A news report from China claims that Apple is gearing up to release a second-generation iPhone SE early next year, offering more power in the same small body that made the first edition a success.

We like the iPhone SE – for many users, we consider it to be Apple’s best iPhone – so news of an upgraded version is very welcome.

The iPhone SE is Apple’s response to customers who wish to continue using smaller devices. It incorporates almost the exact design of the old iPhone 5S, with the same 4-inch display that was popular with so many.

Inside, though, are updated guts that offer similar performance to the much faster iPhone 6S, alongside an improved camera and newer features like Apple Pay. It starts at just $399/£399 – that’s a full $600/£600 cheaper than the iPhone X – without skimping too much on the specs.

Contrary to some reports, Apple isn’t planning to bring the edge-to-edge design of the iPhone X to a smaller form factor. Instead, it will maintain the same iconic design as the first-gen SE – and still use Touch ID – but with more powerful internals. The report suggests it will gain the A10 Fusion chip from the iPhone 7 while increasing battery life, expanding the storage options and improving the cameras.

Current reports are pretty vague, only specifying as far as “the first half of 2018,” but iPhone SE launched in March 2016 and we would expect Apple to follow a similar timeframe this year. Apple will want to keep the pricing competitive on its entry-level device and it’s likely the pricing would remain the same despite the improvements. So if you’re thinking of upgrading to an iPhone SE, it might be worth holding out for a few more months to get the most bang for your buck.