If you look at the robocopy help, you will see that the first parameter is the source folder, the second parameter is the destination folder, and the subsequent parameters are the files that you want to copy. "[file [file]...]"
Assuming that AXXX1.lbl is the name of a file, you would specify it like this.
robocopy \\msXXXXX\N$\AXXX\ \\msXXXXXX\M$\AXXX\ AXXX1.lbl
You have included the /e switch which is:
/E :: copy subdirectories, including Empty ones.
If you are attempting to copy specific files, then there is no reason to copy subdirectories.
I would also caution you on copying file security if you are only copying files. From my experience, setting security on individual files is a bad idea. You should always have files inherit the permissions from the folder that they reside in.
Explanation: Office apps like Excel and Word do not save updates back to the original file. They create a temporary file, save the data, delete the original file, and then rename the temp file back to the original name. So, if you have unique permissions on a file, they will be lost when a user updates the file.
If the AXXX folder does not exist on the destination, then copying security would make sense. You might want to check the permissions after you run the copy to verify that any inherited permissions are copied/set correctly.