Is this the first look at a Cheaper OnePlus Model?

Weibo posters are reporting that the above image might be the first look at a new cheaper OnePlus model set for release sometime in the future.
Later today OnePlus will hold an announcement relating to some mystery service or product from the brand. No one is sure what it will be, but there are reports that the company will unveil a low-cost version of their popular OPO.
To partly prove these reports a famous tipster on Weibo has posted a photo of a phone that has the distinct OnePlus look and rumoured to be an entry level phone. In the photo the device has the same metal panel around the main camera and single flash on a white plastic body with power button on the right.
At this point it is hard to tell if this is in fact a budget OnePlus phone or one of the many knock off devices which have been available for the past few months.
If it is a budge OPO then what specifications could it offer? In our opinion OnePlus would likely stick with Qualcomm for a processor and allow for easy development, they could even go for the same 801, but with 2GB RAM instead. The screen could remain 5.5-inch with a HD resolution or possibly a 5-inch FHD. What are your ideas for a possible budget OnePlus device?