HTC expected a tough 2009. In the last quarter of 2008, unconsolidated revenues were NT$47.38 billion but then dropped significantly the next year: 2009 Q3 revenues were only NT$34.01 billion but rallied to a healthy NT$41.08 billion in Q4.

With more than half a dozen new smartphones on the horizon, HTC hopes to increase revenues yet again in 2010. Highly anticipated are the high-end Bravo and the mainstream Legend Android models, which analysts predict will be officially displayed at World Mobile Congress in February.

Along with the debut of powerful smartphones in Europe and North America (HTC’s largest market), the Taiwanese manufacturer plans to become a bigger presence in burgeoning China; however, Google’s disagreement with the Chinese government could be especially problematic for HTC’s approach in that country because of Google’s close ties to HTC, which made the Nexus One. If Google’s Chinese embargo remains, HTC might be forced to do what Motorola has done.

HTC’s investors paper can be downloaded here.