Based on the lug shape, looks like it's the same shape as the 532 but in ceramic.
I think the 48mm is rounded up. Some sources were saying that the 514 was 46mm when it came out and it wound up being 47mm.
KW already has the case shape near perfect on the 532 and the 622. They would just need to do it in ceramic, adopt the SC movement, and smoke the back sapphire. The dial an everything else should be relatively simple.