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2023 11 分析师：杜向阳 执业证号：S1250520030002 电话：021-68416017 邮箱：1 2021 15.9 10.13%2026 42.35 11.23%2018-2021 17.8%2022-2026 CAGR 21.6%1 2+3 NIPT+1 2 NGS 3 1 2018 2 2022 ILLUMINA 32%3+Roche Illumina Grail Solexa CG US 688114.SH 6606.HK 603882.SH 300676.SZ 1 2 4 3-1.1 1.2 1.3 1.4 2 DNA DNA IVD-PCR FISH 1.1 3 数据 来源：西 南 证券 整 理 IVD IVD CLIA ELISA PCR FISH 数据 来源：华 大 智造 招 股说 明 书，2022 基因 行业 蓝 皮书，西南 证 券整 理 4 1.1 45 1977 Sanger 1998 10 15 2005 2022 45 2008 2010 NGS 45 1.2 5 Ifind NGS 2005 SMRT NGS PCR,6 1.2 MarketsandMarkets NIH,7 1.2 n/Sanger 400-900bp 0.2Mb/run 99.90%20min-3h$2,400,000 Roche-454 700bp 0.45Gb/run 99.90%24hours$10,000 PCR Illumina-GeneticAnalyzer PCR 50-300bp 750-1500Gb/run 98%1-10days$50-$150 ThermoFisher-ABI-Solid PCR 50+35/50+50bp 30-50Gb/run 99.90%1-2weeks$130 IonTorrent H+400bp 98%2hours$66.8-$950 DNADNBSEQ 50-600bp 99.40%5h-109h$500 PacificPacbio SMRT 5500-8500bp 30000bp 0.5-9Gb/run 87%30min-2h$7.2-$43.3 PCR OxfordNanopore 100kb-300kb 30-400bp/90%$1.5-$4.7 CNKI ifind Wikipedia 8 1.2.1:Sanger 1977 DNA ABI 1000bp PCR Sanger Sanger AddisonWesieyLongrnan 9 1.2.2 NGS NGS DNA PCR Illumina 454LifeScience Solexa Roche ThermoFisher Genapsys DNB PCR DNB PCR,DNB DNA Illumina WIND 10 1.2.2 NGS 99.4%98.8%IlluminaGeneticAnalyzer 98%3%0.0001%-0.0004%DNBSEQ DNA DNBSEQTM DNBSEQ 11 1.2.3 NGS PCR ThermoFisher PacificBioscience ONT RNA PCR PacBioSMRT PacificBioscience 12 1.2.4 Reader Motor DNA ONT OxfordNanopore Technologies DNA RNA 92%-98%CNKI 13 1.3 14 8 2016-2020,2016 3 2016 2016 2014 1.3 15 2016.1 2016.3;2016.3;2016.7 2016.11 2020 5 10 2016.12()50%2017.2 2017-2025 2017.4 2017.5 2017.6 2020 2017.6 2017.12 2018.1 32 2018.12 2022 80%65%80%70%98%90%80%2019.7 1.3 16 2019.7 2019-2022 2020.9 2020.9 2020 2020.9 2020.12 2020.12 2021.8 2021.8(POCT)PCR 2021.9 2021.9 2021.11(NIPT)CRISPR/Cas9/PCR 2022.7 2022.10 2022 1.3 1.4 BCCResearch 17 BCCResearch 2021 157 2026 377 2018-2021 15.84%2022-2026 CAGR 19.1%2021 15.9 10.13%2026 42.35 11.23%2018-2021 17.81%2022-2026 CAGR 21.6%2021 上游,30.6%中游,52.5%下游,16.9%2.1 2.2 2.3 2.4 18 1 2 4 3-2 19 数据 来源：wind，西 南 证券 整 理 Markets and Markets 2015 19 2022 48 14.4%2032 242 17.5%2015 17 2022 44 14.3%2032 298 21%2.1 20 Markets and Markets 19 23 28 33 39 32 48 48 57 67 80 94 110 129 151 177 207 242-30%-20%-10%0%10%20%30%40%50%60%050100150200250300201520162017201820192020202120222023E2024E2025E2026E2027E2028E2029E2030E2031E2032E全球基因测序仪与耗材市场（亿美元）YOY17 23 30 38 42 30 44 44 56 68 82 98 118 143 171 206 248 