, adjusted earnings per share (EPS) rose by just under 10% to $1.61, a slight beat over expectations of $1.60. Notably, gross margins took a meaningful hit, leading to revenue growing much faster than adjusted EPS.</p>
<div class="lb-trans"><p>在 2026 年第一季度，Axon 报告收入为 8.073 亿美元，同比增长 34%。这一数字远超 778.9 万美元的预期。同时，调整后的每股收益（EPS）略微增长不到 10%，达到 1.61 美元，轻微超出预期的 1.60 美元。值得注意的是，毛利率受到显著影响，导致收入增长速度远快于调整后的 EPS。</p>
</div><p>Gross margin fell by 150 basis points YOY to 59.1%, with the company noting global tariffs as the primary driver. This is another legitimate factor hurting Axon stock, being a persistent talking point on earnings calls.</p>
<div class="lb-trans"><p>毛利率同比下降 150 个基点，降至 59.1%，公司指出全球关税是主要原因。这是另一个对 Axon 股票造成伤害的合理因素，也是财报电话会议上的一个持续讨论点。</p>
</div><p>Despite this, the company maintained its full-year adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) margin guidance of 25.5%. Axon also raised its full-year revenue growth guidance to a midpoint of 31%. This is a meaningful boost over past midpoint guidance of 29%, coming as contracted booking growth increased 44% YOY, well above Q1 sales growth. Importantly, Axon is seeing considerable growth from its AI offerings, counteracting the narrative that the technology is a large threat to Axon rather than a tailwind.</p>
<div class="lb-trans"><p>尽管如此，公司仍维持全年调整后的息税折旧摊销前利润（EBITDA）率指引为 25.5%。Axon 还将全年收入增长指引上调至 31% 的中点。这比过去 29% 的中点指引有了显著提升，合同预订增长同比增加了 44%，远高于第一季度的销售增长。重要的是，Axon 在其人工智能产品中看到显著增长，反驳了这一技术对 Axon 构成重大威胁的说法。</p>
</div><h2>AI Growth Soars as Law Enforcement Buys In</h2>
<div class="lb-trans"><h2>人工智能增长飙升，执法部门积极采购</h2>
</div><p>Axon’s AI Era plan is its most expensive hardware and software package for law enforcement. Here, bookings rose by 140% YOY, with the company noting that “nearly all large domestic law enforcement agencies are now including AI in their purchases.” That’s a very strong statement, showing that AI is moving to the core of how agencies make purchasing decisions, rather than being a nice-to-have.</p>
<div class="lb-trans"><p>Axon 的人工智能时代计划是其为执法部门提供的最昂贵的硬件和软件包。在这里，预订同比增长了 140%，公司指出 “几乎所有大型国内执法机构现在都在其采购中包含人工智能。” 这是一项非常强有力的声明，表明人工智能正在成为机构采购决策的核心，而不仅仅是可有可无的选择。</p>
</div><p>Slide 23 of the company’s Investor Deck also illustrates how hardware sales form the basis of the company’s software, services, and AI flywheel effect. In year one of the AI Era Plan, hardware sales represent about half of revenue. This is where the company sells products like tasers, body cameras, virtual reality headsets, and drones.</p>
<div class="lb-trans"><p>公司投资者演示文稿的第 23 页也说明了硬件销售如何构成公司软件、服务和人工智能飞轮效应的基础。在人工智能时代计划的第一年，硬件销售占收入的约一半。这是公司销售电击器、身体摄像头、虚拟现实头盔和无人机等产品的地方。</p>
</div><p>However, after year one, hardware sales are very minimal. Over a five-year period, the combination of AI and non-AI software and services makes up over 75% of total plan revenue. This includes offerings like Draft One, where AI uses body camera recordings to create a first draft of incident reports, saving officers time on paperwork.</p>
<div class="lb-trans"><p>然而，在第一年之后，硬件销售非常有限。在五年内，人工智能和非人工智能软件及服务的组合占总计划收入的 75% 以上。这包括像 Draft One 这样的产品，人工智能利用身体摄像头录制的视频生成事件报告的初稿，节省了警员在文书工作上的时间。</p>
</div><p>Agencies continue to pay for these services over several years, but they are useful only after first purchasing the necessary hardware. So, while Axon certainly has significant software exposure, its hardware-first model provides protection from AI competition that software-only companies do not possess.</p>
<div class="lb-trans"><p>机构继续在几年内为这些服务付费，但只有在首次购买必要的硬件后才有用。因此，尽管 Axon 确实有显著的软件曝光，但其以硬件为先的模式提供了对软件公司所没有的人工智能竞争的保护。</p>
</div><p>Adding to this is the fact that demand for Axon’s drones is spiking. During the quarter, its counter-drone revenue increased by 300% YOY. Bookings rose considerably more, up 500% YOY, indicating that demand is accelerating.</p>
<div class="lb-trans"><p>此外，Axon 的无人机需求正在激增。在本季度，其反无人机收入同比增长了 300%。预订增长更为显著，同比增长 500%，表明需求正在加速。</p>
</div><h2>Axon Continues Its Post-Earnings Success; Markets Remain Unconvinced</h2>
<div class="lb-trans"><h2>Axon 在财报后的成功持续；市场仍然不信服</h2>
