Core Viewpoint - SAIC Group is undergoing an internal integration of its parts system, aiming to reduce the conflict between vehicle manufacturers and parts suppliers, and enhance collaboration through a more integrated approach [2][3][8]. Group 1: Integration Strategy - SAIC is restructuring its parts companies into two main entities: "Upper Body" led by Yanfeng and "Lower Body" which is a new chassis company under preparation [3][6]. - The integration focuses on "whole-zero synergy," enhancing project communication beyond the typical client-supplier relationship [4][6]. - The new chassis company will integrate several subsidiaries, including Shanghai Huizhong and Lianchuang Automotive Electronics, with the aim of establishing a smart chassis architecture [6]. Group 2: Business Model and Technology - The "Lingxi Digital Chassis," developed by SAIC's R&D institute, incorporates advanced technologies like rear-wheel steering and electronic suspension, which are currently rare in the 200,000 to 300,000 yuan price range [7]. - SAIC aims to leverage its extensive experience and mature parts industry to enhance the competitiveness of its brands, while also sharing R&D costs through increased adoption of the smart chassis [7]. Group 3: Financial Performance and Market Position - Despite having a robust parts system, SAIC's automotive business reported a gross margin of only 3.86% last year, compared to 17.91% for its parts business, while BYD achieved a gross margin of 22.31% through vertical integration [7]. - The automotive industry is entering a phase of consolidation, with companies like Geely and BYD also pursuing integration strategies to streamline operations and enhance technological capabilities [8].

上汽集团（600104）内部的整合行动延伸至旗下零部件体系。上汽正按照"上车身"与"下车身"将零部件 企业整合为两大主体，"上车身"以延锋为主，"下车身"则是筹备中的新底盘公司。据我们了解，具体的 整合形式还没有完全定下来，可以明确的是整合行动围绕整零协同展开。一位接近上汽的知情人士告诉 我们，"上车身"的范围囊括车身、内外饰与智能座舱，整合不一定是以组织合并的形式，但一定会在项 目沟通上做更密切的连接，超越普通的甲乙方关系。一位延锋的员工也表示，"零部件这块整体合作"， 去年策划的项目已经在按照这个思路推进。至于"下车身"，我们了解到，新底盘公司将由上海汇众、联 创汽车电子及其子公司创时智驾、擎度科技等整合而来。(晚点AUTO) ...

减少整⻋企业和零部件企业之间的博弈。 文 丨 郭瑞婵 编辑 丨 龚方毅 上汽集团内部的整合行动延伸至旗下零部件体系。我们获悉，上汽正按照 "上车身" 与 "下车 身" 将零部件企业整合为两大主体，"上车身" 以延锋为主，"下车身" 则是筹备中的新底盘公 司。 据我们了解，具体的整合形式还没有完全定下来，可以明确的是整合行动围绕整零协同展开。 一位接近上汽的知情人士告诉我们，"上车身" 的范围囊括车身、内外饰与智能座舱，整合不一 定是以组织合并的形式，但一定会在项目沟通上做更密切的连接，超越普通的甲乙方关系。一 位延锋的员工也表示，"零部件这块整体合作"，去年策划的项目已经在按照这个思路推进。 至于 "下车身"，我们了解到，新底盘公司将由上海汇众、联创汽车电子及其子公司创时智驾、擎度科 技等整合而来。 针对以上信息，我们已向上汽集团进行求证，但截至发稿前未能获得确认。 新底盘公司的第一次曝光是在 4 月，当时有媒体报道称，上汽将整合旗下几家零部件子公司组建新的 智能底盘架构公司，并预计今年 6 月完成，新底盘公司的负责人为原上汽集团研发总院院长芦勇，他 上个月卸任研发总院院长一职，调往上海汇众。 - FIN - ...