-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师总结如下：Generac公布了强劲的第一季度业绩，净销售额同比增长12%至10.6亿美元，主要得益于其商业和工业业务板块28%的激增，而这又受到数据中心需求加速增长的推动。与此同时，由于家用备用发电机价格上涨被销量下降所抵消，住宅业务销售额仅增长1%。调整后EBITDA利润率从15.9%显著提升至18.3%，这反映了商业和工业业务销量增长带来的强劲运营杠杆效应，以及重组后的住宅业务的大幅成本节约。我们认为，强劲的商业和工业业务增长势头以及不断增长的订单积压是支撑我们积极投资逻辑的关键催化剂。受第一季度业绩优异和商业和工业业务订单积压快速增长的提振，管理层上调了全年业绩预期。我们将GNRC未来12个月的目标股价从235美元上调至275美元，市盈率为25.7倍，基于我们修订后的2027年每股收益预期10.70美元（此前预期为10.42美元），该估值接近GNRC五年平均市盈率，但考虑到其盈利波动性，低于电气设备同行的平均水平。此外，我们将2026年每股收益预期从8.10美元上调至8.56美元。
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