Apple's budget iPhone may or may not exist. There are plenty of reports suggesting that it will launch on China Mobile, but Apple itself has denied rumors that it will create a cheaper phone from scratch. The latest report suggests that the device will pack the exact same screen as the iPhone 5, instead of a larger 4.5-inch display.

The news was delivered by KGI Securities analyst Ming-Chi Kuo, who doesn't think Apple's going to venture far away from the existing iPhone 5 design for its more affordable handset. It makes sense, too, since the company typically just drops the price of its existing devices when it delivers a new phone to the market. Still, some of the internals will need to change in order for the device to operate on China Mobile's proprietary network.

Kuo also said the plastic used on the phone will measure between 0.4mm and 0.6mm, which is apparently a hair thinner than the plastic that's usually used on smartphones. Foxconn is still reportedly on board to build the phone, and the device is expected to launch alongside a new iPhone 5S in August.