Here's what's said to be inside the new Apple Watch

An Apple Watch is displayed inside an Apple store in San Francisco.
David Paul Morris | Bloomberg | Getty Images

With the next Apple Watch, a well-known analyst said it will be the inside that counts, according to technology blog 9to5Mac.

KGI Securities researcher Ming-Chi Kuo said the next watch will include a GPS, barometer, more robust waterproofing and a faster system, according to 9to5Mac. But the new smartwatch, slated to debut late this year and possibly as soon as next month, will likely keep the same physical design as the first model, 9to5Mac's Benjamin Mayo reported.

Apple declined to comment, citing policy against commenting rumor or speculation.

The internal update would mimic Apple's iPhone "S" upgrade system, which tends to improve the specs of a device while leaving the chassis intact, 9to5Mac reported. While the Apple Watch 3 should have "major external design changes," there could also be a "spec bumped" version of the Apple Watch 2 in the works, with a faster system but not the other features, 9to5Mac said.

For the full story, including price cuts for the Apple Watch 1, check out 9to5Mac's report here.