Chinese telecommunications giant Huawei Technologies Co. Ld. expects its sales revenue to reach $108.5 billion this year, up 21% from last year, company Deputy Chairman Guo Ping said.

The revenue would exceed Huawei’s earlier target by 6%. At the beginning of this year, Huawei has set its target revenue for 2018 at $102.2 billion, a goal that some analysts had considered challenging, given rising competition in the domestic market and declining sales in the U.S.

Guo said in a speech that Huawei has already signed 26 5G commercial contracts with leading operators around the world, and the company has been setting up more than 10,000 5G base stations.

Addressing the issue of Huawei’s changing business environment, Guo said Huawei needs to “respond to the uncertainty of international politics with the certainty of legal compliance.”