Just as the Evasion untethered jailbreak for iOS 6 arrives and Apple fixing the supply constraint of its iPad Mini, fresh reports have emerged about the possible design of its next-generation iPhone. According to latest reports, the next version of iPhone, unofficially dubbed iPhone 5S, may probably look exactly like its current version.

Reading over Apple's latest SEC filing, Morgan Stanley analyst Katy Huberty noticed the Cupertino tech titan has apparently reduced its spending on production equipment to a substantial degree compared to six months ago.

"The decrease in its investment is likely due to iPhone 5S not requiring significant hardware changes," the Business Insider reported. "The 10-Q discloses $904M of commitments for equipment purchases compare to $4.5B just two quarters ago when Apple invested in new in-cell touch displays for the iPhone 5," it said.

Though Huberty predicted a similar-looking next generation iPhone based on the lack of investment, Apple's tradition of changing designs every other year goes well with the analyst's interpretation. As Apple released the current iPhone 5 just the last October, it wouldn't be surprising if the company goes for an identical hardware design for the new iPhone. However, she believes Apple's margin can slightly improve with the arrival of the new version of its flagship product.

Meanwhile, fresh rumors are surfacing about the arrival of iPhone 5S and according to some reports, the device may see an official launch in June or July. According to a Know Your Mobile report, Apple is testing two new iPhone prototypes one of which is iPhone 5S, a slightly upgraded iPhone 5 and the other one is said to be a cheaper version of the current iPhone 5.

"The budget iPhone would be 'low-cost' and 'similar to the iPad Mini' in its execution, rather than 'cheap'," Jefferies analyst Peter Misek wrote in his note to investors. He said the low-cost device will feature a 'polycarbonate case' with a 4-inch non-Retina Display and no 4G capability.

On the other hand, rumors about the upcoming high-end iPhone include features like improved display technology, NFC, bigger battery pack, and a higher storage option. Recent reports also claimed that Apple has filed a patent for an iPhone model with no physical Home button.