追踪发电机3月份许可情况依然强劲

(40%)(20%)0%20%40%60%80%100%120%Jul-24Nov-24Mar-25 Y/Y ChangeExhibit 2 - 1Q25 US residential generator permitsincreased 34% Y/Y.01,0002,0003,0004,0005,0006,000Sep-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Dec-22Mar-23Jun-23Sep-23Dec-23Mar-24Index (Jan 2000=100)Quarterly Index (SA)Y/Y ChangeSource: Buildfax, Jefferies (40%)(20%)0%20%40%60%80%100%Jun-24Sep-24Dec-24Mar-25Y/Y Change Saree Boroditsky, CFA * | Equity Analyst(212) 284-2280 | sboroditsky@jefferies.comStephen Volkmann, CFA * | Equity Analyst(212) 284-2031 | svolkmann@jefferies.comJames Ko * | Equity Associate+1 (312) 588-5155 | jko@jefferies.com Exhibit 3 - 2Q25 QTD interest in Generac per GoogleTrends declined 3% vs. the 1Q25 average.0.00.20.40.60.81.01.21.41.61.82.010/12/2410/26/2411/9/2411/23/2412/7/2412/21/241/4/251/18/25Outages in millionsTotal Outages in the US & Canada (units)Source: Google Trends and SequentumPlease see important disclosure information on pages 4 - 9 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Exhibit 5 - Monthly Generator Permits.0Source: Buildfax, JefferiesExhibit 6 - Quarterly Generator Permits.0Source: Buildfax, JefferiesExhibit 7 - Annual Generator Permits.01,0002,0003,0004,0005,0006,0002001200220032004Index (Jan 2000=100)Source: Buildfax, JefferiesPlease see important disclosure information on pages 4 - 9 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Company Valuation/RisksGenerac Holdings Inc.We value the shares based on a combination of EV/EBITDA and P/E multiples, taking into account both the historical range over prior cycle and thepeer group. Upside risks: strong economic growth, higher electricity outages, positive price / cost, acquisitions, and increased market share. Downsiderisks: weaker economic growth, higher interest rates, a slowdown in adoption, negative price / cost, natural gas limits, grid stabilization, and increasedcompetition.Analyst Certification:I, Saree Boroditsky, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Stephen Volkmann, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies)and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.I, James Ko, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, butvarious regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are publishedat irregular intervals as appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedExplanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10 is 20% or more within a 12-month period as these companies are typically more volatile than the overall stock market. For Hold rated securities with an average security price consistentlybelow $10, the expected total return (price appreciation plus yield) is plus or minus 20% within a 12-month period. For Underperform rated securities with anaverage security price consistently below $10, the expected total return (price appreciation plus yield) is minus 20% or less within a 12-month period.NR - The investment rating and price target have been temporarily suspended. Such suspensions are in compliance with applicable regulations and/or Jeffe