298-40%-30%-20%-10%0%10%20%30%40%50%60%050100150200250300350201520162017201820192020202120222023E2024E2025E2026E2027E2028E2029E2030E2031E2032E中国基因测序仪与耗材市场（亿元）YOY NGS Pacific Biosciences PACBIO RS II 10kb PCR Market Data Research 2022 NGS 43.1 2027 101.3 2023-2027 CAGR 18.66%2022 NGS 10 2027 31 2023-2027 CAGR 25.35%2.1 21 2022 11 MSI 3 2.1 22 2021 ILLUMINA 2022 Illumina 92 28.8%8 19.2%WIND ILLUMINA 2.1 23 2022 Illumina Illumina 319.26 92.47 28.8%42.31 8.14 19.24%18.1%20.2%17.4%21.1%19.7%18.7%20.1%19.5%20.8%18.1%21.0%19.8%18.7%18.3%21.1%26.2%28.8%30.5%23.1%31.5%25.2%15.5%19.2%0%5%10%15%20%25%30%35%ILLUMINA 华大智造 Illumina 1 Illumina Thermo Fisher 2.1 24/MGISEQ-2000 DNA 2018/6/25 MGISEQ-200 DNA 2018/6/25 HYK-PSTAR-IIA 2018/8/20 Gene+Seq-200 DNA RNA 2019/8/26 Gene+Seq-2000 DNA RNA 2019/8/26 DA8600 pH DNA 2019/9/25 2022 2.1 25/GENETRON S5 FFPE DNA 2019/11/1 NextSeq CN500 DNA 2019/11/7 GENETRON S2000 DNA 2020/1/22 KM MiniSeqDx-CN FFPE DNA 2020/3/30 BioelectronSeq 4000 pH DNA 21 18 13 2020/5/19 DNBSEQ-T7 MGIDL-T7 DNA RNA 2021/1/14 2022 2.1 26/USCISEQ-200 DNA 2021/1/26 AmCareSeq-2000 DNA 2021/7/28 BGISEQ-500 DNA 2021/10/22 NextSeq 550AR DNA 21 18 13 2022/2/11 VisionSeq 1000 DNA RNA 2022/5/9 GenoCare 1600 DNA 21 18 13 2022/7/13 USCISEQ-2000 DNA 2022/12/21 2022 2 2.1 27 NGS EGPR/ALK/BRAF/KRAS()4 2018/7/18 EGFR/KRAS/BRAF/PIK3CAALK/ROS1()6 2018/8/11 EGFR/ALK/ROS1/BRAF/KRAS/HER2()6 2018/9/28 10()10 2018/11/16 BRCA1 BRCA2()2 2019/2/21 EGFR/KRAS/ALK()3 2019/8/26 EGPR/KRAS/ALK()3 2019/12/23 EGPR/KRAS/BRAP/HER2/ALK/ROS1()6 2020/1/22 8()8 2020/1/22 KRAS/NRAS/BRAF/PIK3CA()4 2021/2/24 EGFR/KRAS/BRAF/PIK3CA/ALK/ROS1()6 2021/7/14 EGFR/ALK()2 2021/10/20 9()9 2022/3/11 EGFR/KRAS/BRAF/ALK/ROS1()5 2022/5/9 KRAS/NRAS/BRAF/PIK3CA()4 2022/5/13 EGFR BRAF KRAS ALK ROS1()5 2022/7/25 Illumina 2019 62%78%2.1 28 2019 2019 Grand View Research 1 2016 Illumina 2020 9 QNome-9604 2022 11 GenoCare 1600 NMPA 2 NGS 2018 7,EGFR/ALK/BRAF/KRAS NMAP NGS 2.1 29 Illumina PCR 1 2 1.2-6000Gb PCR Index Hopping Thermo Fisher PCR 1 2 30Mb-50Gb PCR DNA 1 2 0.25-72000Gb 2021 BBC research 2021 82.38 52.5%20.7%CAGR 2026 210.66 10%Wind BBC research 2.2 30 2.2 31 B B C=*40%=*+ICL Frost&Sullivan ICL 2016 117 2020 198 14.0%2025 463 2021-2025 CAGR 18.4%2016 117 2020 307 27.2%2025 479 2021-2025 CAGR 9.3%ICL 2020 ICL 6%60%44%35%2.2 32 ICL ICL Frost&Sullivan ICL 2020 26.2%15.1%8%7.8%50%ICL LDT Frost&Sullivan LDT 2021 2 53 2.2 33 2020 ICL Grand View Research LDT IVD 2.2 34 2011 211.2 2020 784.6 Macrogen Azenta 2021Brooks Automation Wellcome Trust Sanger Institute