招商证券(香港)11月8日发布公告。We downgrade AAC Technologies to NEUTRAL (from BUY) as we expect increasing challenges and uncertainties ahead. AAC’s share price fell 62% YTD (vs. HSI 14%), now trading at 11x 2019E P/E (below -1 std. average). We lower our 2018/19 EPS estimates 18%/24%, and our TP to HK$60 (from HK$110) based on 12x 2019E P/E (previously 16x). In the handset component sector, we prefer Sunny Optical (2382 HK) as triple- camera remains a clear trend for smartphone specs upgrade in 2019.