The Apple Watch 2 may introduce more internal upgrades as opposed to flashier design changes.

Rumors about the new wearable have been floating around for a while now, and the latest chatter this time around has stemmed from a note from KGI Securities analyst Ming-Chi Kuo.

In the note, a copy of which has been obtained by Apple Insider, Kuo indicated that this year's upgrade to the wearable will be focusing more on the internal components.

Unfortunately, details about which internal components may be upgraded were not specified.

The note did indicate that there may also be some tweaks made to the form factor of the upcoming wearable that are introduced via the Apple Watch 2, though they are still not expected to be very significant changes.

The analyst noted that folks who may be looking for a more significantly different-looking version of the Apple Watch may have to wait until next year to see that.

As for when people can expect to see this year's version of the wearable for the first time, rumors to this point have put forth a variety of possible launch dates.

Recently, Drexel Hamilton's Brian White, an Apple analyst, predicted that the Apple Watch 2 could be revealed within the next two to three months, MacRumors reported.

White added that a significantly thinner version of the new wearable may even make its debut at the upcoming WWDC, otherwise known as the Worldwide Developers Conference, that is expected to take place in June.

Other rumors have put forth a much later launch date for the new wearable, even suggesting that it may not be revealed until September.

If the new wearable will indeed be revealed later on in the year, rumors have also suggested that it may be launched alongside the iPhone 7.

More news about the Apple Watch 2 should be made available later this year.