Here is the SQLFiddel Demo
Below is the Query which you can try
CREATE TABLE Meter
([Name] varchar(7))
;
INSERT INTO Meter
([Name])
VALUES
('ZAA\001')
;
select * from Meter;
Update Meter
set Name = stuff(Name,4,1,'_')
Where SUBSTRING(Name, 1,4) ='ZAA' + Char(92);
select * from Meter;