T.RAD

Basic Information

Stock Code
7236
Industry
Transportation Equipment
Category Detail
Auto Parts
Prefecture
Tokyo
Establishment Year
November 1936
Listing Year
October 1961
Official Website
https://www.trad.co.jp/
TSE Information
TSE Information
Yahoo! Finance
Yahoo! Finance
Other Companies
Synchro, Netsuren, Riken NPR, TPR, Nittan, Mimaki Engineering, Denso, Tokyo Radiator Manufacturing, Mikuni, Muro Corporation, Aisan Industry, Fujioze X, Ohashi Technica

Overview

T.RAD is a Japanese independent heat exchanger manufacturer founded in 1936, centered on automotive parts, with a global production and sales network spanning five regions worldwide, making it one of the leading companies in the industry.

Current Situation

T.RAD achieved consolidated sales of approximately ¥159.2 billion and operating profit of approximately ¥7.3 billion for the fiscal year ending March 2025, maintaining a stable business foundation. Its mainstay heat exchangers, centered on radiators and oil coolers for automobiles, boast high market shares in diverse fields including construction machinery and motorcycle parts. Through overseas subsidiaries in Europe, the Americas, and Asia, it has established a global supply system tailored to local needs. Centered on its technical research institute, it is focusing on developing EV-compatible products such as low-temperature radiators and battery coolers. Environmentally, it promotes enhancement of heat energy conversion technologies that contribute to global environmental conservation and supports the realization of a sustainable society. Aiming to become the world's No. 1 heat exchanger manufacturer by 2030, it is expanding advanced technologies and service deployments. In recent years, it has also advanced the expansion of overseas bases and production efficiency improvements through IT system introductions, accelerating differentiation from competitors.

Trivia

Interesting Facts

  • Founded in 1936 as Toyo Radiator Manufacturing Co., Ltd.
  • Pioneered a five-pole global expansion system among Japanese companies
  • One of Japan's leading independent manufacturers in the heat exchanger field
  • Possesses top domestic-level technology for EV and FCEV heat exchangers
  • Major customers include Toyota, Honda, Komatsu, and other leading companies
  • Bases span North America, Europe, and Asia, enabling global production
  • Specializes in customized development of special-shape radiators
  • Actively developing environmentally considerate products
  • Specialized heat exchanger manufacturer since its founding
  • Company name change in 2005 to strengthen branding
  • Classified under 'Automotive Parts (Engine Parts)' in Nikkei company information
  • Actively advancing into high-performance air conditioning and fuel cell fields
  • Promoting production reforms leveraging IT technology
  • Major shareholders include related company Jinya Connect
  • Long-established company that expanded from local to global

Hidden Connections

  • Forms a corporate group with the Yunoyu Jinya Group, maintaining stable capital relations
  • Supplies products to automobile manufacturers outside the Toyota Group, preserving independence
  • Promoting world-class product development through technology exchange between overseas subsidiaries
  • Inheriting venerable technology from the former Toyo Reikyaku era into the modern day
  • Serves as a model mid-sized growth company as a Tokyo Stock Exchange Prime listed entity
  • Rumors of technology exchanges with innovative companies like Canon
  • Stable contracts with major automotive suppliers worldwide
  • Focuses on nurturing specialized engineers to strengthen in-house technology

Future Outlook

Growth Drivers

  • Increasing demand for heat exchangers for next-generation vehicles such as EVs and FCEVs
  • Steady growth in construction machinery demand in global markets
  • Acceleration of environmentally friendly product development due to stricter environmental regulations
  • Enhanced competitiveness through strengthened global production network
  • Productivity improvements leveraging IT and AI technologies
  • Strengthened joint development framework with major customers
  • Progress in environmentally compatible materials and energy-saving technologies
  • Increasing parts demand in emerging markets
  • Expanded response to advanced customization needs
  • Social demand for sustainability-focused management
  • New business creation through inter-company partnerships and technology collaborations
  • Enhanced utilization of global talent

Strategic Goals

  • Establish position as world's No. 1 heat exchanger manufacturer
  • Achieve over 50% sales ratio for EV and FCEV compatible products
  • Realize global business sales exceeding ¥200 billion
  • Achieve over 80% ratio of sustainable products
  • Reduce CO2 emissions by 30% to lower environmental impact
  • 20% improvement in production efficiency through IT and AI utilization
  • Market share expansion in emerging markets
  • Service enhancement for improved customer satisfaction
  • High-quality talent development and diversity promotion
  • Advancement of corporate social responsibility (CSR) activities

Business Segments

Automotive Parts Manufacturing

Overview
Main business segment supplying high-performance heat exchangers to various automotive vehicles.
Competitiveness
Customization responsiveness and global production system
Customers
  • Toyota Motor
  • Honda
  • Suzuki
  • Mazda
  • Nissan Motor
  • Mitsubishi Motors
  • Aisan Industry
  • Riken NPR
  • Mikuni
Products
  • Radiators
  • Oil Coolers
  • Intercoolers
  • Battery Coolers
  • Inverter Cooling Devices

Construction Machinery Products

Overview
Leads the market by providing high-durability, high-performance heat exchangers dedicated to construction machinery.
Competitiveness
High-durability design and close customer technical proposals
Customers
  • Komatsu
  • Hitachi Construction Machinery
  • Caterpillar Japan
  • Sumitomo Construction Machinery
  • Kobelco Construction Machinery
Products
  • Air-Cooled Heat Exchangers
  • Radiators
  • Oil Coolers
  • Hydraulic Oil Coolers

