Before replacing the generator first see if polarizing will fix it. You simple apply battery voltage to the generator output stud (or wire in your case) for one second, then see if you have charging. Check the running voltage on both sides of the cutout in case the cutout is bad. The voltage should be just over battery voltage on both terminals of the cutout with the engine at fast idle.
I had about 7 at the battery side of the cutout and a little less then 1 volt at the generator wire which is connected to the cutout. flashed it ( I also learned its close to the fan blade) and no change still about 1 volt at the generator. Cut out is still questionable so does this tell me generator needs repair.