Huawei has reported a 20.6% rise in its revenue to CNY288.2bn ($46.5bn) in 2014, compared to CNY239.02bn ($38.5bn) in 2013.
The company posted a 32.7% increase in its net profit to CNY27.9bn ($4.5bn), compared to CNY21bn ($3.3bn) in the earlier year.
Revenue from the company’s carrier business group grew by 16.4% to CNY192.1bn ($31bn).
The Enterprise business group saw a 27.3% increase in its revenue to CNY19.4bn ($3bn) and the consumer business group saw revenue increase by 32.6% to CNY75.1bn ($12bn) due to increasing consumer demand for smartphones.
Huawei invested CNY40.8bn ($6.6bn) into research and development (R&D) in 2014, representing 14.2% of its revenue. The company has invested over CNY190bn ($30.7bn) in R&D over the last ten years.
Huawei deputy chairman of the board and rotating CEO Ken Hu said: "Our strong revenue growth in 2014 can be attributed to a continuous focus on our pipe strategy, while profit increase stems from streamlined management and improvements in overall efficiency.
"With heavy investment in innovations in areas such as cloud computing, big data, 5G, SDN and NFV, we believe we are well positioned to capture the tremendous business opportunities in this digital transformation era."
In 2015, Huawei’s Consumer BG will focus on markets outside of China. The company plans to ship 100 million smartphones in this year.
