稀土价格持续上行，北方稀土前三季度净利暴增超2.7倍

Core Viewpoint - Northern Rare Earth has reported significant profit growth for the first three quarters of the year, driven by strong market demand and effective management strategies [1] Financial Performance - The company expects a net profit attributable to shareholders of 1.5 billion to 1.57 billion yuan, representing a year-on-year increase of 272.54% to 287.34% [1] - The expected net profit after deducting non-recurring items is projected to be 1.33 billion to 1.39 billion yuan, reflecting a year-on-year increase of 399.90% to 422.46% [1] - For the first half of the year, revenue reached 18.866 billion yuan, up 45.24% year-on-year, with a net profit of 931 million yuan, a staggering increase of 1951.52% [1] - The second quarter alone saw revenue of 9.579 billion yuan, a 32.53% increase year-on-year, and a net profit of 501 million yuan, up 7622.51% [1] Sales Performance - In the first half of the year, sales of rare earth lanthanum and cerium products, as well as praseodymium and neodymium products, reached historical highs [2] - Sales of rare earth metal products increased by 32.33% year-on-year, while sales of rare earth functional materials grew by 17.93% [2] Price Adjustments - The increase in profits is also attributed to adjustments in rare earth prices, with the average spot price for praseodymium-neodymium metal and oxide rising by 11.9% and 12.7% respectively [3] - The company has raised rare earth prices multiple times since the fourth quarter of last year, with the price increasing from 16,741 yuan per ton in Q3 last year to 19,109 yuan per ton in Q3 this year [3] - The fourth quarter price for rare earth concentrate has been adjusted to 26,205 yuan per ton, reflecting a 37.13% increase from the previous quarter [3] Market Demand - The rising demand for rare earth elements is driven by the rapid development of emerging industries such as electric vehicles and humanoid robots [3] - Strengthened export policies for rare earth products have also impacted the global supply-demand relationship in the industry [3] - Analysts predict that overseas rare earth prices will continue to rise, with dysprosium metal expected to increase by 100-200 USD per kilogram, potentially reaching 900-950 USD per kilogram [3]