The company is reinvesting in the business for growth, but sales have not significantly increased. Given the underlying trends, it is unlikely to be a multi-bagger going forward.

Zhejiang XCC Group Co.,Ltd's high P/E ratio is justified by its superior earnings outlook. Investors don't see a significant risk of earnings deterioration to warrant a lower P/E ratio, making a sharp drop in share price unlikely.

The high P/E ratio, despite lower earnings, may be justified if investors expect a robust recovery. A positive earnings outlook from analysts contributes to this high ratio. With investors ready to pay more for the stock, a significant price drop seems unlikely under current circumstances.

Decreasing ROCE and increasing capital raises at Zhejiang XCC Group may signal a less efficient reinvestment in the business. Current trends might make it a doubtful multi-bagger. The recent capital increase and potential delay in utilizing the new funds add uncertainty.

The stock's modest 1.1% dividend yield may not be attractive for investors, while the company may be prioritizing growth by sacrificing current EPS. The share price's peak may be in the past, or the business's steady performance could be moderating it.