It is expected that the new Apple Watch is going to be very similar to the first one.

If you’ve been holding off on purchasing an Apple Watch because you are waiting for the second-generation model, you might be (or might not be) surprised to learn that the new Apple Watch will probably look much like the original one. Apple might be taking a similar approach to the iPhone when it comes to launching a successor meaning we might see something along the lines of ‘Apple Watch S’. Yes it is disappointing, but it may be more powerful of course, like the iPhone 6S is more powerful than the iPhone 6....
Ming-Chi Kuo quoted an investors meeting held earlier today where he states that he expects to see “spec improvements with limited changes to form factor design”. This is nothing new to Apple as they have taken this same approach with the iPhone, literally every other year since the iPhone 3GS, so it may be better. But keep your hopes high, as Apple might change their mind.