Apple’s (AAPL) next-generation iPhone 5S will reportedly launch in the third quarter with several upgrades compared to the current model. Digitimes cited sources from Apple’s supply chain on Thursday when it reported that components for the next iPhone will begin shipping to manufacturers this coming May ahead of a third-quarter launch. According to the report, the iPhone 5S “will not receive a major update” and will instead be an incremental bump, as expected. The report did note that the new model will feature “a higher-end processor as well as higher-megapixel camera modules.” The launch timing aligns with an earlier report from the most reliable source yet that pointed to a late-summer launch for Apple’s iPhone 5S and its much rumored low-end iPhone.