In a remarkable display of resilience and innovation, Huawei Technologies has reported a significant surge in revenue for 2024, reaching a near-record high of 862.1 billion Chinese yuan ($118.2 billion). This financial achievement underscores the company’s successful navigation through external challenges, particularly U.S. sanctions, and its strategic focus on expanding its technological footprint across various sectors. From unveiling a groundbreaking 1.5 MW supercharger to launching a full series of 10G smart OLTs, Huawei is not only maintaining its stronghold in the telecommunications and consumer markets but also venturing into new areas like electric vehicle charging and intelligent automotive solutions.
Huawei’s Financial Performance and Strategic Investments
Huawei’s 2024 revenue increased by 22.4% year-on-year, marking the company’s second-highest revenue figure on record, just shy of the 891.4 billion yuan reported in 2020. Despite a 28% decline in net profit to 62.6 billion yuan, attributed to increased investments, Huawei’s commitment to research and development remains unwavering. In 2024, the company invested 179.7 billion yuan in R&D, accounting for 20.8% of its revenue, up from 164.7 billion yuan in the previous year. This investment is part of Huawei’s strategy to deepen its technological capabilities and explore growth opportunities through differentiation over the next three years, as stated by Huawei’s rotating chairwoman, Meng Wanzhou, in the company’s annual report.
Reviving the Smartphone Market in China
The consumer segment, which includes smartphones and other digital gadgets, saw a significant revenue increase of 38.3% to 339 billion yuan. This growth is largely driven by Huawei’s successful re-entry into the Chinese smartphone market. Following a semiconductor breakthrough, Huawei released high-end phones that have been well-received domestically, with smartphone shipments in China jumping 37% year-on-year and market share increasing from 12% to 16% in 2024, according to data from Canalys. This resurgence has come at the expense of competitors like Apple, highlighting Huawei’s competitive edge in its home market.
Innovations in Electric Vehicle Charging and Telecommunications
Huawei’s foray into electric vehicle charging infrastructure was highlighted by the announcement of a 1.5 MW supercharger, set to be unveiled on April 22. This charger, capable of delivering 20 kWh per minute, targets heavy-duty trucks and aims to fully charge them within 15 minutes, a critical milestone for electrifying heavy-duty transportation. This move positions Huawei alongside other industry players like BYD and Zeekr, who are also expanding their supercharger networks. The company’s commitment to sustainable energy solutions is further evidenced by its plans to showcase this technology at the China Electric Vehicle 100 Forum.
In the telecommunications sector, Huawei launched a full series of 10G smart OLTs at MWC 25 in Barcelona, aimed at enhancing optical access networks globally. These products are designed to meet the evolving demands of smart homes, enterprises, and manufacturing, supporting high-quality networks with ultra-high bandwidth and deterministic experience. Huawei’s technology has been adopted by operators worldwide, including Shanghai Telecom in China and various service providers in Finland, Switzerland, Qatar, Hong Kong, and Seychelles. The launch of these OLTs, which support hybrid networking for GPON, 10G PON, and 50G PON, underscores Huawei’s role in driving the next generation of optical networking technologies, as detailed by Developing Telecoms.
Driving Digital Transformation in South Africa
Huawei’s commitment to digital transformation extends to South Africa, where it hosted the Huawei East London Commercial Connect 2025 event. This event brought together industry leaders, government representatives, and technology partners to explore intelligent solutions and the future of digital transformation in the region’s commercial and SME markets. Key discussions focused on the impact of technology on sectors like education, healthcare, and transportation, with Huawei showcasing its latest innovations in smart classrooms, AI-driven education platforms, and intelligent transportation systems. The event highlighted Huawei’s dedication to fostering technological advancements and supporting local businesses and government initiatives in building better network infrastructure, as reported by ITWeb.
Challenges and Future Outlook
Despite its successes, Huawei faces ongoing challenges, particularly with U.S. sanctions affecting its access to key technologies like semiconductors and operating systems. The company’s inability to launch new laptops with Windows since 2020, as noted by Daily Maverick, underscores the impact of these restrictions. However, Huawei is actively developing alternatives, such as its HarmonyOS, to maintain its competitive edge and reduce reliance on foreign technologies.
Huawei’s strategic investments in R&D and its focus on diversifying into new areas like AI, cloud computing, and automotive technology signal a forward-thinking approach. The company’s plans to open up its platform capabilities to ecosystem partners and provide developers with tools and products in domains like HarmonyOS, Kunpeng, Ascend, and cloud computing reflect its commitment to fostering an open and collaborative industry ecosystem.
Huawei’s 2024 performance, marked by significant revenue growth and strategic initiatives across various sectors, demonstrates its resilience and adaptability in the face of global challenges. The company’s continued investment in innovation and its expansion into new markets like electric vehicle charging and digital transformation in regions like South Africa position Huawei as a key player in shaping the future of technology worldwide.
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