The latest leaked research note allegedly sent to TF International Securities by the analyst Ming-Chi Kuo indicates that Apple does have a second-gen SE in the works. It will apparently be released in the first quarter of 2020 and be "more affordable". It is also now said to assume a form-factor similar to the iPhone 8.
https://www.notebookcheck.net/The-cut-price-iPhone-SE2-will-arrive-in-2020-Ming-Chi-Kuo.436865.0.html