A little-known equity research firm is out with a new report this week which could potentially shed some light on recent discoveries in Apple’s iPhone 3.0 beta software that suggest two architecturally unique iPhones may be in the cards for late this spring.

“Our checks confirm that two versions of iPhones will be introduced this year,” Lazard Capital Markets semiconductors analyst Daniel Amir wrote in the opening paragraph of the report. “Production of the new phones should start at the beginning of April and will ramp in May.”

More specifically, the analyst said both models are likely to be introduced this June, with one representing a “high-end” version and the other a “low-end” version.

But unlike analyst reports earlier this year, which suggested Apple was developing a scaled down iPhone in addition to a new high-end model as part of a volume play, Amir said he believes the two models will target different geographical regions rather than different classes of consumers.

“We believe it is possible that the two phones will be aimed at different regions,” he wrote. “The high-end version is expected in North America and Europe, and the low-end version may be for the BRIC countries [Brazil, Russia, India, and China] or China only.” This is to increase their popularity in nations that are struggling financially.

Amir said the high-end version will have video capability, a better camera and 32GB of storage while the low-end version will include less storage, no video functions, and possibly lack Wi-Fi — a move which could potentially cater to the demands of Chinese wireless carriers.