I guess it depends on what you mean by 'genuine'. AIUI, it means roughly what it says - that the part has been manufactured by the company who 'originally' manufactured the part (for inclusion in <whatever>), even though it may be sold unbranded or bearing the branding of someone else. It relates essentially to 'replacement parts' and is meant to indicate that, regardless of any branding (or the absence of it) the part was manufactured by the company who made the part included in the original <whatever>, and therefore hopefully will be identical to what was put in the original.
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