The Shenzhen-based tech giant’s revenues rose 9% last year, capping a dramatic year for the Chinese technology powerhouse that challenged Apple Inc. and U.S. sanctions with a surprise breakthrough in chip technology. Sales jumped to more than 700 billion yuan ($98.7 billion), their fastest pace of growth in years, thanks to a resurgent smartphone business and robust 5G equipment sales.

In addition, the firm is doubling its research and development as it grapples with a U.S. trade ban that has hindered university tie-ups and impeded sales to American technology firms. This month, the company said it would invest more than $300 million per year in research at universities in China and elsewhere worldwide, including Japan. The investment is designed to encourage students and faculty to work on artificial intelligence, extensive data analysis, and other areas where China lags behind the United States, company executives said.

A key highlight of the year was unveiling the Mate 60 Pro smartphone, which features a Kirin processor developed domestically in China. That move sparked discussions in Washington over the efficacy of restrictions on China’s tech industry. It marked a significant turning point for Huawei as it sought to become more self-reliant and sovereign in its technology development.

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But the company is still a long way from regaining the global clout it enjoyed in previous decades when it was one of the top two sellers of smartphones worldwide. The company is still banned from selling its network equipment in most of the United States, with some prominent U.S. telecom carriers seeking to rip and replace Huawei’s gear with offerings from rivals like Ericsson AB and Nokia S.A.

U.S. sanctions have been a drag on Huawei’s growth, and it’s unclear how long the restrictions will take. But the company’s new 2024 forecast is an encouraging sign that it’s back on track after a challenging year, with better-than-expected results from its device sector.

The forecast indicates that the company’s device business — which includes its smartphones — is continuing to grow despite being cut off from cutting-edge semiconductor technologies. This is because Huawei has made a concerted effort to develop its chip production capability, focusing on 7-nanometer chips, the smallest in the market. While that has been a slow process, the company is now making progress in reducing manufacturing costs and quickly bringing its products to market.

The chip-making process is complicated and difficult to replicate on a mass scale without access to advanced machinery. But SMIC, the company’s chip-making unit, recently announced that it has developed a new fabrication plant capable of producing 7 nm chips on an industrial scale, using machines built by Dutch company ASML. The facility is expected to be operational in 2024, and it could give SMIC an edge against established semiconductor producers relying on older machines from Taiwan Semiconductor Manufacturing Company Ltd and others that are being held up by the United States export restrictions.