Bracers of armor do not stack with magical armor enhancement bonus, but you can benefit from special abilities
The stacking rules about Enhancement bonuses state:
An enhancement bonus represents an increase in the sturdiness and/or effectiveness of armor or natural armor, (...) Since enhancement bonuses to armor or natural armor effectively increase the armor or natural armor's bonus to AC, they don't apply against touch attacks.
So the Enhancment bonus is improving the armor by increasing the armor bonus.1 The general rule for armor bonuses states:
The armor bonus from a suit of armor doesn’t stack with other effects or items that grant an armor bonus.
Since the Enhancement bonus increases the armor bonus, it does not stack with other effects that also grant an armor bonus, such as Bracers of Armor.
The rules only state that the armor bonus does not stack with other effects that grant an armor bonus. You still could benefit from other special properties of your magic armor. As the stacking rules state that "If the modifiers to a particular roll do not stack, only the best bonus and worst penalty applies.", in this case you would benefit from the higher armor the bracers provide, and the other special properties the armor provides.
1 It is fundamental for being able to use a magic armor and magic shield together that Enhancement bonus counts as an armor bonus (or as a shield bonus, if on a shield). If it did count as an Enhancement bonuses you could not benefit from the magical improvement of both, as bonuses of the same type would not stack.