招商证券(香港)3月25日发布公告。Outlook has improved for AAC as its investment in Optics begins to bear fruit. We currently maintain NEUTRAL rating for AAC, given: 1) COVID- 19 outbreak overseas weighs on smartphone outlook, 2) ASP pressure on Acoustic/Haptics. AAC shares fell 30% in the past month, due partly to weaker market sentiment and smartphone demand uncertainties. The shares now trade at 17x 2020E P/E (vs. its 16x historical average), fairly priced in our view. We update our forecast and cut our 2020/21 EPS estimates 22%/12% on a weaker margin outlook. Lower TP to HKD44 (from HKD60), now based on 19x 2020E P/E (previously 20x).