According to reliable analyst Ming Chi-Kuo from KGI Securities, Apple doesn’t currently have enough spare development capacity for an iPhone SE 2.
In a new note to investors, via MacRumors, Kuo said Apple seems to be focused on a full 2018 lineup of an “iPhone X Plus” with a 6.5-inch screen, a second-generation iPhone X, and another iPhone model with a 6.1-inch LCD screen and Face ID technology.
The announcement of three new iPhone models in the same quarter in the second half of 2017 was the first time Apple made such a major endeavor, and we believe the delay of iPhone X, which had the most complicated design yet, shows that Apple doesn’t have enough resources available for development. […]
With three new models in the pipeline for the second half of 2018, we believe Apple may have used up its development resources. Also, we think the firm will do all it can to avoid repeating the mistake of a shipment delay for the three new models. As such, we believe Apple is unlikely to have enough spare resources to develop a new iPhone model for launch in 2Q18.
If Apple does in unveil a second-generation iPhone SE, Kuo said the handset would more than likely only have a faster processor and lower price. So there wouldn’t be a refreshed design with wireless charging or other features.
The original iPhone SE arrived in early 2016 and didn’t see any kind of update in 2017. It’s powered by an A9 processor and features a 12-megapixel rear camera with the 4-inch screen and design similar to the iPhone 5 line.