斑马技术2025财年营收增长稳健，Q4净利润下滑

Financial Performance - The company reported a total revenue of $5.396 billion for the fiscal year 2025, representing an 8.57% year-over-year growth, with Q4 revenue reaching $1.475 billion, up 11.15% year-over-year, slightly exceeding market expectations. The growth was primarily driven by demand in the Asia-Pacific region and core businesses such as RFID and mobile computing [1] - The net profit for the fiscal year was $419 million, with a net profit margin of 7.77%. However, Q4 net profit declined by 57.06%, reflecting cost pressures such as tariffs impacting gross margins. The overall gross margin for the year was 45.94%, while Q4 gross margin was 44.61%, narrowing compared to the first three quarters [1] - Operating cash flow for the year was $917 million, with free cash flow at $831 million. The return on invested capital (ROIC) was 13.12%, indicating good capital allocation efficiency [1] Strategic Initiatives - The company is deepening its AI technology deployment, particularly with applications like Zebra Companion, which enhance frontline work efficiency and align with the industry's growing demand for AI hardware. The acquisition of EloTouch Solutions in Q3 2025 to strengthen its interconnected frontline strategy is noteworthy [2] - A stock repurchase plan of $500 million announced during the October 2025 earnings meeting is ongoing until October 2026, which may support shareholder returns [2] - Although the company did not provide explicit guidance for the new fiscal year in the latest report, it has largely met its previous Q4 sales growth expectation of 8-11%. The market is focused on potential profit improvement following supply chain diversification, such as production shifts to Vietnam and Mexico, and alleviation of tariff impacts [2] Stock Performance - Following the earnings report on February 12, the stock price closed at $274.15, with a single-day increase of 8.58% and a significant trading volume of $565 million, reflecting market speculation on the differentiated performance [3] - Needham maintained a "Buy" rating with a target price of $345, suggesting that the long-term potential of the AI and RFID businesses is not fully priced in [3]