Chinese smartphone maker and mobile company ZTE said in preliminary guidance issued Tuesday it is expecting a nearly 24 percent increase in revenue and a 43.5 percent jump in total profits for the full year 2015.

According to ZTE, the company is expecting to hit nearly $15.3 billion (100.8 billion yuan) in revenue for the year, up from around $12.3 billion (81.47 billion yuan) in 2014. According to ZTE, this marks the first occasion the company has broken the 100 billion yuan mark for annual revenue.

ZTE also anticipates just over $789 million (5.2 billion yuan) in total profit, up from $531 million (3.5 billion yuan) the year before. Net profit attributable to shareholders of the listed company will be nearly $574 million (3.78 billion yuan) in 2015, compared with $399 million (2.63 billion yuan) a year earlier.

ZTE attributed the gains in 2015 to higher sales of 4G LTE network solutions in international markets, including China. Sales of optical network solutions have also increased with rising demand for broadband networks, the company said.

Other factors that contributed to the record growth were the increased sales of high-end routers, enterprise ICT solutions for smart cities and data centers and 4G smartphones.

As of 10:10 a.m. Tuesday, ZTE stocks were up just under three percent on the news.