The OnePlus line of smartphones is proving to be quite lucrative. Aside from the sophomore installment, the company is now gearing up for the release of another mobile: the OnePlus X.

A report from Gizmo China reveals that their sources have spilled several new details about the closely guarded OnePlus smartphone. It has already been speculated earlier this year, then dubbed the OnePlus 2 Mini, but now it slowly takes shape with new features and a new name to boot.

According to the sources of Gizmo China, the company made it a point to craft a better-looking mobile phone this time around. The new model will sport a different, more sophisticated aesthetic than its two predecessors, targeting casual users who want a slick unit to carry around.

It also features a five-inch screen (slightly smaller than the 5.5-inch OnePlus 2) plus the Qualcomm Snapdragon 801 chipset. This is known to be OnePlus' old chipset, a move that has been likely executed to keep the costs down for the new mid-range OnePlus X. The upcoming phone will reportedly retail at $249, a reasonable price for the model.

Other key details include a fingerprint sensor at the back and dual cameras.

No details have been confirmed by the company yet, including sales mechanics. For the previous models, OnePlus opted to employ an invitation system so buyers will need a code to get their hands on a unit, according to a report from CNET.

Earlier this year, OnePlus co-founder Carl Pei talked about the third model in their smartphone line, although the executive did not divulge any specifics.

"It may or may not be (higher spec'd than the OnePlus 2)," he said in an interview with USA Today. "When I saw the prototype for that phone I was like 'holy s- that's going to be my daily driver' but then when the OnePlus 2 production version came out it's also super nice, so it's really hard to decide now what to use."

OnePlus may not command as much attention as Apple and Samsung yet, but Pei is confident in their products and business model, saying, "In 5 years I think it will be Apple, OnePlus and Samsung because there's no more room in the market. Everyone else would've died because they couldn't reach the scale they wanted fast enough or they couldn't have a margin to sustain their business."

The OnePlus X is slated for launching this month.