Grand View Research 2021 5 28 LDT)NIPT 1 NIPT Natera LabCorp 2016 Sequenom Eurofins 2017 LifeCodexx)Illumina 2013 Verinata Health PerkinElmer 2 Centogene,Blueprint Genomics,Igenomix 3 Foundation Medicine(2018 Roche)Myriad Genetics Guardant Health 4 Grail Exact Sciences 2.2 35 ISV 2024 3567 2024 577 ISV AWS 2.2 36 2020 12,2.2 37 +2020 Falcon WGS WES RNAseq 2022 5 Falcon II 195.4%70%100%60%10%1 Roche Illumina NGS 2+2022 2.2 38 2014 Illumina HiSeq X10 1000 2017 Illumina NovaSeq 100 2023 DNBSEQ-T20 2 100 2012-2020 2.3 39 Genome Research Limited NIH Markets and Markets 2.3 40 NIPT NIPT/NIPT 2.3 41 1+2 3 NITP 99.9%4 2022 02 21 3 16 2.3 42 2.3 43 IARC Frost&Sullivan 2015-2024E NGS 2.3.1 IARC 2020 457 23.7%82 56 48 42 41 2020 300 71 39 37 30 29 NGS+2.3.1 WHO 30%-50%NGS cfDNA cfDNA CNV NGS PCR cfDNA CNV AI 2.3 44 WHO GRAIL EXACT SCIENCES Guardanthealth KRAS BMP3/NDRG4 HPV12+2 PCR HCCscreen cfDNA AFP DCP Septin9 DNA 5hmc WGS ESRiT ctDNA 25 BrELSATM GRAIL Galleri DNA Exact Sciences Cologuard KRAS BMP3/NDRG4 Guardanthealth Lunar-2 45 DNA ctDNA ctDNA ctDNA Mut EGFR ctDNA CDx CTC CTC CTC 2.3.2 2.3 2.3 46 NMPA 2.3.2 PCR FISH IHC NGS PCR NGS NGS NGS 2023 8 30 NGS NMPA NGS 2023 8 30-NMPA 2022-03-11 9 EGFR KRAS MET ERBB2 BRAF PIK3CA ALK ROS1 RET 2018-11-16 10 EGFR/ALK/ROS1/RET/KRAS/NRAS/PIK3CA/BRAF/HER2/MET 2019-02-21 BRCA1 BRCA2 BRCA1 BRCA2-UTR 2020-01-22 8 DNA EGFR KRAS BRAF HER2 PIK3CA RNA ALK ROS1 MET 14 2021-02-24 KRAS/NRAS/BRAF/PIK3CA KRAS NRAS BRAF PIK3CA 2022-05-13 KRAS/BRAF/PIK3CA KRAS BRAF PIK3CA 2019-08-26 EGFR/KRAS/ALK EGFR KRAS ALK 2.3 Frost&Sullivan 2.3.2 NGS NGS NGS 2019 6.4%NGS 23.5%2030 45.2%NGS 2019 3 2030 45 2019 2024 33.4%2024 2030 26.6%2019 NGS 33.5%2030 79.7%2030 NGS 47 2.3.3 NIPT+2016 DNA BGISEQ-500 NMPA 180 260 NIPT NMPA NIPT 21 18 13 Frost&Sullivan NIPT 2015 8.1 2019 52.5 CAGR 59.6%2024 172 CAGR 26.8%2.3 48 Frost&Sullivan NMPA 2015-2024E NGS NIPT T13/T18/T21 2019/8/6 2118 13 2019/9/29 T21 T18 T13 2019/9/29(T13 T18 T21)2020/1/22(T21 T18 T13)()2020/8/20 NIPT 2.3.3 NIPT NIPT NIPT 1500-2500 2000 NIPT NIPT NIPT 2021 12 2021-2025 NIPT 2022 5 2021 2020 8.52 2.3 49 2021 NIPT 2020 2021 2030 2021 2021 2021 2022 2021 DNA 2021 DNA 2.3.4 PGT 2007 12%2020 18%NGS PGT 2021 500 PGT 2.3 50 2000-2020 17 2022 2 16 2022 3000 2.3.4 PGT NGS NGS PGT-A NGS PGT-A CNVs PGT-A NMPA NGS PGT Frost&Sullivan 2021 82.3 2024 255.4 2022-2024 CAGR 45.9%2021 PGT 2.5 2030 146.7 2022-2030 CAGR 57.6%2.3 51 NGS PGT 2015-2024 Frost&Sullivan NMPA 2020/2/21 2021/11/2 2022/5/16 2020-2030 PGT 2.4 52+3.1 3.2 