<p>在經歷了近一年的低迷後，Axon Enterprise（納斯達克代碼：AXON）在最近的財報中取得了重大勝利。該公司在 5 月發佈後，股價上漲了近 11%，並且發佈了令人印象深刻的銷售額、收益和指引。</p>
<p>獲取 <strong>Axon Enterprise</strong> 的提醒：</p>
<p>儘管如此，這隻防務股票仍大幅下跌，目前交易價格不到 2025 年 8 月創下的 52 周高點的 50%。這種下跌部分是合理的，但其他方面則更值得懷疑。</p>
<p>在過去的高點，Axon 的前瞻市盈率（P/E）接近 130 倍；這表明該公司 “被定價為完美”。</p>
<p>然而，儘管硬件銷售在 Axon 的業務中起着關鍵作用，並使其飛輪效應得以運作，但該股票仍因對軟件行業人工智能的擔憂而下跌。</p>
<p>在關鍵時刻，Axon 的業績顯示出未來對該公司的樂觀空間很大。</p>
<h2>Axon 的第一季度超預期</h2>
<p>在 2026 年第一季度，Axon 報告收入為 8.073 億美元，同比增長 34%。這一數字遠超 778.9 萬美元的預期。同時，調整後的每股收益（EPS）略微增長不到 10%，達到 1.61 美元，輕微超出預期的 1.60 美元。值得注意的是，毛利率受到顯著影響，導致收入增長速度遠快於調整後的 EPS。</p>
<p>毛利率同比下降 150 個基點，降至 59.1%，公司指出全球關税是主要原因。這是另一個對 Axon 股票造成傷害的合理因素，也是財報電話會議上的一個持續討論點。</p>
<p>儘管如此，公司仍維持全年調整後的息税折舊攤銷前利潤（EBITDA）率指引為 25.5%。Axon 還將全年收入增長指引上調至 31% 的中點。這比過去 29% 的中點指引有了顯著提升，合同預訂增長同比增加了 44%，遠高於第一季度的銷售增長。重要的是，Axon 在其人工智能產品中看到顯著增長，反駁了這一技術對 Axon 構成重大威脅的説法。</p>
<h2>人工智能增長飆升，執法部門積極採購</h2>
<p>Axon 的人工智能時代計劃是其為執法部門提供的最昂貴的硬件和軟件包。在這裏，預訂同比增長了 140%，公司指出 “幾乎所有大型國內執法機構現在都在其採購中包含人工智能。” 這是一項非常強有力的聲明，表明人工智能正在成為機構採購決策的核心，而不僅僅是可有可無的選擇。</p>
<p>公司投資者演示文稿的第 23 頁也説明了硬件銷售如何構成公司軟件、服務和人工智能飛輪效應的基礎。在人工智能時代計劃的第一年，硬件銷售佔收入的約一半。這是公司銷售電擊器、身體攝像頭、虛擬現實頭盔和無人機等產品的地方。</p>
<p>然而，在第一年之後，硬件銷售非常有限。在五年內，人工智能和非人工智能軟件及服務的組合佔總計劃收入的 75% 以上。這包括像 Draft One 這樣的產品，人工智能利用身體攝像頭錄製的視頻生成事件報告的初稿，節省了警員在文書工作上的時間。</p>
<p>機構繼續在幾年內為這些服務付費，但只有在首次購買必要的硬件後才有用。因此，儘管 Axon 確實有顯著的軟件曝光，但其以硬件為先的模式提供了對軟件公司所沒有的人工智能競爭的保護。</p>
<p>此外，Axon 的無人機需求正在激增。在本季度，其反無人機收入同比增長了 300%。預訂增長更為顯著，同比增長 500%，表明需求正在加速。</p>
<h2>Axon 在財報後的成功持續；市場仍然不信服</h2>
<p>值得注意的是，儘管最近股價下跌，Axon 通過財務業績持續展現其業務的強勁。在過去 10 次財報發佈後，Axon 的平均財報後漲幅約為 12%。這是投資者在許多其他股票中難以找到的成就。</p>
<h3>Axon Enterprise MarketRank™ 股票分析</h3>
<p><strong>整體 MarketRank™****89 百分位</strong></p>
<p>分析師評級 <strong>適度買入</strong></p>
<p>上漲/下跌 <strong>76.6% 上漲</strong></p>
<p>空頭頭寸水平 <strong>健康</strong></p>
<p>股息強度 <strong>不適用</strong></p>
<p>新聞情緒 <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>內部交易 <strong>出售股份</strong></p>
<p>預計收益增長 <strong>114.89%</strong></p>
<p>查看完整分析</p>
<p>當然，過去的財報後成功並不意味着未來會繼續。然而，這證明了一件事：市場一再低估 Axon，然後在公司提供無法否認的數字後進行修正。可以説，現在發生的事情與此相似，考慮到股票的巨大下跌和財報後的反彈。</p>
<p>此外，Axon 的價格走勢仍與整體軟件市場的價格走勢相吻合。這表明，儘管其商業模式存在顯著差異，投資者尚未將 Axon 與軟件股票區分開。</p>
<p>分析師對 Axon 的前景繼續持樂觀態度。MarketBeat 的共識目標價接近 713 美元，意味着上漲空間超過 75%。在公司財報發佈後更新的目標價則顯著較低，平均約為 604 美元。然而，這一數字仍暗示着超過 50% 的可觀上漲空間。</p>
<h2>你現在應該投資 1000 美元在 Axon Enterprise 嗎？</h2>
<p>在考慮 Axon Enterprise 之前，你會想聽聽這個。</p>
