Toyota Boshoku (3116): 2026 technology briefing: Reaffirms technology roadmap of 2030 medium-term plan

Research evidence excerpt

Toyota Boshoku (3116): 2026 technology briefing: Reaffirms technology roadmap of 2030 medium-term plan

J P M O R G A N Asia Pacific Equity Research

14 July 2026

Toyota Boshoku (3116) Neutral

3116.T, 3116 JP

2026 technology briefing: Reaffirms technology Price (14 Jul 26):¥2,174

roadmap of 2030 medium-term plan Price Target (Dec-26):¥2,200

Toyota Boshoku held a technology briefing at its Sanage plant on the 14th. The Japan Equity Research

company, which aims to be an interior space creator that can plan and propose

Autos & Auto Parts

entire cabin spaces, is catching up technologically in core areas such as seats and

door trims. During the technology briefing, management introduced a wide range Wencong Zhang AC

of products and technologies, including zero-gravity seats with enhanced safety (81-3) 6736-8627

wencong.zhang@jpmorgan.com

mechanisms, infotainment seats, and illuminated door trims, which we think can

Akira Kishimoto

be expected to win orders. We will monitor the expansion of vehicle models (81-3) 6736-8646

equipped with new functions. akira.x.kishimoto@jpmorgan.com

JPMorgan Securities Japan Co., Ltd.

• Technological catch-up progressing: In recent years, competing seat makers

have been developing related technologies in line with the trend of the pursuit

of seat comfort and functionality in the Chinese market. Toyota Boshoku is also

strengthening its in-house development capabilities, focusing on thermal

management, acoustics, and illumination technologies. One example is the

illuminated door trim in the new Lexus ES, which has higher unit prices and

profitability than conventional products by adding unique animation control to

surface light emission technology. Furthermore, the zero-gravity seat under