Huawei has released its performance data for the first half of 2024, which can be described as explosive.

The data shows that revenue reached 417.5 billion yuan, a year-on-year increase of 34.3%, while the net profit margin was 13.2%. It can be calculated that the net profit for the first half of 2024 was 55.11 billion yuan, a year-on-year increase of 18.17%.

The revenue and profit data from 2017 to H1 2024 are shown in the above figure. At a glance, one can see how impressive the first half of 2024 was, even if the same figures are maintained in the second half.

We can easily deduce that Huawei's annual revenue will exceed 830 billion yuan, reaching the third-highest level in history. If the second half continues to be strong, it may even surpass the record set in 2019, becoming the second-highest ever.

In terms of profit, the first half of the year saw a record high of 55.1 billion yuan. With continued efforts in the second half, Huawei may also set a new annual record.

Since being suppressed in 2020, Huawei's business has been affected, as evidenced by its revenue figures. However, the high profit margin is attributed to the sale of Honor and the X86 server business.

Now, it appears that by 2024, Huawei has fully emerged from the suppression and resumed rapid revenue growth.

The reasons behind Huawei's strong performance in 2024 are not difficult to discern.

Firstly, the mobile phone business has been booming. Last year, the Mate60 was released, and Huawei's Kirin chips and 5G capabilities returned, immediately boosting the company's mobile phone sales to the top spot in China. This year, the Pura70 was launched and once again became one of the best-selling models, forcing even Apple's iPhone 15 to compete through price wars. As mobile phones are one of Huawei's largest revenue sources, the surge in sales has significantly increased both revenue and profit.

Secondly, Huawei's notebook business has become the second-largest in China, surpassing competitors like HP and Dell, positively impacting revenue and profit.

Thirdly, Huawei leads the domestic tablet market and has seen a comprehensive explosion in sales of its peripheral products, including TWS earbuds, wearable watches/bracelets, smart screens, tablets, and other smart home systems.

In the first half of 2024, Huawei's automotive business unit generated over 10 billion yuan in revenue and more than 2.3 billion yuan in profit, compared to last year's total revenue of only 4.7 billion yuan and a loss of 5.6 billion yuan.

Additionally, Huawei's cloud business and 5.5G advancements have contributed to the company's overall success in 2024. The release of the Mate70 series and Huawei's opening up of its equity to various enterprises are expected to further boost revenue and profit in the second half, particularly in terms of profit, which may set a new record. Let's wait and see.