<p>MarketBeat 跟蹤華爾街頂級評級和表現最佳的研究分析師，以及他們每天向客户推薦的股票。MarketBeat 已識別出五隻股票，頂級分析師正在悄悄地向客户推薦現在購買，以便在更廣泛的市場注意到之前……而 Axon Enterprise 並不在名單上。</p>
<p>雖然 Axon Enterprise 目前在分析師中被評為適度買入，但頂級分析師認為這五隻股票更值得購買。</p>
<p>在這裏查看這五隻股票</p>

AXON

AXUP

<p>Axon Enterprise 的股票在強勁的第一季度財報發佈後上漲了近 11%，收入為 8.073 億美元，調整後的每股收益為 1.61 美元。儘管如此，由於對人工智能競爭和全球關税影響毛利率的擔憂，該股票仍然比其 52 周高點低超過 50%。然而，Axon 在其人工智能產品方面正經歷顯著增長，其 AI 時代計劃的訂單同比增長了 140%。公司保持積極的前景，將全年收入增長指引上調至 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>在經歷了近一年的低迷後，Axon Enterprise（納斯達克代碼：AXON）在最近的財報中取得了重大勝利。該公司在 5 月發佈後，股價上漲了近 11%，並且發佈了令人印象深刻的銷售額、收益和指引。</p>
</div><p>Get <strong>Axon Enterprise</strong> alerts:</p>
<div class="lb-trans"><p>獲取 <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>儘管如此，這隻防務股票仍大幅下跌，目前交易價格不到 2025 年 8 月創下的 52 周高點的 50%。這種下跌部分是合理的，但其他方面則更值得懷疑。</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>在過去的高點，Axon 的前瞻市盈率（P/E）接近 130 倍；這表明該公司 “被定價為完美”。</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，儘管硬件銷售在 Axon 的業務中起着關鍵作用，並使其飛輪效應得以運作，但該股票仍因對軟件行業人工智能的擔憂而下跌。</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>在關鍵時刻，Axon 的業績顯示出未來對該公司的樂觀空間很大。</p>
</div><h2>Axon’s Beat and Raise Q1</h2>
<div class="lb-trans"><h2>Axon 的第一季度超預期</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 報告收入為 8.073 億美元，同比增長 34%。這一數字遠超 778.9 萬美元的預期。同時，調整後的每股收益（EPS）略微增長不到 10%，達到 1.61 美元，輕微超出預期的 1.60 美元。值得注意的是，毛利率受到顯著影響，導致收入增長速度遠快於調整後的 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 個基點，降至 59.1%，公司指出全球關税是主要原因。這是另一個對 Axon 股票造成傷害的合理因素，也是財報電話會議上的一個持續討論點。</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>儘管如此，公司仍維持全年調整後的息税折舊攤銷前利潤（EBITDA）率指引為 25.5%。Axon 還將全年收入增長指引上調至 31% 的中點。這比過去 29% 的中點指引有了顯著提升，合同預訂增長同比增加了 44%，遠高於第一季度的銷售增長。重要的是，Axon 在其人工智能產品中看到顯著增長，反駁了這一技術對 Axon 構成重大威脅的説法。</p>
</div><h2>AI Growth Soars as Law Enforcement Buys In</h2>
<div class="lb-trans"><h2>人工智能增長飆升，執法部門積極採購</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 的人工智能時代計劃是其為執法部門提供的最昂貴的硬件和軟件包。在這裏，預訂同比增長了 140%，公司指出 “幾乎所有大型國內執法機構現在都在其採購中包含人工智能。” 這是一項非常強有力的聲明，表明人工智能正在成為機構採購決策的核心，而不僅僅是可有可無的選擇。</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>公司投資者演示文稿的第 23 頁也説明了硬件銷售如何構成公司軟件、服務和人工智能飛輪效應的基礎。在人工智能時代計劃的第一年，硬件銷售佔收入的約一半。這是公司銷售電擊器、身體攝像頭、虛擬現實頭盔和無人機等產品的地方。</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，在第一年之後，硬件銷售非常有限。在五年內，人工智能和非人工智能軟件及服務的組合佔總計劃收入的 75% 以上。這包括像 Draft One 這樣的產品，人工智能利用身體攝像頭錄製的視頻生成事件報告的初稿，節省了警員在文書工作上的時間。