Despite moderate P/S ratio, investors may be overlooking potential opportunities or setbacks. Lower growth rates than industry average could lead to future disappointment. Without significant medium-term performance improvement, P/S ratio may decline to a more reasonable level.

The decreasing trend of GuangZhou Wahlap Technology's ROCE despite the surge in capital employed signals diminishing returns from its reinvestment in the business. The current underlying trends don't make a compelling case for the stock being a potential multi-bagger.