Neil Hughes, writing for AppleInsider:

The KGI Securities analyst dished details on the next-generation Apple Watch in a research note issued on Monday, a copy of which was obtained by AppleInsider. Kuo claims that the 2016 Apple Watch will feature “spec improvements with limited changes to form factor design.”

Those expecting a new look for the Apple Watch, such as a thinner profile, will have to wait until the company’s anticipated 2017 upgrade, he said. This year’s model is expected to be much like the iPhone tick-tock upgrade schedule, with an “s” update focusing on the internal components rather than the external design.

This shouldn’t come as much a surprise, this is how Apple develops all of their products.