</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>機構繼續在幾年內為這些服務付費，但只有在首次購買必要的硬件後才有用。因此，儘管 Axon 確實有顯著的軟件曝光，但其以硬件為先的模式提供了對軟件公司所沒有的人工智能競爭的保護。</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 的無人機需求正在激增。在本季度，其反無人機收入同比增長了 300%。預訂增長更為顯著，同比增長 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 在財報後的成功持續；市場仍然不信服</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，儘管最近股價下跌，Axon 通過財務業績持續展現其業務的強勁。在過去 10 次財報發佈後，Axon 的平均財報後漲幅約為 12%。這是投資者在許多其他股票中難以找到的成就。</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>整體 MarketRank™****89 百分位</strong></p>
</div><p>Analyst Rating<strong>Moderate Buy</strong></p>
<div class="lb-trans"><p>分析師評級 <strong>適度買入</strong></p>
</div><p>Upside/Downside<strong>76.6% Upside</strong></p>
<div class="lb-trans"><p>上漲/下跌 <strong>76.6% 上漲</strong></p>
</div><p>Short Interest Level<strong>Healthy</strong></p>
<div class="lb-trans"><p>空頭頭寸水平 <strong>健康</strong></p>
</div><p>Dividend Strength<strong>N/A</strong></p>
<div class="lb-trans"><p>股息強度 <strong>不適用</strong></p>
</div><p>News Sentiment<strong>0.61</strong></p>
<div class="lb-trans"><p>新聞情緒 <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>內部交易 <strong>出售股份</strong></p>
</div><p>Proj. Earnings Growth<strong>114.89%</strong></p>
<div class="lb-trans"><p>預計收益增長 <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>當然，過去的財報後成功並不意味着未來會繼續。然而，這證明了一件事：市場一再低估 Axon，然後在公司提供無法否認的數字後進行修正。可以説，現在發生的事情與此相似，考慮到股票的巨大下跌和財報後的反彈。</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 的價格走勢仍與整體軟件市場的價格走勢相吻合。這表明，儘管其商業模式存在顯著差異，投資者尚未將 Axon 與軟件股票區分開。</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>分析師對 Axon 的前景繼續持樂觀態度。MarketBeat 的共識目標價接近 713 美元，意味着上漲空間超過 75%。在公司財報發佈後更新的目標價則顯著較低，平均約為 604 美元。然而，這一數字仍暗示着超過 50% 的可觀上漲空間。</p>
</div><h2>Should You Invest $1,000 in Axon Enterprise Right Now?</h2>
<div class="lb-trans"><h2>你現在應該投資 1000 美元在 Axon Enterprise 嗎？</h2>
</div><p>Before you consider Axon Enterprise, you'll want to hear this.</p>
<div class="lb-trans"><p>在考慮 Axon Enterprise 之前，你會想聽聽這個。</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 跟蹤華爾街頂級評級和表現最佳的研究分析師，以及他們每天向客户推薦的股票。MarketBeat 已識別出五隻股票，頂級分析師正在悄悄地向客户推薦現在購買，以便在更廣泛的市場注意到之前……而 Axon Enterprise 並不在名單上。</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>雖然 Axon Enterprise 目前在分析師中被評為適度買入，但頂級分析師認為這五隻股票更值得購買。</p>
</div><p>View The Five Stocks Here</p>
<div class="lb-trans"><p>在這裏查看這五隻股票</p>
</div>

Axon 在發佈財報後股價飆升，但仍較歷史高點下跌超過 50%