3.3-Illumina Roche 3.4 53 1 2 4 3-3.1 2020 MarketResearchFuture 70%APAC 54 MarketResearchFuture CB Insights 1 2 2020 4.9 3 2020 2021(MRD)(2020)5%6%34%13%36%法国 加拿大 其他 英国 中国 34%20%38%8%美洲 亚太 欧洲 中东+非洲 3.1 IVD 2020 GrandViewResearch Illumina ThermoFisher Roche 83.9%9.9%5.3%Illumina Hiseq Illumina 55 GrandViewResearch 70%NGS Illumina ThermoFisher Roche Genapsys 83.9%9.9%5.3%0.9%Illumina Thermo fisher Roche others3.2 2022 MAFF 56 2021.02 16 2021.03 MAFF 2021.04 NSF 1000 2021.06 2021.06 2021:5 2500 2021.06 2021-2022 2021 2022 2.15 1.62 2021.09:;2021.10 10 5 2021.11:Signatera(MRD)2018.03 III IV NGS LDT 3.3.1 Illumina Illumina 80%Illumina 1998 4 2000 7 2022 12 16 313.88 6.68 Illumina 7800 1.7 25 1998-2009 2010-2015 2016 Illumina Illumina ILLUIMINA WIND 57 2022 Illumina 45.8 1.3%2018-2022 CAGR 10.7%2022 Illumina-44-678%2022 Grail39.1 2022 64.8%-96.1%2022 13.2 11.5%58 3.3.1 Illumina ILLUIMINA WIND Illumina Illumina Illumina Illumina-150%-100%-50%0%50%100%净利率 毛利率-20%-10%0%10%20%30%40%50%01020304050营业收入(亿美元)YOY-800%-600%-400%-200%0%200%(50)(40)(30)(20)(10)01020扣非归母净利润(亿美元)YOY-100%-50%0%50%100%051015研发费用(亿美元)YOY59 3.3.1 Illumina Illumina 80%2022 2022 8 Illumina Illumina 5000 5 4.5 Illumina Illumina 52.10%28.48%11.09%8.33%美洲 欧洲、中东和非洲 大中华区 亚太地区 Illumina ILLUIMINA WIND 60 3.3.1 Illumina 2005-2012 Illumina 2007 Solexa Solexa Illumina Solexa Illumina Solexa llumina 2013 Illumina 71%2013-NIPT 2005 CyVera VeraCode 2007 Solexa 2011 Epicentre 2012 Blue Gnome 2013 Verinata Health CLIA NIPT 2013 Moleculo 2014 Myraqa IVD 2015 Geno Logics 2020 GRAIL NGS Illumin ILLUIMINA WIND 61 3.3.1 Illumina 2007 Genome Analyzer 2014 HiSeq X10 1000 2017 NovaSeq 100 2018 iSeq SBS CMOS iSeq 100 MiniSeq MiSeq NextSeq 550 NextSeq 1000/2000 NextSeq 1000&2000 NovaSeq 6000 NovaSeq X 9.5 19h 4 24h 4 55h 12 30h 11 48h 11-48 13 38 SP 13 25 S1 16 36 S2 44S4 13 21 1.5B 18 24 10B 48 25B 1.2 Gb 7.5 Gb 15 Gb 120 Gb 330 Gb*360 Gb*6000 Gb 16 Tb read 4 M 25 M 400 M 1.1 B*12*200 260 520 2 150 bp 2 150 bp 2 300 bp 2 150 bp 2 150 bp 2 150 bp 2 x 250 bp*2 150 bp Illumina ILLUIMINA WIND 3.3.2 Roche Roche 5.3%Roche 1896 150 1999 32 12 21 Roche Roche 70%A Roche Roche 62 ROCHE WIND 2022 Roche 719.4 0.9%2022 Roche 134.5 10.8%2022 Roche 69.3%20.4%2022 Roche 173.5 7.4%24.1%Roche 63 3.3.2 Roche Roche Roche Roche ROCHE WIND-10%-5%0%5%10%15%20%25%050100150200研发费用（亿美元）YOY0%20%40%60%80%净利率 毛利率-40%-20%0%20%40%60%80%050100150200200620072008200920102011201220132014201520162017201820192020202120222023H1扣非归母净利润（亿美元）YOY-15%-10%-5%0%5%10%15%0100200300400500600700800200620072008200920102011201220132014201520162017201820192020202120222023H1营业总收入（亿美元）YOY64 