Following the launch of a new iPhone, the question that usually comes up would be how many units Apple, Inc. (NASDAQ:AAPL) could sell in the device’s first few months on shelves. Sterne Agee analyst Shaw Wu believes the answer to that question may be at least 46.5 million units following the 2012 holiday shopping season.

However, Wu stated in a note to investors sent Monday that there may be some supply chain issues regarding the production of in-cell touch panels for the iPhone 5. In-cell technology has allowed Apple to create a thinner, lighter device while retaining the so-called “Retina Display” high-definition (HD) on the device.

Apple’s 4-inch screen boasts of a pixel density of 326 ppi (pixels per inch), which is greater than HD displays on phones such as the Samsung Galaxy S3.

As far as Apple’s bottom line in the future is concerned, Wu believes that the iPhone 5 will lead to a “powerful product cycle” despite criticism from many consumer electronics specialists. These writers have largely viewed the iPhone 5 as another insignificant update, despite the presence of new features such as 4G LTE (Long-Term Evolution) support and a faster processor.

The 46.5 million iPhone 5 units sold as of the December ending quarter this year would be a new record for Apple holiday sales if Wu’s forecast is accurate. Last year, 37 million iPhones were sold in the December ending quarter of 2011.