Huawei is foreseeing a $2.4 billion net profit for 2012, a 29 percent increase over the $1.86 billion is reported in 2011. Acting chief executive Guo Ping expects total revenue for 2012 to exceed $35 billion.

According to a Reuters report, the Chinese telecom giant attributes the growth to increased high-end mobile phone sales in Japan and "new projects."

Huawei was busy on the research and development front in 2012, pledging a $2 billion investment in the UK and announcing plans to put $90 million over five years into opening an R&D center in Helsinki.

Huawei has yet to report audited figures, which it plans to do in the next few months.