(Telecompaper) Huawei reported net profit up 32.7 percent in 2014 to CNY 27.9 billion (USD 4.5 billion), and revenues rose 20.6 percent to CNY 288.2 billion. Growth was strongest at its consumer division, where sales rose 32.6 percent to CNY 75.1 billion on increasing smartphone sales and strong demand in emerging markets. The enterprise division posted sales up 27.3 percent to CNY 19.4 billion, led by growth in cloud data centre and networking products. At the main division carrier networks, Huawei increased sales 16.4 percent to CNY 192.1 billion. In addition to solid revenue growth, Huawei said profits were also helped by streamlined management and efficiency improvements. It also continued to invest heavily in R&D, with spending at CNY 40.8 billion in 2014, equal to 14.2 percent of revenue and up 29.4 percent from 2013. The company generated net cash flow of CNY 77.9 billion last year, and finished 2014 with debt of CNY 28.1 billion.