iPhone 12 Mini and iPhone 12 Pro max.

Todd Haselton | CNBC

Apple’s 2022 iPhones could come in four different models with significantly improved cameras, TFI analyst Ming-Chi Kuo said in a Wednesday note to investors.

The devices come in two sizes, a 6.7-inch phone and a 6.1-inch phone. Both sizes could be available in high-end and low-end versions, according to the note.

If exactly, Kuo’s prediction would suggest Apple is stepping back from its most affordable new device, the iPhone 12 Mini, which was released in 2020 after years of user inquiries for a smaller iPhone.

However, reports from Apple’s Asian supply chain and analyst estimates suggest the iPhone 12 Mini is not selling well compared to other iPhones with larger displays and larger batteries.

Kuo’s research is focused on companies in Apple’s Asian supply chain and he is known for making accurate predictions about upcoming Apple products.

On Wednesday’s note, he said the 2022 iPhones will feature camera upgrades with expensive parts to increase resolution and image quality, and will make video recording on iPhones more suitable for an upcoming high-resolution augmented reality and virtual reality headset.

He writes that the 2022 iPhones will include a new image sensor from Sony that can output videos with a resolution of 8k and take 48-megapixel photos. You will also be using improved camera lenses.

“We believe the camera quality of the new 2H22 iPhone will take cellphone camera photography to a new level,” wrote Kuo.

Looking ahead to 2022, Kuo writes that Apple expects Apple to bring out iPhones with a “periscope” telephoto lens for a longer zoom in 2023 and incorporate the FaceID facial recognition camera under the phone’s display, suggesting the “Notch” on the screen is turned on. The current iPhones can be shrunk or removed.

He also expects Apple to bring out a headset computer for augmented reality and virtual reality applications with 15 cameras, despite not specifying a timeframe.