Motorcycle Parts

Overview
Supplies lightweight, high-efficiency heat exchangers to domestic and international motorcycle markets.
Competitiveness
Lightweight technology and design compatibility
Customers
  • Yamaha Motor
  • Suzuki
  • Honda
  • Kawasaki
  • Kawasaki Heavy Industries
Products
  • Motorcycle Air-Cooled Radiators
  • Oil Coolers

Air Conditioning Equipment Heat Exchangers

Overview
Develops and supplies heat exchangers for consumer and commercial air conditioners.
Competitiveness
Technology development focused on environmental performance
Customers
  • Panasonic
  • Daikin Industries
  • Mitsubishi Electric
  • Sharp
  • Rinnai
Products
  • Home-Use Heat Exchangers
  • Commercial Gas Heat Pump Heat Exchangers

Agricultural Machinery and Vehicle Parts

Overview
Provides heat exchangers with high environmental resistance dedicated to agricultural machinery.
Competitiveness
Design for harsh environments and high reliability
Customers
  • Kubota
  • Yanmar
  • Mitsubishi Agricultural Machinery
  • Iseki
Products
  • Agricultural Machinery Radiators
  • Oil Coolers

New Field Heat Exchanger Development

Overview
Deploys cutting-edge technology products for fuel cell vehicles and new energy fields.
Competitiveness
Next-generation technology development capabilities and partnership networks
Customers
  • Plug Power Inc.
  • Ballard Power Systems Inc.
  • Micro Energy
Products
  • Fuel Cell Heat Exchangers
  • Electronic Equipment Cooling Devices

Logistics Services

Overview
Provides efficient logistics services through group companies.
Competitiveness
Logistics expertise specialized in heat exchangers
Customers
  • Automotive Manufacturers
  • Construction Machinery Manufacturers
  • Parts Trading Companies
Products
  • Logistics Management
  • Supply Chain Optimization

IT Solutions Provision

Overview
Provides thermal management solutions leveraging IT technology.
Competitiveness
Accumulated in-house technology and customer collaboration
Customers
  • Automotive-Related Companies
  • Manufacturing Companies
Products
  • Thermal Energy Management Systems
  • Production Process Optimization Systems

Competitive Advantage

Strengths

  • Global five-pole manufacturing and sales network
  • Diverse product lineup of heat exchangers for automobiles and construction machinery
  • Advanced thermal energy conversion technology and R&D capabilities
  • Long industry track record and reliable brand
  • Strong major customer base and long-term business relationships
  • Focus on environmentally friendly product development
  • Solid financial foundation
  • Diverse product customization capabilities
  • Management stance contributing to sustainable society
  • Broad expansion into advanced and emerging markets
  • Global workforce with multicultural responsiveness
  • Continuous expansion of R&D centers
  • Rapid product development aligned with industry needs
  • Accumulated production technology expertise
  • Enhanced integration of IT and production processes

Competitive Advantages

  • As an independent company, strong responsiveness to diverse customer needs
  • Lead time reduction through five-pole global system
  • Advanced EV and FCEV compatible products
  • Technological superiority through joint development with major customers
  • Efficiency improvements via integrated global factory management
  • Specialized technology accumulation and IP utilization in heat exchangers
  • Comprehensive lineup of environmentally considerate products
  • Flexibility applicable to diverse vehicle types
  • High adaptability to regional needs
  • Implementation of foreign exchange risk management
  • Thorough internal controls and quality management
  • Exploration and expansion into new markets
  • Synergy effects with logistics services
  • Production innovation leveraging IT
  • Long-term vision and execution strength of management

Threats

  • Global semiconductor shortages leading to reduced automobile production
  • Intensifying market competition and ongoing price competition pressures
  • Technology adaptation risks accompanying rapid EV shift
  • Rising raw material prices and procurement instability
  • Impact on overseas bases due to geopolitical risks
  • Increased production costs from stricter environmental regulations
  • Impact of exchange rate fluctuations on earnings
  • Declining market share due to increasing new entrants
  • Stagnant demand in advanced markets
  • Challenges in securing global talent
  • Technology leakage risks
  • Rising costs for addressing aging manufacturing equipment

Innovations

2024: EV Low-Temperature Radiator Development Completed

Overview
Developed and began mass production of low-temperature operation radiators optimized for electric vehicles.
Impact
Diversification of product deployment in EV market and strengthened new order acquisition

2023: Advanced Fuel Cell Heat Exchanger Technology

Overview
Implemented development of high-efficiency heat exchange technology for fuel cell vehicles, achieving improved market competitiveness.
Impact
Share expansion in FCEV field and securing technological leadership

2022: Enhanced Digital Integration Between Manufacturing Sites

Overview
Promoted production process improvements and advanced quality control through IT utilization.
Impact
15% improvement in production efficiency and reduced defect rates

2021: Integrated ERP Introduction for Overseas Subsidiaries

Overview
Achieved business efficiency by integrating ERP systems across subsidiaries dispersed in multiple countries.
Impact
Reduced management costs and faster access to business information

2020: Green Manufacturing Line Introduction

Overview
Introduced the latest energy-saving manufacturing equipment aimed at reducing environmental impact.
Impact
Contributed to 10% reduction in CO2 emissions

Sustainability

  • Promotion of energy-saving manufacturing to reduce environmental impact
  • Expansion of renewable energy utilization
  • Efforts to improve waste recycling rates
  • Strengthened audits of supply chain environmental and social responsibilities
  • Implementation of employee environmental awareness education programs