> 数据图表咨询大家费用率比较：整体费用率下降，龙头更明显2025-8-0费用率比较：整体费用率下降，龙头更明显◆ 行业整体期间费用率下降：受益于出口带来的收入和人效提升，25Q2行业整体期间费用率下降，叠加本轮出口周期行业整体不需要额外资本开支，客车行业个股整体受益于规模效应。表：重点车企期间费用率比较（费用率同环比单位均为pct）期间费用率2024Q1 2024Q2 2025Q1 2025Q225Q2同25Q2环比比宇通客车13.84% 14.85% 10.83% 9.79% -5.06% -1.04%金龙客车11.94% 10.11% 9.47% 9.33% -0.77% -0.13%中通客车11.49% 7.07% 8.22% 7.80% 0.73% -0.41%安凯客车11.99% 14.12% 10.95% 8.11% -6.01% -2.84%表：重点车企期间费用率比较（费用率同环比单位均为pct）数据来源：各公司公告，东吴证券研究所90销售费用率管理费用率2024Q12024Q22025Q12025Q225Q2同比 25Q2环比 2024Q12024Q22025Q12025Q225Q2同比 25Q2环比宇通客车 6.86%金龙客车 5.60%中通客车 6.56%安凯客车 5.91%8.30%4.29%2.41%7.07%3.36%4.01%4.30%5.46%2.95%4.19%4.14%3.35%-5.36%-0.42%-0.10%0.18%1.72%-0.16%-3.73%-2.11%2.82%3.03%2.40%3.25%2.28%2.29%2.19%3.09%2.78%2.40%1.42%3.17%2.33%2.50%1.23%2.28%0.06%0.21%-0.44%0.10%-0.96%-0.19%-0.81%-0.89%研发费用率财务费用率2024Q12024Q22025Q12025Q225Q2同比 25Q2环比 2024Q12024Q22025Q12025Q225Q2同比 25Q2环比宇通客车 4.70%金龙客车 3.21%中通客车 2.88%安凯客车 3.18%4.41%3.54%3.35%4.70%4.57%3.43%3.27%3.51%4.66%3.33%3.09%2.60%0.25%0.09%-0.53%-0.14%0.12%-0.15%-0.01%-0.27%-0.21%-0.10%0.10%-0.01%-0.38%-0.69%-0.68%-0.31%-0.26%-0.19%-0.35%-0.87%-0.78%-0.65%-2.10%-0.91%-0.34%-0.74%-1.18%-0.12%0.22%0.62%0.13%1.07%东吴证券综合其他