3.3.2-2005 2007 454 NGS 2014 Genia Technologies Stratos Genomics Abvitro 2014 Seragon 2014 Bina Technologies Bina GMS 2015 Trophos GeneWEAVE 2015 Adheron SDP051 2015 Ariosa Diagnostics CLIA NIPT 2015 Foundation Medicine Signature Diagnostics CAPP Medical 2017 Ignyta entrectinib Roche 2009 Roche 468 Roche Foundation Medicine Signature Diagnostics CAPP Medical Roche 3 Roche 2021 150.01 8.84%Roche ROCHE WIND 3.4 2018 EXACT SECIENCES Cologuard 2014 FDA CMS Cologuard Cologuard 1 2 3 2022 3 Roche Illumina Grail Solexa Illumina Roche 2013 CG US Illumina 2022 12 16 20434 85.14%10.21%1.53%Roche2022 173.5 Illumina 13.2 DNBSEQ Illumina Roche Illumina Illumina 65 4.1 688114.SH 4.2 6606.HK 4.3 603882.SH ICL 4.4 300676.SZ 4.5 688315.SH 4.6 000710.SZ+66 1 2 4 3-67 2023 11 5 4 WIND 2023/11/5 2023E 2024E 2025E 2022 2023E 2024E 2025E 2022 2023E 2024E 2025E 2021 2022 2023Q1-3 2021 2022 2023Q1-3华大智造 4,231 3,727 4,679 5,933 2,026 214 357 516 608 814 642YoY 8%-12%26%27%319%-89%67%45%-13%34%22%金域医学 15,476 10,833 12,545 14,728 2,753 1,211 1,502 1,825 518 633 365YoY 30%-30%16%17%24%-56%24%22%30%22%-20%安图生物 4,442 5,602 6,959 8,523 1,167 1,471 1,818 2,135 481 568 462YoY 18%26%24%22%20%26%24%17%40%18%16%华大基因 7,046 7,328 7,694 8,233 803 835 957 1,053 487 536 388YoY 4%4%5%7%-45%4%15%10%-21%10%-1%九安医疗 26,315 16,030 67 265 208YoY 998%-100%-1664%-100%-13%297%25%安科生物 2,331 2,962 3,722 4,618 703 925 1,167 1,461 167 166 153YoY 7%27%26%24%240%31%26%25%29%0%42%迪安诊断 20,282 14,318 16,598 18,919 1,434 1,125 1,399 1,689 425 638 320YoY 55%-29%16%14%23%-22%24%21%33%50%-34%达安基因 12,046 5,412 509 702 223YoY 57%-100%-50%-100%-205%38%-48%万孚生物 5,681 2,996 3,710 4,571 1,197 588 747 941 391 419 259YoY 69%-47%24%23%89%-51%27%26%40%7%-16%圣湘生物 6,450 2,449 3,037 1,937 974 1,250 188 332 137YoY 43%-62%24%-100%-14%-50%28%-100%127%77%-24%迈克生物 3,608 2,954 3,277 3,784 708 602 750 934 207 273 217YoY-9%-18%11%15%-26%-15%25%24%3%32%30%诺禾致源 1,926 2,507 3,230 4,095 177 269 356 465 145 126 91YoY 3%30%29%27%-21%52%32%31%29%-14%4%艾德生物 842 1,068 1,317 1,638 264 260 326 412 156 175 151YoY-8%27%23%24%10%-2%25%26%36%12%24%诺辉健康 765 1,462 2,627 3,889-79-24 208 575 59 25-YoY 260%91%80%48%97%69%958%176%-38%-58%-凯普生物 5,597 1,773 2,290 2,901 1,725 400 513 646 115 247 102YoY 109%-68%29%27%102%-77%28%26%61%114%-36%兰卫医学 4,199 2,401 2,988 3,734 617 153 242 303 39 109 33YoY 136%-43%24%25%203%-75%58%25%81%177%-32%安旭生物 6,166 3,045 70 329 68YoY 