The smartphone maker expects a revenue of over 200 billion yuan (about 28.66 billion U.S. dollars) last year, up from some 175 billion yuan in 2018, Xiaomi chairman and CEO Lei Jun said at an online press conference.
Spending on research and development will be lifted to over 10 billion yuan in 2020, up from about 7 billion yuan in 2019, Lei said.
Over 10 5G handsets will be rolled out this year, according to Lei.
Thursday's press conference, livestreamed on several platforms, saw the launch of the company's latest flagship smartphones of the Mi 10 series - Mi 10 Pro and Mi 10.
The new high-end smartphones, which support both standalone and non-standalone 5G networks and are empowered by Qualcomm Snapdragon 865, boast a 108MP 8K-enabled camera and an immersive audio experience with a dual stereo speaker system.
Mi 10 is priced at 3,999 yuan and above while Mi 10 Pro's price starts from 4,999 yuan.
The online product launch was Xiaomi's innovative step to counter the impact of the novel coronavirus outbreak, which Lei estimated might dampen the smartphone sector in the first quarter of this year, with a strong market rebound expected later.