ab 12 October 2026 Global Research China Northern Rare Earth Strong cash generation, but growth constraints Cost leader in global light rare-earth industry We assume coverage of China Northern Rare Earth (CNRE), the world's largest producer of light rare earths by 2025 volume. CNRE's main product is neodymium-praseodymium (NdPr) oxide, a key material for NdFeB, which has wide applications within EVs, wind power and other electric motor systems. We raise our price target to Rmb36.18 but downgrade the stock t ...