288%-100%-312%-100%-20%368%-90%科华生物 6,970 971 148 250 186YoY 44%-100%-14%-100%-1%69%18%贝瑞基因 1,368-255 128 107 72YoY-4%-100%-130%-100%-2%-17%-6%9.0%7.8%8.4%3.1%3.6%9.8%000710.SZ 38-1997-04-224.4%5.3%21.5%002022.SZ 45-2004-07-212.2%2.6%2.6%688075.SH 53-2021-11-184.3%4.4%12.0%301060.SZ 57 37 23 19 2021-09-1327.7%27.7%-300639.SZ 60 15 12 9 2017-04-1217.0%20.7%21.3%6606.HK 81(334)39 14 2021-02-187.8%6.5%6.4%300685.SZ 86 33 26 21 2017-08-025.2%7.6%10.3%688315.SH 93 35 26 20 2021-04-134.2%5.1%21.7%300463.SZ 94 16 12 10 2015-05-2811.6%7.4%12.9%688289.SH 97 10 8-2020-08-286.6%5.8%26.4%300482.SZ 115 20 15 12 2015-06-303.2%3.1%3.1%002030.SZ 136-2004-08-097.7%7.1%7.6%300244.SZ 146 13 10 9 2011-07-192.8%1.0%7.6%300009.SZ 175 19 15 12 2009-10-307.2%7.6%12.4%002432.SZ 176-2010-06-1012.8%12.8%14.2%300676.SZ 205 25 21 19 2017-07-144.3%4.1%5.8%603658.SH 258 18 14 12 2016-09-0115.5%19.2%29.1%603882.SH 305 25 20 17 2017-09-08688114.SH 333 156 93 64 2022-09-09 PE 68 4.1 688114.SH 688114.SH 2016 2022 9 9 80 1300 CG US 2022 369 123 85 2023-2025 1.5 2.5 4.3-92.6%/67.7%/72.4%EPS 0.36/0.6/1.04 4.2 6606.HK 69 6606.HK 2015 2021 200 4 PANDA 2022 6 26 23 2 CE 23 3 2023-202514.6/26.3/38.9 91.2%/79.6%/48%2024 2023.06 3 4.3 603882.SH ICL 70 48 740 23000 79 2022 600 3600-38.4%+2.5pp 52.1%+1.6pp 2023-2025 12.1 15 18.3-56%/24%/21.5%2013-2023Q3 2013-2023Q3 13.6 18.4 23.9 32.2 37.9 45.3 52.7 82.4 119.4 154.8 63.1 38.8%35.5%30.0%34.8%17.7%19.4%16.4%56.5%44.9%29.6%-48.3%-60%-40%-20%0%20%40%60%80%020406080100120140160180营业收入（亿元）YOY0.4 1.3 1.3 1.4 1.4 1.9 3.2 14.6 21.9 27.1 3.4 17.8%194.2%-1.2%9.2%2.5%34.6%67.3%357.2%50.2%23.6%-85.8%-150%-100%-50%0%50%100%150%200%250%300%350%400%051015202530扣非归母净利润（亿元）YOY71 100 2,000 2,300 500 3,000 30 20232025 8.35 9.57 10.53 4.1%14.6%10%4.4 300676.SZ 类别 主 要 客户群 体 销 售 模式 获 取 合同/订 单方式 出 售 产品/服 务的 表 现形 式/2011 3 6 80 6500 2022 SCI 16,000 100,000 294 69 3500 600 2400 2016 2022 2020 Falcon WGS WES RNAseq 2021 Falcon Falcon II Falcon 2022 Falcon II 2018 8 EGFR KRAS BRAF PIK3CA ALK ROS1 2022 12 4.5 688315.SH Novogene Falcon Novogene Falcon II 72 73 4.6 000710.SZ+2010 5 2017 A+23 30 6000 2011 DNA 500 WES CNV-seq CAH SMA FXS 1 HIFI 6 DNA cfDNA WGS 2 MRD Illumina PacBio DNA DNA NIPT EZ-PALO NextSeq CN500 200 CNDx NovaSeqTM 6000Dx-CN-BG 分 析 师 承诺 报告 署名 分析 师具 有中 国证 券业 协 会授 予的 证券 投资 咨询 执业 资格 并 注册 为证 券分 析师，报 告所 采用 的 数据 均来 自合 法合 规渠 道，分析 逻 辑基 于分析师的 职业 理解，通过 合 理判 断得 出 结论，独立、客观 地 出具 本 报告。分析 师 承诺 不 曾因，不因，也将 不会 因 本报 告 中的 具 体推 荐 意见 或 观点 而 直接 或 间接 获取任何形式的补偿。重要声明 西南
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