According to Kuo, the iPhone SE 2 will be available in the first quarter of 2020 and will feature Apple's latest A13 Bionic mobile chipset.
Kuo said that the new iPhone SE will use the iPhone 8's body, which would make it an affordable alternative to Apple's recently-launched iPhone 11 range.
"Though most of iPhone SE2′s hardware spec will be similar to iPhone 8′s, we think the excellent computing power offered by A13 and 3GB LPDDR4X, and the more affordable price will be great selling points," Kuo said.
"Therefore, we estimate iPhone SE2 shipments in 2020 will reach 30 - 40 [million] units."
Other rumoured products
Kuo also predicts that Apple will release an augmented reality (AR) headset in the second quarter of 2020.
The AR headset will reportedly offload its more strenuous processes to the user's iPhone, which will ensure that it can be kept extremely thin and light.
He also believes that Apple will work with third parties to ensure the various elements of the headset meet its standards.
Kuo also expects that the new iPad Pro will feature a time-of-flight camera, which would substantially improve the device's ability to map 3D space.