Chinese smartphone maker Xiaomi is reported to have told bankers it will beat its 2017 revenue goal by “as much as 18 per cent”, following an impressive turnaround in the fortunes of its business.

According to Reuters, Xiaomi is set to generate a profit of at least $1 billion in 2017, based on forecasted net revenue of $17 billion to $18 billion. Its profit in 2018 could reach $2 billion.

The report also said Xiaomi is hearing bank pitches for an initial public offering in 2018, with one source stating a $100 billion valuation looks “reasonable”. Previously, a more modest $50 billion was been suggested, with the company possibly raising at least $5 billion to fuel growth.

Earlier this year, Xiaomi said it had seen a “return to fast track growth”, with Lei Jun, CEO, noting that no other smartphone company has been able to reignite growth after a slowdown.

And it certainly seems to be keeping up momentum: the company has seen two consecutive months in which it shipped 10 million devices.