日本汽车及汽车零部件：2026年汽车工程博览会要点

Japan Autos & Auto Parts: Key takeaways from the AutomotiveEngineering Exposition 2026 Engineering Exposition 2026,Japan'slargestmobilitytech exhibition.The event, organizedbythe Society of Automotive Engineers of Japan,is best described as'the auto expo of thepresent their technologies directly. This year's theme,'Collaborate for Future Mobility'focusesonDX-drivenvehicleevolution,mobilityservicetransformation,andinnovations inhighlight their directions in electrification, intelligent systems, and carbon neutrality. +813 67776998masahiro.akita@bernsteinsg.com +813 67776975tomohiro.kashimoto@bernsteinsg.com +81 3 6777 6974seunghyeok.kim@bernsteinsg.com AD:Japaneseautomakersare increasinglymakingaclearpivotfromBEVstoHEVs,with companies including Honda scaling back or delaying EV development and investmente-Power and Subaru's S:HEV).At the same time, Toyota continues to pursue its'multi-to 6% in FY3/27 from 2% in FY3/26. Exhibits also highlighted growing emphasis on SDVand ADAS/AD capabilities, including the new RAV4 equipped with the proprietary vehicleOS Arene and Nissan's Urban NOA system developed with Wayve. Going forward, Japaneseautomakers'formal launches of NOA inmajor regions will be akey focus. Automakers:advancingSDV,ADAS/AD,andnewmobility solutions.Automakersshowcasedtechnologiessupporting thetransitiontoward SDV,ADAS/AD,and automateddriving, highlighted by Toyota's sixth-generation RAV4 and Mazda's all-new CX-5featuring next-generation E/E architectures and enhanced softwarecapabilities as wellas Nissan's next-generation ProPILOT and future robotaxi applications.Beyond vehicle-centric technologies, Toyota also presented a traffic safety solution integrating vehicles,infrastructure, and people, while Daihatsu introduceda microgrid utilizing BEVs as mobilebeyondvehiclemanufacturing towardbroadermobility and energy ecosystems. Suppliers:foundationaltechnologies supporting SDVandelectrification.Exhibitsby suppliers can be categorized into three directions,technologies enhancing vehicleperformance and user experience,electrification solutions,and digital technologiessupporting SDV andADAS/AD.Denso exhibitedSiC semiconductors designedtosignificantly improve EV driving performance. The company is expected to beginmassproduction of 8-inch SiC wafers from 2027, supporting production growth.Aisinshowcased an active rear steering system enhancing driving performance at both high andlowspeeds.Astemopresentedaferrite-basedrare-earth-freemotordesignedtomitigateNEOMAXmagneticmaterialstogetherwithmotorcoresandEVmotorwindingmaterials.Meanwhile, Bosch and Magna highlighted sensing technologies, vehicle computingplatforms, OTA-enabled architectures,and integrated ADAS solutions,underscoringthegrowing importance of software, connectivity,and centralized computing in nextgeneration vehicle development. INVESTMENTIMPLICATIONS WerateSuzukiOutperform with a pricetarget ofJPY2,550.00. We rate Toyota Market-Perform with a price target of JPY 4,200.00. Werate Honda Market-Perform witha price target of JPY1,400.00. WerateNissanUnderperformwithapricetargetofJPY350.00 We rateMazda Underperform with a price target of JPY1,000.00. WerateSubaruUnderperformwithapricetargetof JPY2,350.00. WerateDensoMarket-Perform witha pricetarget ofJPY2,050.0o.Wehave revisedourFY3/27OPforecasttoJPY599bn(from JPY 644 bn), reflecting FY3/26 results. We maintain our price target of JPY2,050.00, based on the revision and a targetPBRof 0.99x (from1.04x, PER × forecastROE). WerateAisinMarket-Performwitha pricetarget of JPY2,450.00.Wehave revisedourFY3/27OPforecasttoJPY250bn(fromJPY269bn),reflectingFY3/26 results.We now setan updated price targetof JPY2,450.00 (from JPY2,750),based ontherevisionandatargetPBR of0.91x(from0.94x, PER×forecastROE). We visited the Automotive Engineering Exposition2026 held in Yokohama on May29th,oneof the Japan's largest automotive technology exhibitions, as part of our Japan Auto Tech Tour with a number of investors. The event, organized by the SocietyofAutomotiveEngineersofJapan,isbestdescribedas“theautoexpooftheengineers,bytheengineers,fortheengineers,arareplatformwherefrontlineengineerspresenttheirtechnologiesdirectly.Theeventbringstogetherautomakers,supplierstheme,'CollaborateforFutureMobility,focusesonDX-drivenvehicleevolution,mobilityservicetransformation,andinnovationsin manufacturing. also visited the booths of non-covered companies such as Mitsubishi Motors (not covered), Hino Motors (private), Isuzu Motors(not covered), IchikohIndustries (notcovered),Valeo (notcovered), Proterial (private), Astemo (not covered), Magna International(not covered), Toyoda Gosei (notcovered), and Bosch (notcovered). key long-termtechnology directions in electrification, intelligent systems,and carbon neutrality acrossthe companies wementionedabove. TOYOTA accidentsthroughautonomous driving enabled by collaboration withvehicle, infrastructure,andpeople. 1.Sixth-generationRAV4 Toyota showcased the sixth-generati