man qmail-smtpd excerpt:
Replacement host name for local IP addresses. Default: me, if that is supplied. qmail-smtpd is responsible for recognizing dotted-decimal addresses for the current host. When it sees a recipient address of the form box@[d.d.d.d], where d.d.d.d is a local IP address, it replaces [d.d.d.d] with localiphost. This is done before rcpthosts.