</div><p>Notably, despite recent drops, Axon has continually shown the strength of its business through financial results. Following its past 10 earnings releases, Axon has seen an average post-earnings gain of approximately 12%. That is a feat investors would be hard-pressed to find in many other stocks.</p>
<div class="lb-trans"><p>值得注意的是，尽管最近股价下跌，Axon 通过财务业绩持续展现其业务的强劲。在过去 10 次财报发布后，Axon 的平均财报后涨幅约为 12%。这是投资者在许多其他股票中难以找到的成就。</p>
</div><h3>Axon Enterprise MarketRank™ Stock Analysis</h3>
<div class="lb-trans"><h3>Axon Enterprise MarketRank™ 股票分析</h3>
</div><p><strong>Overall MarketRank™****89th Percentile</strong></p>
<div class="lb-trans"><p><strong>整体 MarketRank™****89 百分位</strong></p>
</div><p>Analyst Rating<strong>Moderate Buy</strong></p>
<div class="lb-trans"><p>分析师评级 <strong>适度买入</strong></p>
</div><p>Upside/Downside<strong>76.6% Upside</strong></p>
<div class="lb-trans"><p>上涨/下跌 <strong>76.6% 上涨</strong></p>
</div><p>Short Interest Level<strong>Healthy</strong></p>
<div class="lb-trans"><p>空头头寸水平 <strong>健康</strong></p>
</div><p>Dividend Strength<strong>N/A</strong></p>
<div class="lb-trans"><p>股息强度 <strong>不适用</strong></p>
</div><p>News Sentiment<strong>0.61</strong></p>
<div class="lb-trans"><p>新闻情绪 <strong>0.61</strong></p>
</div><p><strong><img src="https://imageproxy.pbkrs.com/https://www.marketbeat.com/scripts/MediaMentionsMiniChart.ashx/query-UHJlZml4PU5BU0RBUSZTeW1ib2w9QVhPTiZ2PTI" alt="" original-src="https://www.marketbeat.com/scripts/MediaMentionsMiniChart.ashx?Prefix=NASDAQ&amp;Symbol=AXON&amp;v=2"/></strong></p>
<div class="lb-trans"><p><strong><img src="https://imageproxy.pbkrs.com/https://www.marketbeat.com/scripts/MediaMentionsMiniChart.ashx/query-UHJlZml4PU5BU0RBUQAyNlN5bWJvbD1BWE9OADI2dj0y" alt="" original-src="https://www.marketbeat.com/scripts/MediaMentionsMiniChart.ashx?Prefix=NASDAQ%0026Symbol=AXON%0026v=2"/></strong></p>
</div><p>Insider Trading<strong>Selling Shares</strong></p>
<div class="lb-trans"><p>内部交易 <strong>出售股份</strong></p>
</div><p>Proj. Earnings Growth<strong>114.89%</strong></p>
<div class="lb-trans"><p>预计收益增长 <strong>114.89%</strong></p>
</div><p>See Full Analysis</p>
<div class="lb-trans"><p>查看完整分析</p>
</div><p>Surely, past post-earnings success does not mean it will continue. However, it is evidence of one thing: the market has repeatedly underestimated Axon and then corrected after the company provides numbers that it cannot deny. It's arguable that the same thing is happening now, given the stock’s massive decline and post-earnings jump.</p>
<div class="lb-trans"><p>当然，过去的财报后成功并不意味着未来会继续。然而，这证明了一件事：市场一再低估 Axon，然后在公司提供无法否认的数字后进行修正。可以说，现在发生的事情与此相似，考虑到股票的巨大下跌和财报后的反弹。</p>
</div><p>Furthermore, much of Axon’s price action continues to coincide with the price action of the overall software market. This indicates that investors have yet to separate Axon from software stocks, despite the significant differences in its business model.</p>
<div class="lb-trans"><p>此外，Axon 的价格走势仍与整体软件市场的价格走势相吻合。这表明，尽管其商业模式存在显著差异，投资者尚未将 Axon 与软件股票区分开。</p>
</div><p>Analysts continue to have a positive outlook on Axon. The MarketBeat consensus price target sits near $713, implying upside north of 75%. Targets updated after the company’s earnings report are considerably lower, averaging around $604. However, this figure still implies substantial upside of just over 50%.</p>
<div class="lb-trans"><p>分析师对 Axon 的前景继续持乐观态度。MarketBeat 的共识目标价接近 713 美元，意味着上涨空间超过 75%。在公司财报发布后更新的目标价则显著较低，平均约为 604 美元。然而，这一数字仍暗示着超过 50% 的可观上涨空间。</p>
</div><h2>Should You Invest $1,000 in Axon Enterprise Right Now?</h2>
<div class="lb-trans"><h2>你现在应该投资 1000 美元在 Axon Enterprise 吗？</h2>
</div><p>Before you consider Axon Enterprise, you'll want to hear this.</p>
<div class="lb-trans"><p>在考虑 Axon Enterprise 之前，你会想听听这个。</p>
</div><p>MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Axon Enterprise wasn't on the list.</p>
<div class="lb-trans"><p>MarketBeat 跟踪华尔街顶级评级和表现最佳的研究分析师，以及他们每天向客户推荐的股票。MarketBeat 已识别出五只股票，顶级分析师正在悄悄地向客户推荐现在购买，以便在更广泛的市场注意到之前……而 Axon Enterprise 并不在名单上。</p>
</div><p>While Axon Enterprise currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.</p>
<div class="lb-trans"><p>虽然 Axon Enterprise 目前在分析师中被评为适度买入，但顶级分析师认为这五只股票更值得购买。</p>
</div><p>View The Five Stocks Here</p>
<div class="lb-trans"><p>在这里查看这五只股票</p>
</div>

Axon 在发布财报后股价飙升，但仍较历史高点下跌超过 50%